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AV Preeminent Peer Rated Attorneys
Hidden Valley Residents, consider several factors when selecting a lawyer ... Learn More
AV Preeminent Peer Rated Attorneys
Hidden Valley Residents, consider several factors when selecting a lawyer including their experience, expertise, and reputation. AV Rated Attorneys represent a distinguished group of lawyers who have received top ratings from their peers for their exceptional ethical standards and an A grade (4.5 or higher).
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Commonly Asked Bankruptcy Questions From Users Near You

This information is not legal advice and is not guaranteed to be correct, complete or up-to-date. It is provided for general informational purposes only. If you need legal advice you should consult a licensed attorney in your area.

Im 68 years old woman and I have $189,000 credit card debt My income is $1300 after tax and I cannot afford to make payment anymore

Answered by attorney Mark J Markus
Bankruptcy lawyer at Law Office of Mark J. Markus
You can try to file bankruptcy, but most likely there will be objections to you receiving a discharge.  What you are saying is that you borrowed $180,000 on your cards at a time when you only make $1,300 per month net, so you clearly had no ability to repay the loans.  If your son is willing to testify that he promised to pay you back and also provide proof of the supposed investment, then you might have a chance to discharge the debts, most likely in a Chapter 13 case. But unless you have any assets and if your income is social security, there isn't anything your creditors can do to collect from you anyway, so you could (if that's accurate) just do nothing. I suggest you schedule a consultation with an experienced bankruptcy attorney in your area.  If you are in Los Angeles, Orange or Santa Barbara, Ventura, or San Luis Obispo County, I can help.
You can try to file bankruptcy, but most likely there will be objections to you receiving a discharge.  What you are saying is that you borrowed $180,000 on your cards at a time when you only make $1,300 per month net, so you clearly had no ability to repay the loans.  If your son is willing to testify that he promised to pay you back and also provide proof of the supposed investment, then you might have a chance to discharge the debts, most likely in a Chapter 13 case. But unless you have any assets and if your income is social security, there isn't anything your creditors can do to collect from you anyway, so you could (if that's accurate) just do nothing. I suggest you schedule a consultation with an experienced bankruptcy attorney in your area.  If you are in Los Angeles, Orange or Santa Barbara, Ventura, or San Luis Obispo County, I can help.
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When filing for bankruptcy if you have a car that you own but are still paying payments on, will they reposes the car?

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Answered by attorney Loren Paul Zahn (Unclaimed Profile)
Bankruptcy lawyer at Zahn Law Office
Unless you reaffirm the loan or pay it off, they have the right to repossess your vehicle. Pay and retain is no longer a legal option, unless the creditor agrees to it in writing.
Unless you reaffirm the loan or pay it off, they have the right to repossess your vehicle. Pay and retain is no longer a legal option, unless the creditor agrees to it in writing.
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What will happen if I co-signed for a private student loan and this person then filed chapter 13?

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Answered by attorney Ronald Karl Nims (Unclaimed Profile)
Bankruptcy lawyer at Ronald K. Nims
It's called the "codebtor stay". Creditors can't collect from or even contact cosigners while the debtor is in Chapter 13.
It's called the "codebtor stay". Creditors can't collect from or even contact cosigners while the debtor is in Chapter 13.