Intellectual Property Law

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Which is better? and least damaging to my future credit.
I have been sick and lost my full time job a year ago. I can't pay both my mortgage and 4 high interest credit cards I have called all the credit companys owe 40K in cards.
and even a buy down will cost me 25K I dont have. since I have sold rental property and took a loss giving away equity to get it sold (bad sells market) I'm not eligbile for a Bankrupsey. (per a local lawyer they can go back to the people I sold to and demand payback)
Can the credit card companys put a lein on my home? I'm heading in to collections and wonder who to pay first. I know the lender can take my home it has about 60K equity but I cant touch with current poor credit.

Submitted: 137 days and 17 hours ago.

Category: Intellectual Property Law

Value: $15

Status: AWAITING CUSTOMER ACTION

State/Country: Utah

Already Tried:
met with Bank rp attorney said I'm not eligible. What can they do if I dont pay credit cards?

Accepted Answer

PAY YOUR HOME, LET THE CREDIT CARDS SUE YOU AND GET A JUDGMENT, THE WORST THEY CAN DO IS PUT A LIEN ON THE HOME(RARE) BUT EVEN THEN YOU DON'T PAY UNTIL YOU SELL THE HOME, THESE ARE UNSECURED DEBTS.

ALSO, CONSIDER SPEAKING TO ANOTHER ATTORNEY, AS BANKRUPTCY RULES LOOK BACK 180 DAYS, IF YOU HAVE TO WAIT 180 DAY TO FILE A BANKRUPTCY YOU MAY DO THAT LATER, BUT AS OF NOW KEEP YOUR HOME AND LET THEM SUE YOU, HALF OF THE CREDIT CARDS WILL RIGHT IT OFF AS BAD DEBTS, ALSO CONSIDER CLOSING BANK ACCOUNTS AS THEY WILL GARNISH IT.

CREATE A CORP AND PUT YOUR MONEY IN THEIR

Accepts:
Expert:	Kumar Paturi Esq
Pos. Feedback:	100.0 %
Answered:	7/8/2009

Lawyer

10 years intellectual property exp

137 days and 5 hours ago.

Reply

Thanks Kumar,

Can they Garnish my wages???

Posted by Kumar Paturi Esq 137 days and 4 hours ago.

Answer

when you get a job they can have a garnishment on your wages, however some state don't allow this.

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State/Country: Utah Already Tried: met with Bank rp attorney said I'm not eligible. What can they do if I dont pay credit cards?