How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask VanDLaw Your Own Question

VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
10801190
Type Your Bankruptcy Law Question Here...
VanDLaw is online now
A new question is answered every 9 seconds

I have one credit card bill that I last made a payment

Resolved Question:

I have one credit card bill that I last made a payment on in ''05 This bill has made its way to a Law Firm to collect the balance of $9026.00. Should I file bankruptcy on this and if I do how would this help or not help me out in the long run? Is it in my best intreast to try to pay a little 100 a month or try for a loan? I do not know my options. The bill is from CO and I now live in NH.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 6 years ago.

HelloCustomer

It is hard to say if you should file bankruptcy for this $9026 debt. First you have to determine if you should file bankruptcy based on your total debt, and total assets. Then determine if a Chapter 7 is appropriate and if you meet the means test. If you can't qualify for a Chapter 7, then you see if you qualify for a Chapter 13, you must be able to have the ability to make payments on your debts over a three - five year period.

This all depends on your specific financial situation. In a bankruptcy you take your total assets, anything you have an ownership interest in, and total it up. Then you take State specific exemptions (this is the amount they "exempt", they don't take it), and anything left over is distributed to your creditors, if there is anything.

If you do file bankruptcy then this debt will be classified as an "unsecured debt", and any judgment they may have received would be wiped out.

It would be best for you to contact a bankruptcy attorney in NH so they can go over your financial situation in more detail. If this is your only issue, it may be easier to try and negotiate with the debt collection agency and pay an agreed to amount. If you go this route, make sure you get the agreement in writing, and with all the specific amounts and time frames detailed in the agreement.

Customer: replied 6 years ago.
sounds good so i need to call the collector and try to settle on an amount? Most times do they bring the bill down any?
Expert:  VanDLaw replied 6 years ago.
Yes, you should give it a try. They will be very resistant at first, and they may not want to negotiate, they can be very difficult people to deal with. Often times companies do negotiate, and ask for at least 50% off the total amount, and then offer a payment plan you can live with. Remember if you agree to a lower amount and then default they will want the entire amount! Let them know if they don't work with you will be filing bankruptcy, they know if that happens they won't see anything,so it may motivate them to work with you. If you feel you still need to consider bankruptcy, see an attorney.
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
VanDLaw and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
VanDLaw
VanDLaw
Bankruptcy Lawyer
833 Satisfied Customers
Chapter 7 & 13