Expert: Terry Leeders - 5/11/2007

Question
Dear Mr. Leeders,

I am originally from Bulgaria, a US permanent resident. 7 years ago our house in Bulgaria burned down to ashes and I used my credit cards to help my family and try to rebuild the house. I ruined my credit since then (year 2000) I have bad credit and owe about 18 000 dollars altogether to several banks. What is the worse case scenario that can happen to me? I never filed for bancruptcy... I don't own any property in the US and I do not work at the moment...Is there an expiry period on collecting debt in the US. In my country it is 5 years...

Thank you for taking your time to reply to my enquiry...

Answer
a Chapter 7 can eliminate the debt for you.  If it has been a while since you used the cards, you should be eligible to wipe the slate clean.  You should be able to get new credit right away - car, house within a year etc. Contact me for a free consult. Thanks