A man in Florida lost his job and fell behind on his bills. Now he is being hounded by creditors and one has filed a collection lawsuit. What can he do?
A man in Florida lost his job and fell behind on his bills. Now he is being hounded by creditors and one has filed a collection lawsuit. What can he do?
The most obvious option is to file Chapter 7 bankruptcy.
Other options include trying to negotiate with the creditors -- although for that he will need money to pay off any agreed settlement; and finding sources of revenue or income so he can resume paying his debts. He needs to be careful about liquidating assets as some (or all) of his assets may be exempt from collection -- including his retirement accounts, if he has any.