deepindebt Posted May 9, 2003 Report Share Posted May 9, 2003 i owe $20K+ to each of 3 CCs. Can't make minimum monthly payments to any of them. How can I play them off against each other? Try to settle with one knowing that I only have money to settle with one? Maybe they will give me better settlement terms? Link to comment Share on other sites More sharing options...
planner Posted May 9, 2003 Report Share Posted May 9, 2003 Are you saying you owe 60K and maybe have 5-10K, if so you should consider BK. Depending on your state and whether you own a home, you maybe able to keep your cash or bury it an exempt asset (IRA). Just a thought. Link to comment Share on other sites More sharing options...
lisak72 Posted May 11, 2003 Report Share Posted May 11, 2003 I understand this to be $20K total CC debt divided between 3 cc. Is that right? When was your last payment to them and has it been charged off yet? Normally cannot get settlement from the OC and they will look at you like you're crazy if you come to the OC saying I can't make minimum payments, but I can pay somebody off. If you have the money to do that, why can't you make minimum payments? Just a question...not an accusation. Sounds like there is more going on here....can you give more details? Link to comment Share on other sites More sharing options...
deepindebt Posted May 12, 2003 Author Report Share Posted May 12, 2003 I actually owe about $70K total on 3 cards. It makes no sense for me to throw good $ after bad. The minimums are $1600/month for the 3 cards. I have been out of work for a year and have exhausted my savings. Have about 2 months left for mortgage, prop taxes, living expenses, etc. Sure I could pay minimum CC this month, then not be able to pay my mortgage next month. I feel I have to look after my own needs first, not those of the major CC companies. Link to comment Share on other sites More sharing options...
planner Posted May 12, 2003 Report Share Posted May 12, 2003 What do you mean: "Have about 2 months left for mortgage, prop taxes, living expenses, etc.". Does this mean your house is almost paid off? if so, check your state for the exemption amount. If you live in TX or FL, file BK 7 soon. Other states check to make sure your under the exemption, if not you may have to file BK 13. Don't pay another dime to the creditors, take care of your family, and don't worry about filing BK (everyone does it these days). Link to comment Share on other sites More sharing options...
deepindebt Posted May 12, 2003 Author Report Share Posted May 12, 2003 no, i mean that i have only enough $$ to cover my living expenses for the next month or 2. i actually have many many years to pay on my mortgage. the equity in the house about equals my state's exemption. hope that helps... Link to comment Share on other sites More sharing options...
deepindebt Posted May 12, 2003 Author Report Share Posted May 12, 2003 planner,i posted without reading the 2nd half of your post. thank you for your kind advice. i too feel that i need to protect my family first. i read that 1.5 million americans filed bk in 2002. that's 1 out of every 50 households - in just 1 year. the stigma is fading fast (especially with major us compnaies and the airlines we fly are in bk!) alot of people are in very bad financial shape -- even worse than me. thanks for the sympathtic ear - i can't expect anything like that from the loansharks, er, cc companies. did you know they build into their financial model that a percentage of people won't be able to pay back? that's why they don't mind sending out lots of checks and credit line increases to tempt you. their paying customers are very profitable for them. Link to comment Share on other sites More sharing options...
planner Posted May 12, 2003 Report Share Posted May 12, 2003 I'm in a similar boat. Plan on filing for BK soon. I hate to sound like one of those self help people, but your second priority (first being your family) is getting a job. Some may say filing BK will hurt your job chances, but if say it is because medical bills you should get a pass (one doctors bill included in the BK filing and your not lying). You deserve a fresh start, and are legally entitled, so file and get it over with. If you wait, get a good job, your options maybe limited to BK 13, and who wants wage garnishments? Link to comment Share on other sites More sharing options...
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