Legal Question in Credit and Debt Law in New York

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?

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

2 Answers from Attorneys

Debra Palazzo Law Offices of Debra Palazzo, LLC

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.

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Answered on 4/24/10, 8:48 pm

Andrew M. Doktofsky Andrew M. Doktofsky, P.C.

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.

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Answered on 4/25/10, 12:50 pm

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