Asked by kevin  |  Submitted January 13, 2016

I'm in big trouble! I got behind on everything!I'm buried in debt & no way out! I can't refinance, get any loans, etc.. Is bankruptcy my best option?

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  Answers  |  2

January 21, 2016

Definitely not a good situation. Bankruptcy can be an option for some, you just really want to ensure you are aware of and consider all options and "repercussions" from your decisions. I would advise you contacting your CPA.
As a side note, there have been many individuals we have helped with a hard money loan. They consolidated all debts and paid off back mortgage payments and pretty much got themselves to square zero. If you have equity in your property, this could be an option. If in California I would be happy to see if you can qualify. It's basically decent equity and an ability to repay the loan.

Best, Ken
Sun Pacific Mortgage & Real Estate

$commenter.renderDisplayableName() | 10.01.20 @ 11:55


April 01, 2016

Hi Kevin,

First set up a meeting with an attorney specialized in bankruptcy, (many offer no cost initial consultations). There are various chapters in bankruptcy. Restructuring , liquidation, family farmer & fisherman, etc.

Get answers to these questions:
1) Total cost of bankruptcy
2) What debt can I restructure and total cost of doing so?
3. What are my total assets?
4) What are my total liabilities after write downs?
5) What is the bare minimum in Income that I need to live on and will I be able to get this or more after BK??

Ask your Attorney any other questions that you have and make certain your attorney explains the entire process to you in terms that you understand?

Some other options are:
1) local charities
3) Medicaid
4) Local, State & Federal assistance programs
5) Veterans services

Here are some websites:

We also invite you to contact us directly to further discuss your situation. No obligation

It's not what you make, It's what you keep that determines your lifestyle

$commenter.renderDisplayableName() | 10.01.20 @ 11:55