Question: I lost money in a scam and I want to know if I can file bankruptcy so I don't have to pay the debt. I invested in what turned-out to be a Ponzi scheme and I lost a lot of money. I took personal savings and used it for the investment and I took cash advances from credit cards and I also used that to invest.
I thought it was a great investment and that I'd make money. But it turned out to be a scam and I was contacted by law enforcement who said that I had been conned and that 3 men had been arrested. They said I'd probably not get my money back ever. Now I have these big credit card balances that I can't afford to pay off. Even if I were to try to pay them off it would take decades for me to do it so I'm considering filing for bankruptcy to eliminate that debt.
I invested the money a couple of years ago and I was just making the minimum payments on my credit cards. And I planned to make a lot of money from the investment and pay it all back.
But I'll never get the chance because it was all a big scam and I want to know if I can file bankruptcy on the debt I used to invest in the scam.
L.G. in Dunwoody, GA
Answer: It certainly sounds like you can use the bankruptcy laws to eliminate your credit card debt. People use credit cards for all sorts of purchases. Sadly, like many Georgians, you fell victim to an investment scam, which are increasingly common in the Atlanta Metro Area.
We have filed bankruptcy for many people who have lost money and gotten into debt through bad investments, including through investment or real estate fraud. Filing bankruptcy has helped many people get a fresh start after falling for a con and losing money. Or simply making a bad and costly investment.
You may be eligible for either a Chapter 7 or a Chapter 13 bankruptcy, which we will determine after performing a financial assessment for you.
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