Should I file bankruptcy?

Edwards Finance > Loans

Q. I'm a 44 year old male, with about $16,000 in credit card & consumer debt, and $13,000 in student loans. I am on Social Security Disability for a disease that is currently stablized. I have health insurance although it doesn't cover prescriptions, some of which are expensive. Most of my monthly income goes to paying back on the above mentioned debts. and doesn't leave enough by month's end without "robbing Peter to pay Paul", i.e. borrowing money some way (credit card cash or purchases) to keep going. It is important to note that I am CURRENT on all my payments to creditors, but am in this cycle I just mentioned and just chasing my tail and I see no end to it. I don't know the first thing about bankruptcy. I live in a community where people who file get their name in the paper as such and I guess I kind of have a problem with that. I've started reading the postings in this room and have to admit that for a newbie some of the terminology is over my head. Is my financial situation one for which the obvious solution is bankruptcy? Or is that not even an option since I'm current on everything? I'll never get out of this by merely making the minmum payments. I recieve about $1250/ mo. between Soc Sec and a small pension from a previous employer. I'm currently living at my Mother's house, which is not good, and see no way of ever getting back out on my own without getting rid of this debt But I don't have any idea what doing this will "offer" me. I know the obvious thing would be for me to talk to an attorney, but I'd rather first hear what you nice people have to say before I potentially waste his time and embarrass myself if bankruptcy isn't even an option. But God knows plenty of other people have done it--some I'm sure with situations not as bad as mine

A. - I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at www.brettweiss.com/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial

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