help....should I file???

[nqax]

What is the name of your state? Wyoming

Needing to know what would be best. I recently split from my SO and have about $8000.00 in credit card and medical bill debt. I get paid a little over 1300.00 per month. I have three children and it has been hard just getting by let alone pay these debts. I have tried the CCCS but missed a few payments to them so I am back to square one. I have the following questions:

1. I get a good tax return. Will they take my tax return? When should I file?

2. Should I try to file by myself. I have no assets except personal belongings. I don't have a car or house and am living with my parents right now.

Any help would be appreciated. Thank you.

 

[bigun]

I'd hate to see someone file over $8K. Are you getting child support?
Hve you tried to negoiate a hardship plan with the medical debt. Also, most cc companies have a hardship program. Check into that.

 

[Elmo-1]

In a way I agree with bigun, but it's all relative. I actually filed with a debt:income ratio less than what you're showing. Even though my credit sucks as a result, it was still worth it.

You won't be able to get credit as it is, so there's little to be gained by continuing to pay your cc's. If your income is exempt, i.e., social security, child support, etc., you could be judgement-proof and filing may not be the practical thing to do.

If you're not judgement-proof, the pros & cons of filing would need to be weighed out & costed out to make sure you're doing the correct thing for your family.

If you do decide to file I'm hoping you have medical coverage thru your employer. You'll need to take care of emergencies without credit for the next 1-2 years. With 3 kids to care for, that's a definite downside to having your credit ruined by filing Bk.

When you decide to file, immediately stop paying credit cards and other unsecured creditors. Pay your housing and utilities and save the money (that would normally go to cc's) to pay for an attorney.

Do NOT file without an attorney. Not that it can't be done, but you have enough to worry about - raising 3 kids and holding down a job - without the added stress of innocently committing fraud by botching up a legal process. Errors can be costly to fix should you run into a jam and have to hire an attorney to finish your case. Do yourself a favor and hire a lawyer from the start.

 

[anadude]

definitely hire an atty, they can be found for very cheap, you just have to shop/look around.

you can exempt some or all of your tax return, depends on your state's exemptions. doesn't sound like you have much else for assests to use any exemptions on.