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Hello, I've been reading your posts and have found a lot of useful information, thank you all.

I have a question.... I live in Las Vegas, Nevada and own a house that is valued at $150,000+/-, currently owe $60,0000+/-, so the equity is at approximately $90,000. I have filed a "homestead declaration" and according to the information given, in Nevada the "exemption" on such property is for the first $120,000.- of equity. Now, I have incurred credit card debt to the tune of $150,000 approximately. Obviously by playing the credit card game this debt grew into a monster, which I cannot repay back. I stop paying the credit card companies due to lack of funds since January 2003 and I just started getting a call from a local Attorney in Las Vegas whom is acting as as collector, so far he has left phone messeges and has threaten to "pursue further legal action" if I don't get in contact with them.

What should I do???

Should I call them back & tell them that I'm likely to file BK OR ignore them completely until I find an attorney whom to file Chapter 7???

What are the "usual" steps of an attorney licensed in your state of residence after not being able to get in contact with the debtor???

What should I expect from this law firm???

Is my property likely to be "at risk" if I file BK, chapter 7, even if I declared homestead???

I don't know what to do, please help.... Thanks!

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First, get a walk-away price quote for your home from a real estate agent. This will be a lot lower than what you might get in a 'normal' sale. Then you can get a better handle on your equity for the exemption. With 120K, your home should be quite safe.

As for what this lawyer may do, there's no real way to tell just what he'll do. A lot depends on how much you owe, how old the debt is, and what your ability to pay looks like to determine if its worth suing you. The same equity exemption for bankruptcy applies to any judgments as well.

IF he's going to sue you, he'd file a lawsuit, you'd be served a summons, you'd have to answer their complaint, you go to court. You may or may not end up with a judgment. If a judgment is rendered your wages could be garnished, your bank account siezed as well as any other non-exempt property.

The lawyer is still a debt collection, despite his law degree and must abide by the FDCPA. If he does not intend to sue or can't, then any threats are a violation of the FDCPA. If he can't get in touch with you on the phone (their favorite whipping weapon), then you'll get letters. He could sue you if you don't respond in any way, but if he's going to sue, he'll sue you whether you respond or not, especially if you haven't any way to pay the debt or won't make arrangements on the phone.

[Edit by LadynRed on Tuesday, May 20, 2003 @ 10:00 AM]

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