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 8/26/09, 9:46 am

1 Answer from Attorneys
Larry L. Doan Law Office of Larry L. Doan

No, no, there's no debtor's prison in this country except maybe in the early 19th century! If you are judgment-proof (pretty much except for the car), then the creditors can obtain judgments against you but won't be able to collect. Although, they can go after things like your bank accounts, so you would have to pretty much conduct your business with only cash. Yes, bankruptcy is definitely an option and I can help you file a Chapter 7 case. Please contact my office for further information.

https://www.lawguru.com/cgi/bbs/attyPages/liem.html

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Answered on 8/31/09, 1:27 am


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