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#evilj99 - Says,

I need information on filing for chapter 7. At this time, I don't have a house nor do I have a car. My previous 6 month average in salary is below the median income of my area. Is chapter 7 the right way to go? I don't have any CC debt, I don't have any student loans or other loans. What I do have are 2 auto repossesions in the last 4 years. I currently have one in garnishment that is the whole reason for even thinking about going this route. I had this down to just above 2K but I noticed the court granted them the right to add 24% interest so now I'm back above 3K. I also have another 16K from the later repo that I need to get rid of. I had back luck with my job before the economy tanked and now it's even worse. I just need to know if I can get this all taken care of. Thanks for any and all help!
#Aaron - Says,

Hi Evilj,

You can file chapter 7 bankruptcy, but before that you need to check the bankruptcy laws of your state. Generally speaking, after filing chapter 7 bankruptcy, your repossessed car may get returned to you, and the garnishment will also stop. However, all these depends on the amount you owe and also the interest on the due amount.

You can also take the help of a bankruptcy lawyer. However, if possible, before filing the bankruptcy, you can try to work out a settlement with the creditor. With a settlement, the outstanding debt amount gets lowered atleast by 40-60%. If you file bankruptcy, it will stay on your credit report, atleast for 7 years and damage your credit.

Hope this helps.

Regards,

Aaron

#NightStar - Says,

What state are you from? I have a list of bankruptcy sites for just about every state I can link back.
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