Legal Question in Bankruptcy in Illinois

Bankruptcy ?

I have used a lot of credit recently.Cashed out the equity in my house, pumped up credit cards, got an unsecured loan, so my total debt amounts around 70-75k .Been used some of the money to invest overseas in different projects including some real estate. Now I no longer can pay the payments .My question is , what will happen if I stop paying? Could a judgement against me affect my properties overseas?would I get in any trouble if I move overseas altogether?Thanks in advance.


Asked on 9/15/07, 2:10 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Bankruptcy ?

It doesn't sound to me like you are asking if you need to file bankruptcy or not. If you stop paying bills, a judgment can be entered. Liens can be filed against any property you own as per the local law of where the property is. Filing bankruptcy would adversely effect you if you have equity in any of the property you own and the trustee would be suspicious of why you are filing bankruptcy if you have various investments that have value.

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Answered on 9/17/07, 6:38 am


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