Thursday, August 4, 2011
Question about bankruptcy, I own several properties and owe an attorney money? MONEY PROBLEMS? Im only 28?
I don't know all the laws in your state but opening another bank account gaines you nothing because you would have to list it as an asset in a bankruptcy proceeding. In a bankruptcy proceeding all seven homes in your name would be subject to being sold to pay the loan. Also your husband may be liable for the loans due to being married to you. (not sure what the laws are in your state) Sounds like the attorney has no idea of what he is doing if he loaned you money without a contract for repayment because he has no proof that it was a loan and no proof of the terms. 80% interest is quite high but he has no proof that you agreed to pay that ridiculously high interest. My advice would be to cut expenses wherever possible and sell something soon to keep current on your bills. Work hard at it. Maybe even sell your vehicle and purchase an older, cheaper one to get you by during this severe cash crunch. Then in the future be a little more careful not to bite off more than you can chew financially .If you can get through this when the economy turns around you will be in good shape. Could be a long hard and slow process during these hard economic times. Keep your head up and work hard at it.
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