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I Used My Cash and Savings to Stay Current on My Debt. – Loui

“Dear Steve,

I Was laid-off Jan of 09, used my savings and cash available to stay current on all debt. I’m recently found employment but Chase has already file a lawsuite against me. I call Chase and worked out a payment plan but they plan on submitting this as a judgement. I was told by a bankrupcy attorney that chase could chose not to sign and honor the payment agreement after I sign it and get a judgement to take 25% of funds in my banking account. I do have other debt and I’m pre-qualified for a loan mod. I not sure if bankruptcy is the way to go or not. what is your advice. I tried to put this on Forum but the window never came up. I have days to figuere out what to do. what do you suggest?

Loui”

The Answer

Dear Loui,

It’s not clear if Chase is moving ahead with the lawsuit or has in fact already sued you and won and is not going for the judgment. If that is the case then bankruptcy is certainly a serious consideration to block the judgment and help you to address your debt. Bankruptcy would give you a fresh start while you try to recover from your economic tragedy.

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My suggestion would be for you to go back and talk to your bankruptcy attorney.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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