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cj5bills

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what kind of bankruptcy can I file
how do i go about it

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Look for a bankruptcy attorney in your area that offers free consultations. You will need to speak to an attorney for the best advice.

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There are two kinds: chapter 7 and chapter 13.  Lots of variables come into play so like the commentor above me, a consultation with a lawyer is a good way to go.

In the simplest of terms though, chapter 13 involves a repayment plan set up by the court to repay your debts over a period of time.  You get to keep your assets (car, house).  Chapter 7 doesn't require any repayment, your debts are wiped out but assets will likely have to be forfeited.  Chapter 7 stays on your credit report longer, normally 10 years.

I filed chapter 7 five years ago.  I lost my truck and house but that was fine because  My ex and I had split and as a single mom of two, I couldn't afford our mortgage or  the $533 truck payment.  He kept the truck but quit making the payments so the bank started garnishing 25% of my paychecks .  I was a single mom of two boys so I had to do something and bankruptcy was my only option.  I put the rest of the truck loan, the mortgage, credit cards, a joint checking account that my ex had run down to -$440, utility bills, and a personal loan in my bankruptcy.  I was moving out of our house anyways and couldn't afford the truck payment so chapter 7 was perfect for me.  

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