Legal Question in Bankruptcy in California

I obtained balance transfers/cash Nov 08 and June 1st 2009. The projects i had borrowed the money for did not work out. Now i am stuck and can't make my obligation to pay the monthly payments;

I am 66 years old don't have any assets except 2003 olds alero. Would it be advisable to file for bankruptcy, or what happen if i just stopped making the payments, and since don't have any assets, can they (credit card companies) pursue it and put me in jail. ?


Asked on 8/29/09, 12:23 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

There hasn't been a debtor's prison in the U.S. in quite a while, so you don't have to worry about that.

You might be judgment proof, so there might be little the creditor could do to get money from you right now, unless you're earning wages and/or have a bank account or other assets. Once the creditor obtains a judgment, it could periodically levy against bank accounts and wages. Judgments are good for ten years and may be renewed for another ten.

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Answered on 8/29/09, 1:41 pm


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