“Hi Mr. Roberts,
Thank you in advance for your help. Presently I have about $16,000.00 of credit card debt. All have gone to collections and the largest has acquired an attorney. I have recieved a notice of civil action from them. I have spoken to them and they are willing to take payments if I can come up with a chunk of money down which I can not do.
My sister in law is telling me to file for bankrupcy, but I’m just not sure this is the right action to take.
I should also inform you that I am a stay at home mom and he is self employed, a small landscape company. In this economy sometimes it is hard just to keep food on the table.
Any advice you can give would be helpful.
Whether one should file for bankruptcy may not always be an easy answer. $16,000 in credit card debt to one person might not be a big deal, and settlement is a better idea. But the same amount of debt can be crushing and a never ending battle to someone else.
Bankruptcy can stay on your credit report for up to 10 years. But if you have late payments, charge offs, and are being sued, you have already greatly damaged your credit rating.
By eliminating the debt in bankruptcy, you immediately start to improve your credit rating going forward.
Please speak to a bankruptcy attorney in your area to confirm your eligibility for chapter 7 and to make sure there are no assets that might be at risk.
Most bankruptcy attorneys offer free consultations.
My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.
Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.
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