Expert: Jason Barnette, Esq. - 2/3/2010

Question
Hello Jason,

I would appreciate any advice in regards of my situation.Jason,I will try to be short and direct for you to better understand what problem I have.
We live in FL and we went trough a lot changes like many others,I lost the job,lost my second home,and I have over $50.K in credit cards debt.Just recently I got court letters from Discover and Chase about being sued by them.I got information that they could take my cars away,I wanted to do bankruptcy but I am trying to avoid that.We have two cars,my wife car is worth about $4.K and my car is still on payments until May,this year.I checked NADA and my car is worth around $ 8500.Jason, can you please help me understand how this unsecured debt works and can they really come and take our vehicles.Jason,my wife makes around $1600.@month and I just got the job three months ago,driving for Limo company,averaging $n,please any advice,information or anything at this point is welcome.
I want to thank you for your time and appreciate your help in this matter.
Brad

Answer
Brad:

It sounds as if Chapter 7 bankruptcy is the only option at this point.  Liens and seizure are possibilities without seeking protection.

Jason Barnette
Barnette Law Offices, LLC
1800 Hayes Street: Suite 122
Nashville, TN 37203
615-585-2245
http://www.barnettelawoffices.com