Submitted by Interesting_Row_4712 t3_1282nbk in personalfinance
I’m thinking of stopping my credit card and loan payments and declaring bankruptcy after a year or two. Any advice will help?
A little background about my situation… I have around 90k debt in credit cards and loans. Costing me around $2200 a month. I am unemployed due to various of reasons at this time.
I have an investment house that’s in the process of selling but I’m only going to profit around 10k once I pay the other people who helped me with this project. I would file bankruptcy after the home is sold but a lawyer advised me that I can’t because of the large deposit I will be receiving after the house is sold which will be 90k but I have to pay my private investors leaving me with less than 10k. If I file bankruptcy after the sale of the house it will be a major red flag.
I am so stress regarding this situation because there’s no way I can afford my payments. Also I do not know how far my creditors will go, I don’t like the thought of being harassed. Has anyone dealt with lawsuits from creditors am I putting myself in a more stressful situation by not paying or is it a big relief? Any advice would help.