I have Credit card debts of about $489,000, which I have used on stock market and lost all of it, now i am getting calls from all 5 banks day and night. Chase and Wachovia already sued me for the amount. What can i do now, I have job and make about 71K, Can I file for bankruptcy ???
Please advise me, if if have any other solution.
You state, you lost it all. How? If you purchase stock, if has gone down but still has value. If you maintain those shares you purchased, perhaps someday you will make it back....unless you bet it all on options..then you need to start all over. I would negotiate with the banks, but bankruptcy is the last resort. Fall off a bike,get up and ride again.
Sorry to be so insensitive, but how did you blow up in such a huge way? Options? How long have you been trading? Sometimes experienced traders get their black swan, like Victor Niederhoffer, but he had assests to sell off and start over. Good luck to you.