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 Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

Texas - Ive been working with a debt consolidation company

Resolved Question:

Texas - I've been working with a debt consolidation company since July 2007. A lawsuit was filed 10/28/08 and left on my front porch on 11/4/08. It's a summons, complaint and discovery. Short of filng bankruptcy, what can i do? Thx.
Submitted: 8 years ago.
Category: Bankruptcy Law
Customer: replied 8 years ago.

Houston, Texas


Already Tried:
Thought the debt consolidation company was handling everything. They told me they talked to the collection firm on 10/27 and had 30 days. The next day they filed the lawsuit, 10/28. I've received two advertisements from bankruptcy attorneys. Really don't want to file bankruptcy. Can't afford to pay, especially with all the late fees and interest that have accrued in the 1+ years.
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question.


Unfortunately you have only four choices that I see:
1. Pay the debt;
2. Allow the debt to go to judgment - In this scenario, the creditor will be able to attach most assets that you own to satisfy the debt.;
3. Chapter 7 bankruptcy - Eliminate personal liability on most debt; Retain only exempt assets, Obtain a fresh financial start.; or
4. Chapter 13 bankruptcy - Pay back debt or a percentage of the debt on a court ordered payment plan.

I wish that there were other choices.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


Please click ACCEPT so that I can get credit for my work

Bonus and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions