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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have over $300K in unsecured debt with no assets and no longer

Resolved Question:

I have over $300K in unsecured debt with no assets and no longer any income. What are my bankruptcy options?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
What state do you reside in?
Customer: replied 7 years ago.
I reside in California
Expert:  Ellen replied 7 years ago.


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

You will want to consider filing a Chapter 7 bankruptcy.

Here is why.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. A regular income is required to file a Chapter 13.

Here are the exemptions for California:

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

Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
Thank you for your help...What if I do not file bankruptcy and just wait until I can repay the debt with Bank of America? What can they do to me?