Legal Question in Bankruptcy in New York
credit card debt and bankruptcy
My husband and I have come up against a wall. We owe about 58,800 on 8 credit cards and as of this next month ( March ) we have no way of keeping up with the minamums. We also have 3 cards that we put into a consolidation program 2-3 years ago ( balance now about 14,000 ). We pay 554 per month on this, but have asked this month to be postponed until we can figure something out. We no longer own a home in the U.S. We lost all of our savings in the last house owned due to a '' bad '' mortgage that we did not fully understand. We have run up credit cards in the past, because there just is not enough income to live on, but have made home investments IN THE PAST that made money and we were able to satisfy our debts. We are living out of the country and do not have the funds to fly back and stay a length of time to do a bankruptcy. Our children have also needed help with money due to job situations. This has created more problems, as well. My husbands medications and health insurance alone are a sizable payment per month, along with food and everything else. We have a small rental property in this territory, but the market to sell could be years in waiting. We can not sustain all that time. Can we declare bankruptcy from here ? Thank you.
2 Answers from Attorneys
Re: credit card debt and bankruptcy
It sounds like you are "judgment proof" because there is nothing your creditors can do against you right now: you are not in the couuntry and you have no assets here.
You should immediately stop paying the consolidation.
You cannot file bankruptcy unless you attend the meeting of creditors hearing in bankruptcy court.
When and if you return to the U.S., then, at that time, you should consult with a bankruptcy attorney to assess your situation.
For more information about bankruptcy, please see my bankruptcy blog:
http://longislandbankruptcyblog.com/
Re: credit card debt and bankruptcy
It sounds like you are "judgment proof" because there is nothing your creditors can do against you right now: you are not in the couuntry and you have no assets here.
You should immediately stop paying the consolidation.
You cannot file bankruptcy unless you attend the meeting of creditors hearing in bankruptcy court.
When and if you return to the U.S., then, at that time, you should consult with a bankruptcy attorney to assess your situation.
For more information about bankruptcy, please see my bankruptcy blog:
http://longislandbankruptcyblog.com/
Related Questions & Answers
-
Income tax refund after filing Chapter 7 I filed for Chapter 7 bankruptcy on... Asked 2/06/09, 10:00 am in United States New York Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
