Sacramento, CA asked in Bankruptcy for California

Q: Can you advise me with a senior bankruptcy issue?

I have outstanding, very high credit card debts it is unlikely I can ever satisfy. Is bankruptcy the answer?

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6 Lawyer Answers
Theodore Allan Greene
Theodore Allan Greene
Answered
  • Bankruptcy Lawyer
  • Sacramento, CA
  • Licensed in California

A: Bankruptcy may well be the answer. There are limitations on who can file, etc... so you need to sit down with an experience Bankruptcy attorney and go over all your options.

Tim Akpinar agrees with this answer

Peter Maurice Lively
Peter Maurice Lively
Answered
  • Bankruptcy Lawyer
  • Culver City, CA
  • Licensed in California

A: Bankruptcy is certainly something you should consider, but it might not be your best option.

Consulting with an experienced bankruptcy attorney to review your assets, debts, income, expenses, transfers of property and payments on debts owed to family members, etc.. is a good way to find out if you are currently eligible for debt relief under the Bankruptcy Code and that filing bankruptcy isn't going to cause you to lose nonexempt assets or result in the unwinding of transfers of assets and preferential payments to creditors.

If an experienced bankruptcy attorney determines that bankruptcy isn't the best option for you to address your credit card debts, then he or she will be able to advise you on your best alternatives.

Tim Akpinar agrees with this answer

Michael Jay Berger
Michael Jay Berger
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Los Angeles, CA
  • Licensed in California

A: It takes more information to decide whether or not bankruptcy is right for you. I need detailed information regarding your assets, debts, income and expenses. Please call me to set up a free consultation. 310-271-6223.

Tim Akpinar agrees with this answer

Stuart Nachbar
Stuart Nachbar
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Livingston, NJ

A: It is probably a good idea to consult with a practitioner in California where you live. Your information does not not give enough info to determine if you need to file a chapter 7 or chapter 13

Tim Akpinar agrees with this answer

Aaron Michael Lloyd
Aaron Michael Lloyd
Answered
  • Bankruptcy Lawyer
  • Los Angeles, CA
  • Licensed in California

A: Hello,

Bankruptcy could be a good choice. You also want to look at your annual income and property you own. If you do not own a house and make little income then a Chapter 7 Bankruptcy may be a good move for you. Chapter 7 Bankruptcy erases most of your debt in about 3-4 months. It is always best to schedule a phone consultation or office appointment so you can discuss further and get a better feel for how bankruptcy works.

I hope that was helpful.

Thank you,

Aaron

Tim Akpinar agrees with this answer

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: As my colleagues have indicated, the option of bankruptcy requires a discussion with an experienced bankruptcy attorney to analyze your assets, income and debt to determine whether bankruptcy is your best option. For an individual, either chapter 7 (providing discharge of debt) or a chapter 13 (a repayment plan over 5 years) would be evaluated. Some of us provide a half hour no charge consultation which would include an overview of these options as they pertain to your financial situation. If for some reason neither bankruptcy is an option, the attorney should be able to discuss non-bankruptcy options for dealing with the creditors. Talk with someone soon.

Tim Akpinar agrees with this answer

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