I stopped paying my credit cards more than a year ago. American Express is the first one to sue me in court. I paid $380 filing fee to answer their summons and also provide proof of service within 30 days as required by the California law. The court is scheduled to have a hearing in December. Judgement day will be in June next year. I have little income right now. Next year this time, I will have pension. two years from now, I will have my social security. Capital One is the one next inline to sue me.Am I doomed in December? I have two houses which are "equity rich but cash poor".
Since it is over a year, Am Exp probably charged them off already.In my answer to summons, I stated: Lack of Standing Because No Debtor/Creditor Relation. Am I correct? Does my future looks bleak or bright?
Debt Settlement Attorney
You should consult with a debt settlement attorney. This is what my firm does, and we litigate. The bottom line is that you will need to have some funds in order to settle the debts, which means either you will need to use your current income, or pull a bit of equity out of your homes in order to pay on the debts. You are not doomed, provided that you seek professional help immediately. Do not let a judgment get entered against you, that would be the worst case scenario.
Chapter 7 Bankruptcy Attorney
You ask a lot of questions and, quite frankly, there is not enough information to determine answers. You need to sit down with a bankruptcy attorney to review your situation. Not sure why you have two houses, but if there is equity, you might be able to use one to alleviate your debt issues. Good luck.
This should not be considered legal advice, but rather simple information. You should consult a lawyer to review your unique situation. No client-lawyer relationship exists until you sign something indicating there is.