Should my daughter, a single mom battling an illness file for bankruptcy? My daughter is a single mom of a two year old boy. She has been battling an illness over the past several years. She is a teacher who has student debts that date back to 2005.
She was not able to teach for a period of time due to her diagnosed illness. Due to her illness she accumulated credit card debts, a line of credit debt, and was not able to make payments on her student loan, in addition to owing money to the government for MSP premiums.
Now that she is back to work, she is being inundated with institutions taking payments directly from her paycheck and is now does not have enough to make monthly rental payments, car payments, let alone look pay for her daughter’s expenses and needs.
We (her parents) are tapped out. Should she declare personal bankruptcy and will it affect her employment negatively?
She should see a Licensed Insolvency Trustee, as soon as possible, to learn how a bankruptcy can stop the wage garnishees, and stop her creditors from harassing her.
A bankruptcy will erase most, if not all of her debts and give her a fresh financial start.
A bankruptcy will not affect her job.
Please have her contact a trustee in her area at the following link to set up a free confidential consultation:
Earl Sands, LIT