I know very little about bankruptcy. Just wondering: for someone (a relative of mine) who is disabled and only has disability, with over 40k consumer debt, no job, no car or own any property, just some furniture and appliances at home. Bankruptcy would be the best option, wouldn't it? I thought that would be the case but everyone else seem to disagree with me, Some say 40k is not a lot of debt, some say the process takes too long, some say it's only the last resort...etc. One person actually told me you have to own a home to declare bankruptcy, I think she's confusing it with foreclosure. I just don't see how my relative can possibly pay it back, even with debt consolidations and stretching the payment to many years. Am I missing some other options?
Is bankruptcy the best option?
Yes Bk is a probably a good choice for your friend. It should be very simple and easy to do. No assets to disclose, no income per se to declare, Your friend may want to take some financial classes or something to better manage the little income they have to avoid getting into such debt in the future but BK is a good idea for them. Look for an attorney to help with the process.