I am about 200K in debt (failed business) all financed with various Lines of Credit, CC, etc. My wife has fine credit, and will be unaffected by this. I am probably going to file bankruptcy, as I don't see anyway of repaying this debt. They were all business loans and business debt- this wasn't me buying big screen tvs and Coach purses. One of my debts (27K- amex) has just gone to collection (Allied Interstate). I just got the first threatening phone call from the collection agency. They said I had 2 days to pay this debt.I am asking, how long will it be before they file a judgment against me, and then how long will it be before the judgment is issued and I have to go to court. I ask, because I will be selling one of my businesses in the next two weeks, and I would like to have the proceeds of that sale go to my other debtors, before Amex and BoA step in. Please give good advise if you ARE INFORMED and knowledable. Thank you so much!
2006-10-24
14:37:31
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6 answers
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asked by
Josh B
1
in
Credit