Knee deep in debt

Submitted by Anonymous (not verified) on Wed, 09/22/2010 - 07:02
Forums
Credit repair

Hi,

I am here for my sister. My sister owned a small business for a few years and unfortunately it crashed. In order to try and keep up the business she took out some credit cards and a LOC.

Now, she received a "Notice of Writ" last week. She was freaked out so I called the deputy. He claims that she owes debt close to $50K. He said if she could put 25-30% down he could possibly work out monthly installments else he could seize her house and/or car.. She however don't have that kind of money to put down.

Any advice??

Aaron

Hi Roshaun,

You need to provide more details on your sister's debt situation. Did she stop making payments on all her accounts? If she defaulted on these accounts, then when was the last payments made on these accounts? I think you need to check the Statute of Limitations on these debts.

You can talk to the deputy once again and talk to him about your sister's financial situation. If this does not work out, I am afraid there is no other option but file bankruptcy.

Thanks,

Aaron

Wed, 09/22/2010 - 10:41 Permalink