Q: Over 100k in debt
I allowed my cousin to use my 9k credit card back home overseas to assist him with starting a business. He agreed to pay it back in a timely manner so I agreed to it. Few months later I received many return check fees on my credit card which maxed it out to over 55k on my credit card balance which I now believe was due to fraudulent activity for these return check fee and also being that I am unable to hear from in regards to my credit card being paid off. I wanted to file bankruptcy because this has became a financial strain. Would I be able to be qualified for my bankruptcy or will this specific card disqualify me?
A: Your entire financial situation needs to be evaluated before you file bankruptcy but score you do that, why don’t you report the activity as fraudulent and see if the bank or lending agency will refund or void all those charges as fraudulent. You may only be liable for the first $50 if it is indeed fraudulent. Bankruptcy is maybe premature and possibly ultimately not necessary.
David Luther Woodward agrees with this answer
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