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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have over $60,000 in credit card debt I am going to be laid

Resolved Question:

I have over $60,000 in credit card debt I am going to be laid off in 2 weeks from my job Should I call the companies and let them know that I will not be able to make payments or should I contact a bankruptcy lawyer and start proceedings in that direction and prepare for the inevitable doom ? My only debt is credit cards I rent and own my car ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

Please tell me whether you have maxed out your credit cards and what state you reside in

JACUSTOMER-80tdzyah- :

very nearly maxed out and I live in Nevada

WebLaw :

You may want to consider a chapter 7 bankruptcy. I will explain.

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. You may have to surrender assets, if any, that exceed your exemption. However if everything you own is exempt, you should lose nothing but your debts.
Here are the exemptions for Nevada:

WebLaw :

Contrast this with a forbearance plan with the lenders. Eventually you will need to make the payments and will be unable to obtain a fresh financial start until all the payments have been made

WebLaw :

I think this is what you wanted to know. Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

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