Q: I am wanting advice on waiting out the statute of limitations instead of filing bankruptcy.
I have approx $116k of cc debt. Amex has sued me twice (IN and CA) but dismissed their suits. Otherwise I’m just getting calls and emails, and the debt has been sold.
I have no assets except a $3k used car. I lease my residence and have less than $1k in my checking account and a small brokerage acct. All retirement accounts are fully depleted.
The last transaction for any of the accounts was the end of 2018, so with the statute of limitations in Florida of 5 years, I am 3 years in, with only 2 more years before they can't sue me.
I'm 65. My income consists of Social Security and part-time driving for Uber. I’m currently uncollectable, but want to protect any futures trading income I might gain. I’m wanting to know if I can fund a small retirement account, trade from there and withdraw funds as needed until the 5 yrs expires instead of declaring bankruptcy, or if there’s a downside I haven’t considered.
A: Assuming that you have no dependent, the Uber income, and the futures trading income are probably not exempt from garnishment. I suggest that you wait to see if they sue you, and at that point again consider bankruptcy protection.
1 user found this answer helpful
A:
You appear to be a good candidate for a personal Chapter 7 liquidation. I don't know where you are in Florida, but there will bankruptcy lawyers there. I would suggest that you get recommendations from friends and acquaintances, or interview the prospects.
You may get a lower fee at one of the firms that "processes" consumer bankruptcies of which there are many, but you would be better served using a lawyer who will spend some time with you.
Good Luck
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1 user found this answer helpful
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