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filing bankruptcy... (need help from those who have been there)

we are talking with our lawyer next week. we have accumulated so much medical bills there is no way to pay back them at all. we are on a one income family and the only good thing is we own everything we have. my question is what is the assets that the lawyer looks at? is it things that we own and can't pay for or is it everything?

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Asked by Anonymous at 8:54 PM on Aug. 17, 2009 in Money & Work

Answers (2)
  • We have been turned down by two different lawyers; we were told that we did not earn enough money to file. They look at financial assests, house and car.

    Good luck to you.

    Answer by Anonymous at 9:00 PM on Aug. 17, 2009

  • We were able to exclude our cars and one credit card each (so that we had some form of credit). I don't recommend it though. It has been 4 years and I am just now finally starting to get "real" credit offers, not just the ones with huge membership fees. We had huge interest rates on our cars that we had to buy since then (like 14% interest!). It's better now but it took about 3 years. We have about $21,000 in medical bills and we'll have another 10k next year. We worked with our providers and the hospitals we use and we're able to work out payment plans. Have you tried showing financial hardship with your providers? Most hospitals are willing to work something out, ESPECIALLY under the threat of bankruptcy.

    If your car is going to need to be replaced in the next 3-5 years, you should do it before you file unless you plan to pay cash when the time comes.

    Answer by Anonymous at 9:04 PM on Aug. 17, 2009

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