Should we file for bankruptcy?

The bills keep piling up in the last year.. i have been on bedrest due to pregnancy, so there fore no money coming in, my husband has back credit cards that we cant pay, we owe taxes, we have probably more than 15 thousand in debt.... and owe around 7000 in taxes because my husband wasn't thinking and was filing 9 all year last year because of our situation trying to get more money to pay the bills.. now, he is being summoned to appear in court of a 8000 dollar bill... it is all so over whelming. i am trying to get a job now, but in the economy that i live in there are no jobs available.. in the sunday news paper there were 10 jobs! 10, only 10! i applied for all the ones that i can do.. i am thinking the only way to get us out of this is to file bankruptcy.. i'm scared though.. help.

plus, when i had my baby girl, my husband was laid off of work.. so we didn't have insurance (we do now) so therefore all our hospital bills were not paid for...

Bankruptcy is an incredibly personal decision that should be utilized as a last resort. But sometimes it is the only reasonable solution. As much as I hate to say it, it appears that it is your best option based on the totality of your circumstances.

As to the car-- will they take it? It depends on the value. Different jurisdictions have differenct exemption amounts. Usually the exemted equity is from about $1,900 to $5,000.

Taxes-- they can be discharged, but only if they have been owed for at least 3 years and filed on at least 2 years. The bottom line is the government has to be given a chance to get their money. So, unfortunately, if I'm to understand that the money that is owed is from a recent year, it will not be dischargeable. Has he actually filed his taxes for the subjec year? If not you may want to go to

affairsoflife.com/taxes.htm you will find some strategies for lowering your tax liability.

As to how it affects your credit-- of course, it is not good, but if you work to re-establish your credit and make certain that you pay everything on time you can be considered a reasonable credit risk within a year. Among other things I do real estate loans and I do them for people with relatively recent bankruptcies all the time.

For a compete appraisal of bankruptcy and what it can and can not do for you please go to

rentownsolutions.com/bankruptcy.html

You can get free forms, free manual and a huge amount of real life information.

Good luck

yes...i think you should. life is hard and sometimes it gets out of your hands hard...u need a fresh start

It's a seven year monkey on your back but I think in your case it's the best decision. You can keep some debt and most of the time negotiate owed taxes to almost nothing. Get a bankruptcy attourney and consult with him.

And talk to your hospitals social worker... they have one. They can hook you up and reduce the amount you owe. If you were both unemployed you probably qualify for the government to pay that debt for you, the whole thing!)

Do you own a home or anything where you can borrow off the equity? Is there any way to consolidate the credit card bills to something with a 0% apr where you could just pay the minimum? I hate to see anyone file for bankruptcy if it can be avoided b/c it will only make things harder in the future.

I'd recommend going to see a financial advisor for some real advice - filing for bankruptcy is serious business and will absolutely ruin your chances of getting any kind of loan, or even a credit card, for many years to come. There are some free financial advice/advocacy services available that might be able to help you figure out a plan so you can save yourselves from bankruptcy.

Start with this free service: http://www.debtcounselingcorp.org/

i did last year,I'm fine now,if you are not planing to buy a house i think you should,the only thing is you wont be able to get credit cards,it will stay on the credit report i think 7 years, but in your case without credit cards better off.

. I'm thinking that you Can't avoid US taxes thru bankruptcy!
Check on that.
And if you can pay the other bills off inside 3-4 years, going bankrupt will hurt you for maybe 7. Plus it'll probably cost you $1000.
Of course your Credit Rating will be shot either way.
WRITE to all these credit card places and tell them to HELP You, OR you will declare bankruptcy.

I will make this real simple for you... go to google.com and type in legalhelpers... This website will answer a ton of your questions and direct you to the right attorney.. I just filed and happy about it.. Its a legal law of the land and if you have to use it then go for it.. good luck