Should I file bankruptcy?

What is the name of your state? kentucky
i have $50000 dollars in credit card debt. i am paying on a 2002 dodge pickup and my wife owns a 1996 ford contour. we are paying on our home. i make around 45000 a year. i am the only one employed. however my wife has debt too. we are finding it extremely difficult to stay afloat. we thought about debt consolidation but can't afford what it would take to pay these debts off. should we file bankruptcy. will we lose our house or our vehicles. i don't want to have to resort to bankruptcy. our debt is causing depression. also what is the time limit on using your credit cards and filing bankruptcy.

thanks very much for any help.

[Ladynred]

Should you file ?? We can't tell you that, but I can answer your questions It does sound as if it may be a solution for you if you're not making it.

You can file, sounds like a joint filing would be in order to include your wife's debt as well.

If you're current on your mortgage and your vehicle loans, you can reaffirm those loans and keep the house and truck.

Here's a link to the VA exemptions - things you get to keep. Just keep in mind that when it comes down to valuing your personal property that you use GARAGE SALE prices to figure it all out.

[url]http://www.thebankruptcysite.com/exemptions/virginia.htm[/url]

You should stop using all credit cards for 90 days prior to your filing for BK. If you do decide to file, you might as well quit paying the credit cards too.. save the money for a decent bankruptcy lawyer. Most offer free consultations, try 2 or 3.

Hi,
I filed bankruptcy 4.5 years ago, chapter 7. My situation was over $90K in credit cards. My husband and I took out $100k equity from our home to try to keep from going under. At that time our yearly income was $120k. My laws are from the state of AZ. In AZ., we were allowed to keep one car with a value of $3k or less. We borrowed money from my mother and signed the title of our second car as calateral. Since we did that, there was a lean against that car and payments were shown as being made toward that lean. We could have the max. of $100k equity in our home, but after the second mortgage, we had $50k equity, so our home was safe.

The debt was due to a business failure, we had tried.

Since our bankruptcy discharge, 4.5 years ago. We have bounced back. Our home was refinaced and we are back to the equity we had prior. Our income has increased to over $250K yearly, we have 8 credit cards (all with low balances so we can rebuild our credit). We paid off the lean to the second car, so we have our cars still.

The point to this reply is to let you know that there is life after bankruptcy. Be sure you look into filing properly in order to protect your assets, as well as, paving the path to recovery.

Good Luck!