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please help - roof is caving in

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I've been unemployed and have been delinquent on my cc bills since June. I think they are about to be passed on to creditors.

The cc bills add up to about $15,000 and there's a seperate loan for $3000.

What should I do? How much time do I have before I am sued? Should I talk to the creditors?

I really need more time to get back on my feet and I don't feel this is enough debt to go bankrupt.

But my credit is already toast.

Thanks for any info


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First...breathe :)


Contact the companies you owe to and ask for information on their respectful hardship program/s and work on nego your rates down. You might let them know that IF they are unwilling to work with you, that you maybe forced to presue BK..just for incentive.

Pay what you can, as you can and don't feel alone, because your not!! When you are better established you can worry about the creidt stuff, but in the meantime, request copeis of your report (stating that you are unemployed and plan to seek employment). There maybe things that you can work on now.

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Most CC companies will put you on their own version of a hardship program. each company had different ways of doing this.

Tell them the truth, you are unemployed and dont know when youll be able to make regular payment.

In some cases they will cut / suspend your interest rates for 6 months, or they will allow only a nominal minimum payment.

Some companies (Capitol One) has shown me zero flexability.

If you can get on this program, you can even miss a month or 2 before they will call, then you can catch up by paying a nominal minimum.

They wont consider legal action or collection agency until you get at least 3 months behind.

So, when you do , answer the phone and tell them your situation hasnt gotten better and hold em off another couple months by making the nominal minimum.

good luck. i know its seems like the roof is caving in, but even in the worse case scenario, they take you to court and the judge cant make you pay more than you can afford and must allow you money to cover your living expenses.

If youve got no money, they wont be very interested in taking you to court.

It unsecured debt, so they cannot reposses your belongings.

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Discover Bank will sue people for a little as a dime, so Capital One is not the only scourge with respect to debtors in distress. American Express on the other hand, is probably the most prudent and cordial, so reward them with your business if you can!

Unsecured debt CAN result in asset seizure once judgment is obtained. While they may not come into your house and seize your personal effects, wages can be garnished, bank accounts levied and property liened, etc. People CAN move those assets out of the US or transfer to relatives for safekeeping, however NOT for the purposes of bankruptcy or tax evasion.

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