Legal Question in Credit and Debt Law in California

I am being sued for $19,000 for unpaid credit card debt.

I have no job but I have a mutual fund worth 18,000.

Can I be forced to sell the mutual fund?


Asked on 3/06/11, 10:13 pm

2 Answers from Attorneys

Tony Carballo Carballo Law Offices

Yes.... but in Chapter 7 bankruptcy, if that is an option for you, there is a wildcard exemption of about $23,000 that can protect the mutual fund balance. You should consult with a bankruptcy attorney to see if bankruptcy is an option. Alternatively, you might want to settle the lawsuit or do something else before a judgment is obtained against you. Consult with a lawyer before it is too late and you have no options.

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Answered on 3/07/11, 8:42 am

Actually, you cannot be forced to sell it. If they get a judgment against you they will take care of liquidating it for you. Consulting with a bankruptcy attorney sounds like good advice.

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Answered on 3/07/11, 9:06 am


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