Should I declare bankruptcy?

[Deja Q]

Fusion takes up to 1 year.

My 6 month mark will be early August. By early July I'll also have to write a letter to my dept head asking for extended medical leave. I've a good record there but I'm also highly paid.

Mom says "things will work out; bone grows VERY quickly" and other non-reassuring chatter. Wouldn't let me talk so I avoded the "B" word totally; but she'd say "don't do it" anyway. I know her.

I've enough funds to cover June and a little of July if I try to wade through this and not declare bankruptcy.

If I do risk this and the fusion takes up to a year, which is very possible; I'll run out of money and not be able to aget a lawyer for bankruptcy court. (don't ask me to do it myself, I couldn't defend myself from a mouse...)

If I decide to decalre bankruptcy, I'll have shreded my current chance thanks to a credit counseling agency that has applauded my efforts to date. I do NOT want to commit the big 'b' but I've got little choice.

And if I do tell them the situation, which I already did without the medical details, they said they'd refund my current payment as chances are it would not matter. Of course, if there was a big-ass miracle and I do get back to work before my coffer dries up, I'll have fucked up my credit rating needlessly. (not that it's good now, but credit counseling is still better than bankruptcy.)

Should I move forward with bankruptcy? Or take the risk.

Sincerest thanks for reading.


(edit: Spelling)

[Shoeempress]

1. Bankruptcy only appears on your credit rating for 7 years.

Further, the new bankruptcy bill goes into effect in October. So you may not get another chance.

[RagingInMiami]

2. I declared bankruptcy just over seven years ago

It worked for me at the time, but I have been turned down for credit by almost everybody ever since. (excepts those credit cards that make you pay an annual fee and give you less than $500 credit limit).

But you have to imagine that there are times when you're going to need a credit card. It makes life a little harder.

I would try to avoid it at all costs, if you can.

[skygazer]

3. Aren't you eligible for disability payments?

That was the only thing that kept me afloat during my recovery period. And mom may mean well but bone does not grow quickly at all and it's not good to try to rush it.

How is the neck, by the way?

[Deja Q]

6. long term only.

No short term.

And given the amount I owe (which is as regrettable as my need for the surgery and not knowing I'd be put back on leave), there's no way any amount of disability pay would float me.

I am finished. One way or another. (I've ruled out one solution, thanks to a damn good counselor and wanting to know what happens in the future anyway. :D )

Neck is fine. The rest of me, despite walking more, gets tired and weaker more. May have been all for naught in the end anyway. Still, time will tell. And I choose to live it the best I can and not cheat my way out of it.

[skygazer]

9. Well, I'm glad you ruled out that other solution

And I'm glad the neck is fine. Perhaps bankruptcy is a viable solution for you. My SO declared bankruptcy about four years ago - last year, he was approved for a loan on a brand new vehicle. He was also able to keep all his possessions - from what I understand, you are allowed a certain monetary amount in value to keep. So it can be a positive experience though it is very stressful to make that decision.

I would really suggest consulting a bankruptcy lawyer to go over your options and help figure out just what you'd have to forfeit, if anything. You can consult without committing to it.

Good luck. :hi:

[notadmblnd]

4. Retain a bankruptcy attorney

$100.00 ought to do it and do your homework (you will have to list all or your assets and liabilities) then you can file when you are ready if you decide to do so. Retaining an attorney will also eliminate calls from creditors until you decide (all you do is tell them to call your atty)

[Dyedinthewoolliberal]

5. You might consider

a Chpater 13 which allows you time to recover and re-organize. An attorney will cost about $500 bucks but it does give you some protection. The big boys do it all the time, why not you? Bancruptcy is the absolute last resort. If you have a lot of debt, Chpater 23 allows you to sset up repayment schedules and doesn't ding your credit quite as bad as the B word.......

[Deja Q]

7. I'm already in credit counseling, which is tantamount to chap. 13, surely?

[Spinzonner]

8. Nolo Press has a number of books

on self-help with financial problems, including credit problems, bankruptcy, etc.

www.nolo.com

Even if you stick to your determination to not do it yourself, it provides valuable information on being an informed consumer of such services.

Without knowing details of your financial situation, it would be hard for someone to give you sound financial advice.

Since you can't fortell or guarantee the future with respect to either your medical situation or finances, consider the rules will be changing with the new Bankrupcy law and that if you end up having to do it after it takes effect, how detrimental it will have been to have postponed it.

[fluffernutter]

10. if you do it, do it now.

:hug: hugs to you hunny, i'm sorry you are going through all of this.

[GreenPartyVoter]

11. Get in touch with a lawyer and talk it over (yes this costs money) But

we did it and ended up going through the process and haven't looked back since. It's scarier now, with the new laws, so look into it ASAP.