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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a large credit card debt of 50,000. would i be better

Customer Question

I have a large credit card debt of 50,000. would i be better going to a loan consolidation co or go bankrupt
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
What state do you reside in? What is your annual income? What assets do you own?
Customer: replied 7 years ago.
My incom is around 65,000.00 I am retired from Army and Start. Was devorced in 2005 wife gets half of Army pention and half of state. I own three homes bought one for son who was supposed to pay motgage but can not now. My present home. The home my exwife lives in is still in my name. She is supposed to refiance this month. I own a car.
Expert:  Ellen replied 7 years ago.

Hello,


Thank you for your question. I am happy to assist you.


Debt consolidation may be the most advantageous for you.


Your income appears to be too high to qualify for a chapter 7 bankruptcy to discharge your debt. A chapter 13 is a reorganization for an individual. Although you may qualify for a chapter 13 bankruptcy, you may find that an out of court settlement or payment plan to be more cost effective..


I hope that the information which I provided was helpful to you.


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


Thank you,
FLAandNYLAWYER


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