Legal Question. I am 78 years of age, single, and have been active as a corporate jet pilot until recently. I lost my job just over two years ago and since then I have been working towards a major business project that would bring me considerable financial reward. However, it now seems that despite numerous promises to the contrary from the Chairman CEO involved in the deal, it may not now come about. I have been doing the very occasional contract flying but even that has now dried up. To stay current on Gulfstream aircraft requires attending school and taking FAA check flights totalling over $23k per year, something I can no longer afford. I now only have my Social Security as income ($1550 per month) and I am $20k in debt to my landlord (he has generously allowed me to pay 50% rent for the last 21 months). I have been judiciously using credit cards to exist but they have been adding up, currently around $40k. I have always paid the minimum plus every month and am not in default. My latest FICA score was 795. I own no property, I do not even own a car, I am driving one loaned to me by a good friend. I have just $4000 in my bank account. As you can see things are now very difficult for me and I just cannot continue as I am so I am considering bankruptcy, an awful proposition for someone who has always had strong principles and integrity in my financial dealings, but in this case I have been let down badly by a third party and it seems I have come to the end of the road. I need your advice please. Thank you so much for your time. David XXXX
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.