I am almost 70 years old, lost my job over 4 years ago. My wife and I are on Social Security which is our only means of income. We had to default on our CC Debt after depleting savings.
Diane and Peter are both correct. The answer depends upon what is in the box. I too recommend speaking with a bankruptcy attorney. Take advantage of the free consultation and find out what is exempt and what is not. It is possible that you could file a bankruptcy case and put this all behind you. It is possible that you can avoid it altogether and that with your assets, and your income, you are judgment proof. If you have nothing collectible, then their attempts to collect will be fruitless.
Douglas Edmunds is in the business of helping people and companies file for bankruptcy protection. The bankruptcy code requires that I call my firm a "debt relief agency." Any answers or information provided is for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the legal issues. This is not intended to create a attorney-client relationship. Each individual's situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state for specific information.
Whether or not creditors can attach the contents of a safe deposit box, depends on what the contents are.
The other facts you describe, show you have limited ability to repay credit cards.
The property that you can keep, is largely determined by what you have at the time, compared to the exemptions allowed to protect those assets.
An unofficial list of exemptions can be found at www.legalconsumer.com/bankruptcy/laws/.
You should consult with an experienced bankruptcy attorney to determine your financial situation, and if bankruptcy is appropriate for you.
General legal advice is offered for educational purposes only. A consultation with a qualified attorney is required to determine specific legal advice as to your situation and applicable law. We are a debt relief agency and we help people file for relief under the bankruptcy laws.
It depends on the contents. Attached is a list of property that is considered outside the ability of the creditors to reach.
It might be best for you to talk to an experienced bankruptcy lawyer to determine your rights and what assets are protected under Arizona law. Normally, this advice is offered to no fee. Attached is a link to some videos that explain the basics of bankruptcy.
This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the bankruptcy code requires that we call our firm a "debt relief agency." This information is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the related issues. Nor is this advice intended to create a client - attorney relationship. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline