Legal Question in Bankruptcy in Maryland

Advisability of Bankruptcy

To sum this up in as few words as possible, I would just like to find out if a Bankruptcy would be advisable for me. I am currently unemployed, have been for some time, except for some short lived jobs here and there, and have no other income or assets whatsoever. I am only 22 years of age, and still living at home, due to my circumstances. I have several debts, one which is relatively substantial, and a few others which are not as substantial. The creditor to whom I owe the substantial debt recently informed me that they intend to file suit.


Asked on 12/14/07, 12:12 am

2 Answers from Attorneys
Daniel Press Chung & Press, P.C.

Re: Advisability of Bankruptcy

It depends on the amount of the debts. At 22, what may seem "substantial" may not really be, in light of what you might be able to earn in the coming years. But if you really have no better income prospects and if the debt is more than you can afford, bankruptcy may make sense.

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Answered on 12/14/07, 2:18 am
Brett Weiss Brett Weiss

Re: Advisability of Bankruptcy

The short answer is, "It depends." Being eligible to file (which you probably are) is not the same as this being your best option.

I have written a Bankruptcy FAQ that should answer many of your questions. It may be found at http://www.bankruptcylawmaryland.com/bankruptcy.htm

I also strongly recommend speaking with an experienced bankruptcy attorney. If we can be of assistance, please call or e-mail me.

Brett

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Answered on 12/14/07, 9:22 am


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