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Griffin Law Firm
Griffin Law Firm, Attorney
Category: Legal
Satisfied Customers: 51
Experience:  I am an attorney licensed in both CA and WA
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What are my options - I have an enormous amount of delinquent

Customer Question

What are my options - I have an enormous amount of delinquent credit card debt. I have signed up with credit card relief and they will contact my creditors once I have paid enough money into my account to pay their fee and then negotiate with the credit card companies. I have since received a letter from an attorney's office asking me to contact them. Credit card relief can't help since it has gone this far and I can't afford to pay this particular creditor because all my extra money is going to credit card relief. What can I do?
Submitted: 7 years ago.
Category: Legal
Expert:  Griffin Law Firm replied 7 years ago.
I would be very wary of companies like credit card relief. I have seen a number of clients pay money into programs like that, meanwhile they are not paying their credit cards or other debts, they never get anything resolved through the credit relief agency and they lose everything they have paid in with no benefit. If your debts are beyond what you can pay, you may need to consider filing bankruptcy. A chapter 7 bankruptcy will discharge your debts if you qualify, otherwise a chapter 13 may allow you to partially repay some of the debts over time. There are many factors that determine what, if any, bankruptcy option may work for you and you should seriously consider scheduling an appointment with an attorney in your area that offers a free consultation. I would advise using the website to find someone in your area with bankruptcy experience.
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Customer: replied 7 years ago.
If I were to file bankruptcy - either 7 or 13, will I lose my house or cars?
Expert:  Griffin Law Firm replied 7 years ago.
You will have certain exemptions to protect an amount of personal property, but those exemptions vary from state to state and I do not have a familiarity with Illinois exemptions. In California, you could protect between $50,000 to $150,000 equity in your home, but every state is different. This is where a local attorney is going to be able to quickly answer these types of questions.