I lost my 100k plus a year job, I have payday loan creditors calling me daily with every kind of threat in the book, I have credit card companies threatening to take me to court, I owe thousands to friends to help me out during my tough times, on top of that I have to pay child support.

All my assets are gone, I have no source of income other than $500 every two weeks from employment insurance which more than half goes to child support and the rest for accommodations.

Should I claim bankruptcy without having a job? Should I just wait till I start getting summoned to court?

Please advise...

If you went to court and a judgment is filed against you, you will be even more in debt trying to get out debt. Do what you have to do to get yourself back on track financially and if that is bankruptcy, then do it.

This decision of bankruptcy is not an easy on for some, they have to 'save face' and try to make I work, because its like a stigma is being attached to their name.but you have to know when to throw in the towel.

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Originally Posted by debtbattles

I lost my 100k plus a year job, I have payday loan creditors calling me daily with every kind of threat in the book, I have credit card companies threatening to take me to court, I owe thousands to friends to help me out during my tough times, on top of that I have to pay child support.

All my assets are gone, I have no source of income other than $500 every two weeks from employment insurance which more than half goes to child support and the rest for accommodations.

Should I claim bankruptcy without having a job?? should I just wait till I start getting summoned to court?

Please advise....

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The payday companies never give up, ever. You can deal with credit card companies on some basis some of the time. Payday - never.

Do you have your payday documents? Sometimes they include an automatic garnishment of wages or a freeze from a bank account. About a month or so ago someone posted that her bank account had been raided with no prior notice to her and it was perfect legal under the terms of the payday loan. If you use the little "search" box next to the AMHD and logo you can find info on payday loans.

At the moment if there are Judgments filed against you it doesn't sound like there's anything "they" can grab. Of course, when you are working again, they can.

Your other consideration will have to be the cost of an Attorney to file the Bankruptcy Petition and the related filing fees.

I agree with JudykTee payday loans NEVER EVER give up In our state these places got so bad about things like automatic garnishment of wages and sending checks through even when the person was a day or two late that our state gov outlawed them. The fine print was so small that people were not even aware that these places could attach their wages. If you can truly see no way out try talking to a bankruptcy lawyer.

Well I guess I am going to go a little further and perhaps disagree a little bit.

On collection agencies, write them a letter and tell them not to contact you further,

Inform every caller they are being recorded, that will stop the threats ( and record them for real)

You are not working, and I will assume have zero in the bank, so they sue you, laugh at them, tell them to garnish your welfare check.

There is nothing they can do to you till you are back to work, and to be honest you may be further in debt by then.
Maybe doctor bills ro something,

I would wait till it looks like I am on the way back up, and then file, that way all of the debts will be included. If you file now, any new debts you get while you are waiting on a new job will not be covered by the bankrutpcy.