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I Found Myself Unemployed With a Pile of Debt. – Julie

Written by Consumer

Like most of the others on this site, I have found myself unemployed and dealing with a pile of debt ( credit card and medical) I stopped paying on the debt 2-3 years ago. I received a lump sum settlement amount for the disability and paid off what debt I could, now the others are coming forth,.

I was served a writ of execution today and according to those documents my property is to be sold on May 12 at 2pm. I have contacted multiple attorneys on my behalf and have met the same answer from each of them, I am simply unable to file bankruptcy. ( I am a limited partner in a business where according to the operating agreement of said business if one member files bankruptcy business is to be liquidated within 90 days )

I do receive some compensation from this business however it barely meets my obligations as it is. I do have on hand some cash as I am living on a cash basis it fluctuates from day to day as expenses are paid. From a hundred or so to 2 thousand dollars.

The constable did come into my residence and take photos of a few household items ( I am aware that other items can/could still be considered even though they were not photographed ) I am slightly surprised that it has come to this measure when a few of the others have simply placed a lien on the property, none the less it is what it is. The amount of the debt of the CC that is executing the writ is 16K I still do have other balances as well, including medical and 2 other CC.

So my questions are: If I do not request a hearing and given they have managed to go this far, will my personal property be sold/seized on the date given? If I do request a hearing does that stop that or is it just prolonging the inevitable? I suspect this is a measure to get information? Not sure. I don’t want to be misinformed or uneducated. I HAVE NEVER HEARD of this happening to others I know who have been on the bankruptcy journey themselves. What are my other options, if any? Seems I have found myself in the proverbial “between a rock and a hard spot” Now where is that magic wand?? 😉


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  • Julie,

    I am afraid that you are beyond financial education help. Yes, it would appear that you could lose everything and bankruptcy is the logical financial option. If an attorney cannot provide another option you are left with two poor choices. And even if you lose everything in this process, you are not immune from claims from the other creditors.

    You probably should attend the hearing and plead your case. It can’t get much worse. But you might want to talk with your business partners and explain your situation. Would they expect you to sacrifice everything?

    I wish I had a magic wand, but I hope someone else knows something I don’t know.

    Good Luck.

    •  Thank you for your response, I am planning on attending the hearing. My business partners response was “they didn’t create my problem”  I may be forced to file bankruptcy anyway and have the business liquidated in matter of handling my own situation.  Wish I could just convince them to put a lien on my home until I have another way to resolve it.  Pursuing all possibilities currently.

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