Jump to content

collections and no income


creditcardhell
 Share

Recommended Posts

Hi. Sorry if I am posting to the wrong spot or doing this wrong. I am the newbie on the block.

I have credit card debt over 20,00.00 and lost my job last year. I have used savings to make payments and am now out.

Should I file bankruptcy? I own my house and 2 vehicles (less than 2500 each). I looked at exemptions and am worried that I may be forced to sell some possessions-collections inherited.

Or with no job and none in sight, should I just default on the credit cards and let them try to collect when I have no money?

Link to comment
Share on other sites

I worked as a legal assistant for a bankruptcy attorney for some time. Depending on how much stuff you have and what your exemptions are in your state, you may have to give up some possessions. The main problem I see, is if you are still paying on either the house or cars you will have to show the bankruptcy court that you are able to make the payments. If you can't you may have to relinquish that property too.

You really should make an appointment to see a bankruptcy attorney for a consultation. Many of them offer a free initial appointment and then they will go over your situation and let you know what should be done.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.