Legal Question in Bankruptcy in California

unsecured credit card debt: to file or not to file

If there is only unsecured credit card debt which is all three years past due (the amount is considerable, in the high 5 figures and much of that cash advance)is there any need to file? I believe the debt has been written off by various credit card companies and sold and resold by the looks of the mail I recieve. I have no way of repaying the debt and no assets. What are the future legal consequences in not filing should the present bankruptcy law change? thanks for your kind consideration, rick amadio


Asked on 8/31/02, 3:31 am

1 Answer from Attorneys
Amy Ghosh Law Offices of Amy Ghosh

Re: unsecured credit card debt: to file or not to file

From my experience...you would be better off doing the BK. People have a wrong notion that BK will ruin their credit...where as serious deliquencies are not that harmful. In reality, I have been told by many loan brokers I closely work with thatafter BK credit rating goes up!!!!

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Answered on 8/31/02, 12:17 pm


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