If I became too ill to work and my bills were more than my income, would I be able to file for bankruptcy?
The bankruptcy rules have changed to make it harder to file. I’ve been thinking a lot, that if my current illness gets any worse, I may not be able to work or will have to take a leave from work. If that is the case, I will loose most of my income. I will not be able to pay my bills. My debt is high. If this happened, my debt would be more than my income, would I be able to file for bankruptcy?
I’m not sure I will have to do this, but if I had to, could I?
I live in Florida. Are the laws for bankruptcy different here?
April 23rd, 2009 at 5:59 pm
You may possibly make it. Also you can get Medicare money and disability money.
Good luck!!
April 24th, 2009 at 8:14 pm
Under the new rules some debts are not forgivable… such as CREDIT CARDS… and… once you file for bankruptcy you can’t file again for another 5 years, so how are you going to pay your bills in the meantime, with no job and NO credit?
April 26th, 2009 at 1:49 pm
Try it, and good luck.
April 27th, 2009 at 2:37 am
bankruptcy is a federal thing so the laws a reprobably close to the same everywhere. you can file but there would prbably still be consequences as far as if you have a house and wnat to keep it you would have to set up a payment thro the court to pay the arrears. same with a car and so on. your credit card debt can be eradicated but if you owe anything that is government imposed like fines, taxes child support you HAVE to pay that. what if you got credit card insurance that pays the debt if you are unable to work – thro the credit card company??
April 29th, 2009 at 10:44 am
Anyone has the right to file for bankruptcy. There are some financial qualifications that determine if you can file a Chapter 7 liquidating bankruptcy or would be required to file a Chapter 13 debt repayment plan and pay at least part of your debts.
If you are going to be permanently disabled and unable to pay back bills, you would probably qualify for straight bankruptcy. If the situation is temporary, tell your creditors your problem and ask for forbearance. If you and they can’t come to a meeting of the minds, then a Chapter 13 may be the way to go. This is not a do it yourself project so contact an attorney.
The only difference between Florida and other states is the amount of property exempt from the claims of creditors.
May 1st, 2009 at 12:38 am
thank god for that i thought you were talking uk then ( you are in the uk answers, it’s for this reason that you lot have your own answers.) in the uk it’s as easier it’s like a painless suicide but you get to live another life afterwards. And hey get on the band wagon why should you care about what others think, go for it, can you imagine that first nights sleep when its all over. Just make sure you take money out your bank here and there and save it coz then it won’t look dodgy, it won’t look good if you have taken money out just before you go belly up,
May 1st, 2009 at 11:28 am
you proble could but I wouldn’t if you cant work apply for disability try to work with the creditors if some of the debit is medical you need to fight them talk to them until you get it reduced
well y
you still can work try to live the cheapest life you can and pay off what you can
May 2nd, 2009 at 3:01 pm
The answer Wartz gave is the best I would go with his advise. good luck