By Admin on Nov 27, 2008 in Personal Finance
boots asked:
I want to know if the law provides for a way to erase credit card debt legally, and if there is a legal way to erase a home mortgage.
Create a video blog…instantly.
I want to know if the law provides for a way to erase credit card debt legally, and if there is a legal way to erase a home mortgage.
Create a video blog…instantly.
HAHAHAHA, the only way to erase it is to pay it off!
Jessica H. | Nov 27, 2008 | Reply
Yes, you can file for bankruptcy which protects certain assets of yours from seizure. However, certain things like cars and TVs can be reclaimed by the credit card companies and school loans and back taxes can still be taken out even if you file for bankruptcy because those belong to the government.
The problem with bankruptcy is that you CAN NOT gets loans for the next seven years. No car loans, home loans, boat loans, etc.
Stephen T | Nov 29, 2008 | Reply
You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible.
Tara M | Dec 1, 2008 | Reply