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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 71,000.00 in credit card debt I went to credit couns

Customer Question

eling they suggested bankruptcy problem is i made 2 much money over the last 6 months however i will be making less in the next six months i still cannot pay my minimum payments and keep up with living expenses what do i tell my creditors i am insolvant i have used all savings over the last 3 years to pay debts
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 8 years ago.


Thank you for your question.

Unfortunately, if bankruptcy is not an option and your credit counselor cannot settle or negotiate some sort of payment plan with your creditors, there may not be a lot that can be done. Your creditors may be able to sue you for the debt and obtain a judgment against you. The judgment may then be executed pursuant to the laws of your state and may take the form of them levying against your bank account, garnishing your wages or attaching to your assets.

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!

Law Girl, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4606
Experience: I am an attorney.
Law Girl and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  jbrlaw replied 8 years ago.
I also suggest that you conside filing a Chapter 13 now and then convert it to a Chapter 7 if and when your circumstances change. By doing this, you will have protection from your creditors immediately and, later after conversion, you could then try to have your debt discharged.

If this information was responsive, kindly “ACCEPT so that I may receive the appropriate credit for my time. If you are so inclined, bonuses and positive feedback are always appreciated. Of course, if you require further clarification, please post a reply. Thank you and good luck!

Please note that I may not be licensed to practice law in your jurisdiction. As such, my above comments shall not be construed as legal advice and shall not be deemed to form an attorney-client relationship.

Customer: replied 8 years ago.
what about paying a pro rata amount to each debtor until i can file chapter 7
Expert:  Law Girl replied 8 years ago.
You can try to do that, however they do not need to accept such a payment plan from you. You can try to negotiate with them explaining that any judgment would just be discharged in bankruptcy, but ultimately they have the discretion to decide how to proceed.