Legal Question in Credit and Debt Law in California

I owe Amex and WF total 130,000

I owe Amex 70,000 and have been in default for 3 months. My business has slowed by 80% in the last 6 months. I cannot make their payments at all. My home is upside down with a negative 100,000 in value so no equity there. Can they still come after me? What can I do to stall till the economy changes. I also owe WF bank 60,000 in default for 90 days. My wife makes enough just to pay for the house payment and food. help?


Asked on 2/24/09, 6:03 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: I owe Amex and WF total 130,000

Sounds like you would be a great candidate for a Chapter 13. This course of action, depending of course on your total financial picture, could completely wipe out your CC debts and, if the proposed housing rescue legislation passes, which could happen within the month, the bankruptcy court could write down your mortgage to the fair market value of your home. Most of my fee for this service would be payable in future installments. Call or email if interested.

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Answered on 2/24/09, 6:06 pm


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