New York  |  Credit and Debt Law

Legal Question

Asked on: 4/19/10, 3:40 pm

I have credit card debit I can not pay any longer. I have lost my job and can't afford the minimum payments. I believe some have already gone to collection agencies. What are my options?

2 Answers


Answered on: 4/24/10, 8:48 pm by Debra Palazzo

To answer the question more information is needed.

Do you own a home? Car? Other assets?

If you do not pay the credit cards, after 3 or 4 months they will negotiate the debt but you need to be in a position to make a deal.

Have you considered bankruptcy? Whether or not this is a viable solution depends on your assets, if any.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Law Offices of Debra Palazzo, LLC 317 Elwood Ave. Hawthorne, NY 10532

Other answers from this attorney

Answered on: 4/25/10, 12:50 pm by Andrew M. Doktofsky

As the previous answer stated, bankruptcy may be an option. You should contact a bankruptcy attorney to discuss your situation. The law provides for exemptions for certain property, so owning a house or a car will not prevent you from filing if you are within or near the exemption limits ($50,000 for equity in a principal residence). Please contact my office directly should you wish to discuss your situation further.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Andrew M. Doktofsky, P.C. 52 Elm St., Suite 6 Huntington, NY 11743

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

133 Answers given in the last few hours.

8661 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search