I have heavy cc debt. They are my own personal and business cards (business no longer exists) . The debt is a result of taking a 2/3 cut in income in 2008 at the same time that my first child of three started college. I have paid my cards until 4-6 months ago. I have looked into a chapter 13 bankrupcy but due to my husband's income, the payments would be more than I earn and I would pay back 100% of what I owe so this is not an option.
I looked into debt invalidation and debt settlement but i can barely afford the payments and my husband does not want me to do this. Instead he wants me to just not pay the cc companies and if there are judgements he wants to let them put liens on my house.
My questions are about what will happen if I do this?
If my lawyer settles the debt and I don't pay it back does the debt go back to the original amount?
Will my lawyer do this for multiple accounts?
Will I be able to rent an apartment in the future?
Will I be able to keep my home equity loan if my husband dies (it is in his name only now)?
how much of my salary can they garnish?
Can they garnish 1099 income?
Will I be able to get a car loan?
What else will I not be able to do?
What don't we know about doing this?