Legal Question in Bankruptcy in Virginia

Debt

I am on a medical leave (on job injury) and collecting about a third of my salary, so far I have an excellent credit rating. However my debt to income ratio has been shot , I owe 53000 in cc,10000on my 401k, and 23000on my car. I have around 35000 in equity on my home. Should I try to continue borrowing to pay in hopes of settling my oji case , go to credit counselors, or try to bankrupt? I keep getting more in debt and am using credit cards to pay credit cards. HELP!!


Asked on 2/07/03, 6:22 am

2 Answers from Attorneys
John Sawyer Sawyer & Azarcon, P.C.

Re: Debt

You need to consult with legal counsel, ASAP. First you need to speak to a workmen's compensation attorney to discuss your on the job injury. You then need to speak to a bankruptcy attorney to discuss your debt, real estate and credit issues. If you delay doing so, you will substantially prejudice your available options.

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Answered on 2/07/03, 8:32 am
Tommy Andrews, Jr. Tommy Andrews, Jr., PC

Re: Debt

If you are considering filing bankruptcy as in a chapter 7 you need to be careful because you indicated that you have $35,000 equity in on the house. If a chapter 7 could be filed, you will be able to get a discharge of all your debts and start fresh with your debt load. I would be happy to meet with you.

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Answered on 2/07/03, 5:46 pm


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