I have not started the "Do Nothing" approach I was just considering it.
Within 2-4 months I will be completely broke and can't pay credit cards.
All the credit card debt in the past 2 years was in trading stocks and I have bank and trading statements to prove this.
Here is one Do Nothing article there are many if you Google: Do Nothing Bankruptcy
Alternatives to Bankruptcy - Findlaw for the Public -
It reads, "Do Nothing...Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you're living simply, with little income and property, and look forward to a similar life in the future, you may be what's known as "judgment proof." This means that anyone who sues you and obtains a court judgment won't be able to collect from you simply because you don't have anything they can legally take.
Except in unusual situations (being a tax protester or willfully failing to pay child support) you can't be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.
So, if you don't anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won't sue you, because it's unlikely they could collect the judgment. Instead, they'll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record."
I also read they can only collect or is it reach judgement on you within 6 years since your last payment made. I just thought in 7 years it might be all over but I guess not.
Q1. Given my current situation what are the good states to file bankruptcy in?
Q2. Also, should I get a lawyer first before I stop making payments?
Q3. Or should a lawyer go to court while I am still making payments?
Q4. If unemployed will that be a problem for arguing bankruptcy? (they might say why aren't you working - well that is because I am a full time trader)
Q5. My goal is to start over broke and get a decent garnish free job is that possible?
Thanks so much for any useful replies.