Legal Question in Credit and Debt Law in Virginia
I am going to lose my rentals, upside down in mtg, and being told will be taken to court for high CC balnces not paid. I was in serious accident 1.5 years ago, awaiting settlement and answer on disability (which won't be enough to pay all bils anyway). Can any of them come after my primary residence which may have equity and the 2 cars (paid for) in my name but husband drives one, or car paying for, for son (worth less than owe at this point) or motorcycle in husbands name? Is there anything I can do before the process starts to protect myself? Been out of work (from $150K job, which can never work again) for 1.5 years. Can not afford lawyer, or I would use one in firm representing me.
1 Answer from Attorneys
I am sorry to hear this.
You should certainly consult an attorney. Yes, there are some things you can do to try to protect yourself (trusts, gifts, incorporation, legal non-fraudulent transfers for fair value, bankruptcy, renegotiation of the debts, etc.).
Some of these companies will likely work with you if you explain your circumstances and that they may not be able to collect anything from you, whether you file bankruptcy or not. I would start by consulting an attorney in the firm representing you and they may consult with you for free. They can steer you in the right direction. They may write letters for you to these creditors, etc. Sometimes just a simple letter from an attorney can help.
Doing nothing is not a good idea. You should deal with these problems now.
Keep your chin up and good luck.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
