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  1. #1

    Default Surviving Off Of Credit Card Debt

    I have been unemployed since June last year and living off my CCs and some freelance work in the hopes of getting another job in my field, but things are not going well, in fact, getting worse by the day. My CC debts is more than $40.000.00 now, but no late payments yet since i am using an open loan credit to pay other cards and everything else. I just don't know what to do anymore, if i get any kind of job with minimum wage to survive, something i am planning to do, i won't be able to make CC payments and pay for rent/food/etc...

    The only asset that i have is a car that is worth around $6.000.00, i am thinking about selling it and use the money to live and get any odd job i can get.

    Here are some questions if you can please answer
    - By my details that i gave,am i eleigible to file for BK?
    - If filing BK and having money in the bank from the car that i plan to sell, can the creditors take that money away from me?

    I really apreciate if anyone can give me some light on the subject..

    Thank you

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Surviving Off Of Credit Card Debt

    Do not sell your car before you declare bankruptcy. The car is probably an exempt asset. The cash you obtain could exceed your exemption. (Exemptions vary by state.)

    You sound very much like somebody who needs to consult a bankruptcy lawyer. You will likely qualify for a Chapter 7 discharge.

  3. #3

    Default Re: Surviving Off Of Credit Card Debt

    Thank you for responding
    It is for me a very hard decision, i am usually very responsible and don't do anything illegaly, so even thinking about filing for BK and the consequences that come with it scares me a lot, I feel like i just woke up and realized the hole that i am in, like i said, i had hopes that at the end i would be able to pay this off but i just can't see things getting better anytime soon.

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