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 John A. Flynn, Esq. Your Own Question

John A. Flynn, Esq.
John A. Flynn, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 189
Experience:  14 Years Experience in Bankruptcy - Mid-South Super Lawyer
11873311
Type Your Bankruptcy Law Question Here...
John A. Flynn, Esq. is online now
A new question is answered every 9 seconds

I have more than 26K in creditcard debt (between different

Resolved Question:

I have more than 26K in creditcard debt (between different cards) as a result of being unemployed for over 2 years. When credit cards companies call I have to explain to them my situation over and over again. At this point some of the debt has been charged-off and some has been in delinquency for a few months now. At this point I don;t think I can restore my credit since I am not working and may not find something in the next few months. Instead I have adjusted to living without credit. Is bankruptcy still an option for me at this point, or should I look for a way to settle the balance through one of those companies who claim they can settle the whole amount if I pay a fraction of the 26K in one payment?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  John A. Flynn, Esq. replied 1 year ago.
Bankruptcy is absolutely still an option for you. If you have not filed a Chapter 7 case in the past 8 years, you may be a candidate for that. If for some reason you don't qualify for Chapter 7, Chapter 13 is a great option that you would likely be a candidate for. I would strongly urge you to contact a local bankruptcy attorney in your area. Most give free initial consultations. I would look for one who is a member of the National Association of Consumer Bankruptcy Attorneys, and you can search for attorneys at their website www.nacba.org

Good luck!
Customer: replied 1 year ago.

Why not try to settle the balance through one of those companies who claims they can settle the whole amount if I pay a fraction of the 26K? (If I can borrow the money from family or someone, in order to try to avoid waiting for another 7 years before I can build my credit again)

Expert:  John A. Flynn, Esq. replied 1 year ago.
You can certainly give that a shot, though in my anecdotal experience and hearing clients talk about that, they often can't get very good discounts in settlements, and even then, what they don't tell you is that the creditor is going to send you a 1099 for the amount they wrote off and you will be liable to the IRS for taxes on such amounts which are deemed income. In bankruptcy, however, you don't incur any tax liability by discharging debts. I strongly discourage debt settlement where someone qualifies for bankruptcy, especially Chapter 7. As far as your credit rating goes, you say you've learned to live without credit. That's good. I encourage all of my clients to do so. If the only thing you use credit for is buying a house, that's ideal. HOWEVER, in most cases, your credit score will actually improve after your bankruptcy discharge because your debt to income ratio goes to zero.
John A. Flynn, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 189
Experience: 14 Years Experience in Bankruptcy - Mid-South Super Lawyer
John A. Flynn, Esq. and other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions