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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » Is bankruptcy the only solution?

Is bankruptcy the only solution?

If in default on line of credit/second mortgage and no way to pay it off, is the only option to file for bankruptcy (in CA)? Would they garnish wages, go after me forever, put a lien on another house not associated with the 2nd that I also own unless I file BK? Would hate to have a BK would cost me my job.

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One Response to "Is bankruptcy the only solution?"

  1. Holland Bankruptcy says:
    Bankruptcy should not cost you your job. Federal law prohibits employers from discriminating against you or from terminating your employment solely because of bankruptcy. Specifically, the bankruptcy code’s non-discrimination provision, 11 U.S.C. section 525(b), states as follows:

    No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title … solely because such debtor … is or has been a debtor under this title…. 11 U.S.C. sec. 525(b).

    The creditor could garnish wages once they receive a judgment. Some states also allow judgment creditors to file liens on other property. You should consult a bankruptcy attorney in your area. Most will give a free consultation.

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