Legal Question in Credit and Debt Law in North Carolina
I am a sixty year old male without a college degree who was self employed most of my life including the last 15-20 years. I was a self-employed RE appraiser who has spent all of his retirement money and savings trying to stay afloat in this recent crisis. I see myself as unemployable. I have a large amount of debt from Mortgage, credit cards and a commercial vehicle lease, all of which I am unable to pay. I have not worked at my profession or any other job for over a year. I have no job or prospects. I do not see the sense in spending another $1,000 to $1,300 to file bankruptcy as it will not change anything. My creditors are continuously harrassing my elderly parents via their telephone. How can I stop this? My parents are not responsible for me. Or are they?
1 Answer from Attorneys
No, your elderly parents are not responsible for your debts unless your parents signed the applications and were co-borroweres. I can make the calls stop, but your parents would have to hire me. I will charge $50 per letter (depends on how many creditors/collectors there are and how many letters your parents will need.) If you want to help them, then draft a letter on their behalf and have them sign it. Send the letter to the collection agency or creditor. If I did the letter, I would cite the appropriate federal/state decbt collection laws and tell them to stop calling (they can only call for the purpose of obtaining information about your location. If they know where you are at, then they do not need to call your parents). I would tell them that any future calls must stop as they are now on notice and that if they do not stop, they will be sued by your parents for harassment.
Do not worry about the credit card and lease debt so much. The house is going to be tricky. Do you have equity in the home? It would be better to sell the home rather than let the company foreclose. However, if you owe more than the housee is worth, you might just walk away, If you have no assets, you need not worry unless the bank comes after you for a deficiency judgment (they have 1 year from the foreclosure sale). If they do, then you can file bankruptcy at that time.
Feel free to have your parents contact me if they would like the letters.
Rachel Hunter
Attorney at Law
(678)-687-9693
Admitted in GA, PA & NC
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