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Law Girl
Law Girl, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4606
Experience:  I am an attorney.
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i have a lot of debt (30k credit cards, 80k student loan, 2 ...

Customer Question

i have a lot of debt (30k credit cards, 80k student loan, 2 mortgages getting ready to forclose) but no assets of value. is it better to just stop paying my cc bills (~30k) and wait till they give up trying to get thier money from me, or is bankruptcy the answer?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 5 years ago.
What state are you in?
Customer: replied 5 years ago.
ca
Expert:  Law Girl replied 5 years ago.

DearCustomer

Thank you for your question.

Although I cannot tell you what to do, you may want to consider the following;

It is not likely that they will stop coming after you for their money, especially if any of the money is in federal student loans. It is more likely that your creditors will take you to court in order to obtain judgments against you. In the event this occurs, the judgments will be good for approximately 10 years. During this time, your creditors may be able to attach to your assets. In the event you do not have any assets, they may be able to garnish your wages or attach to your income tax refunds.

Otherwise, you may consider whether the have some of this debt discharged in bankruptcy. However, with the new bankruptcy laws, it is VERY hard to get student loan debt discharged.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

-KAT

Law Girl, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4606
Experience: I am an attorney.
Law Girl and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
KAT, Even keeping the student loan, would it be in my interest to file just to get out of the 30k in cc debt? i cannot afford to continue to pay them any longer and i can try to keep the student loan in forebearance for now.
Expert:  Law Girl replied 5 years ago.

Whether to file bankruptcy is a decision that is very specific to one's financial condition. You may need to have your finances reviewed by a bankruptcy attorney who could discuss what type of bankruptcy you would qualify for and the ramifications of each specific to your situation. Given these facts, bankruptcy may be your best option

Customer: replied 5 years ago.
Thanks KAT
Expert:  Law Girl replied 5 years ago.

No problem.

Good Luck!

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