Q: I owe 26k in credit card debt but have been unemployed for months now. Going to school next year. Bankruptcy only option
Debts haven't become collections yet. Will I get sued? How can I avoid that if I'm not willing to put aside school for 3 years to go through a debt consolidation program? Is bankruptcy my only option? Which type? I'm in Illinois and I don't have any assets.
A: Its impossible to tell you your options with an online site but given your situation, it sounds like you should explore your options with a bankruptcy lawyer in your area. Good luck
A: Contact a local bankruptcy attorney and schedule a free consultation. Depending on your circumstances you may be a good candidate for a chapter 7 bankruptcy. Once you stop paying the original creditor will try to collect. They will then charge off the debt and either outsource collection or sell the debt. At some point, one of the creditors may sue you. Most debt consolidation programs do more harm than good. Contact a local bankruptcy attorney and schedule a consultation. You can search for an attorney using the Justia "Find a Lawyer" link at the top of this page.
A:
If not paid, in due course the creditors will sue you and take judgments against you. In Illinois judgments are good for 20 years.
In the meantime, penalties and interest will continue to accrue.
You are not eligible for a Chapter 13 because you don't have any disposable income to pay the Trustee.
Doesn't leave many choices.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
