Legal Question in Credit and Debt Law in Tennessee

excessive credit card debt

I lost a lot of money in the stock market, thru stupid investing. I have run up a large amount of debt. 30,000 plus. I have no income, and am trying to go back to work. I have one account that has been turned over to arbitation forum?. I am in need of advise . I cannot not pay, and do not wish to file bankruptcy. Thanks for your help.


Asked on 10/20/04, 12:14 pm

1 Answer from Attorneys
Dr. Michael A. S. Guth Tennessee Attorney at Law Assists Pro Se (without a lawyer) Parties

Re: excessive credit card debt

I have handled dozens of debtor cases just like yours, and here is my legal advice. You are going to lose in the Arbitrartion Forum, and the securities firm will then garnish your wages. Therefore, you need to learn about the difference between Chap. 7 and Chap. 13 bankruptcy. In Chap. 13, you do not have to sell off any of your assets. That is the only way for you to pay off a reasonable part of this debt given your income prospects. To file an Answer in your Arbitration case, you can copy and change the wording to substitute your name and opposing party in my Answer shown at http://riskmgmt.biz/debtarbitration.htm

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Answered on 10/20/04, 6:51 pm


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