I've been sued and I need to file for bankruptcy

Question: I’ve been sued and I need to file for bankruptcy. Am I too late? I don’t want them to get a judgment or a garnishment, that’s for sure.

I know I should’ve filed for bankruptcy already but I put it off thinking things would get better and they haven’t gotten any better. They’ve gotten worse, actually. I got divorced and my business had issues because I think the guy I invested with embezzled money. Either that or he’s really dumb and blew it all on stupid stuff. Either way, I’m not sure what I’m going to do.

I admit that I’ve done a little too much gambling and I have my three kids in private school. It’s not like the kids are smart or anything, they just have bad attitudes and I thought it would be better for everyone if they attended private schools with smaller classes.

My former wife went shopping all the time and charged up the credit cards massively; she loved a weekend at the mall. She put nearly $90,000 on the credit cards. And I’m the one who’s supposed to pay. I really had to divorce her to get her to stop shopping; I hope she does some shopping rehab.

My debt is so high that I stopped making payments and now I got sued by a credit card company and on a personal loan with a bank. I haven’t been able to make the payments for over a year.

T.J. in Sandy Springs, Georgia

Answer: No, you are not too late. But you should hurry. When you file bankruptcy you will no longer have to worry about the debt. A chapter 7 or a chapter 13 will eliminate the debt forever.

And once the debt is gone, the creditor can’t get a judgment against you and then garnish your wages or levy your bank account.

While we can always stop a garnishment, it’s better to stop your creditors before they get your paycheck. You don’t want them to take any of your money. Once you file, ALL collection activity (lawsuits, garnishments, harassing phone calls) MUST STOP – that’s the law!

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