What is the name of your state? SC
I've been in business for myself for the past 10 years and, due to some bad real estate deals with an incompetent partner and a downturn in my income, I've fallen behind on my credit cards, which now total about $75k with fees, etc.
I've made a couple of payments to each of them over the past 6-9 months but usually just enough to keep it from charge off. My income is up and down and unpredictable or I'd gone to a credit counseling firm and got on a repayment plan.
Asset-wise, I've got maybe $15k in home equity, a 10-year old minivan and a leased Toyota, a couple of rental houses that have about $25k in equity total and that's about it.
I've gotten a couple of attorney letters in the past week about arbitration and pursuing things to the fullest extent of the law but I don't know exactly what that means in SC. Also, I'm in the securities business and filing bankruptcy would damage my business so I'm a little scared of doing that. But, I don't want to have someone forcibly sell my assets, either. I need some advice desperately!