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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31733
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I cosigned a credit card and recently found out that it is

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I cosigned a credit card and recently found out that it is in default and the balance owed is over 20,000.00. I was never made aware of the debt, and being that I cosigned 15 years ago I was stunned to find out that this now my debt.

My husband and I are retired and living on a fixed income of just 2,000.00 a month so ther is no way we can pay it. We have had perfect credit all our life but we cannot afford this debt.

The only other debt we have is our house payment and a couple small credit cards. Is ther any way we can get rid of this burden? We're planning on selling the house this summer.

If we file for bankruptcy will it effect the house and other credit cards. We are up to date with both and in good standing. We can afford these payments just not the 20,000.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.


Is your income social security, retirement or what?

Customer: replied 6 years ago.

Our income is social security. Our age is 67 and 68.


How much does it cost to file?

Ok. If you don't have any income other than social security, and you have a house with a mortgage and no other property, it may be that you're judgment proof - meaning that even if they sue you and obtain a judgment, they can't collect against you because you have nothing they can take.


The only way to have this debt discharged and prevent a judgment from being filed against you is to file bankruptcy. The cost varies, but a simple bankruptcy should be around $750.



Customer: replied 6 years ago.
Can we file only on this debt, and not effect anything else?

No, if you file, it affects everything - not just this debt. However, you do have the right to re-affirm debts you want to keep - like your mortgage and other credit cards. If you keep paying these debts and re-affirm them during the bankruptcy, you'll be allowed to proceed with them as usual.



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