QUESTION
What is the best course of action when I have no real assets and cannot pay my credit card?
Asked on Oct 05th, 2012 on Bankruptcy - Georgia
More details to this question:
I have a debt of $15,574 with Discover card it was $ Approx 11, 500 and has increased due to interest and penalties. I lost my job and had paid for the additional insurance so had credit card protection for two years. It is now 2.5 years since I have held a job and because of my age 61, I doubt I will find one. I have no funds to pay off this debt and no real assets except for an 18-year-old car. I have been notified that the debt has been sent to a law office and also that they will file a lawsuit to enter a judgment against me. What is my best course of action?
5 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Bankruptcy might be an avenue for you to investigate. Please understand that this is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Oct 09th, 2012 at 10:41 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Generally your best course of action is to contact an attorney..if they get a judgment they can generally garnish your earnings, if you ever get some.
Answered on Oct 08th, 2012 at 11:02 PM
Dennis P. Mikko
You could seek bankruptcy protection, however, it sounds like you are judgment proof so even if a judgment enters against you, it is not likely they will collect.
Answered on Oct 08th, 2012 at 10:59 PM
There are two options: 1. negotiate with the credit card company, or 2. you may qualify to file Chapter 7 bankruptcy. Negotiating is futile if you have no funds to negotiate with.
Answered on Oct 08th, 2012 at 10:51 PM
Bankruptcy Attorney serving Atlanta, GA
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Jakob-Barnes Law Firm, LLC
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You should explore the option of filing for bankruptcy. A Chapter 7 bankruptcy is a liquidation of assets. Since you do not have any assets, there is nothing to liquidate and your debt would be discharged. Thank you, Help me find a cure and show your support for me in training for an Iron man by donating to the Leukemia & Lymphoma Society:
Answered on Oct 08th, 2012 at 10:14 PM