lucyloo Posted December 9, 2004 Report Posted December 9, 2004 Hi,New here but need some advice, we are considering BK, but....heres the situation. We have 85k in CC debt, I know our house and cars are safe due to value/equity etc.. My sticky situation is we owned a piece of recreational property with my sister, however, title was in our name only. They paid half of everything and I can get documentation (canceled checks) showing this. It is worth 35k, we owed 18k on it, we each had put down 9000.00 2 years ago. I transferred it to her, she reimbursed me our half of the down (the orginal 9000.00). Our attorney says to be safe we should wait the full year to declare BK, but I can not keep making these CC payments for that long. If I stop making the payments, what happens, how long before they start suing.....some of them I owe only 5 to 6k on, one I owe 30k to..Thanks
Guest jeeptravel Posted December 9, 2004 Report Posted December 9, 2004 How long until the year passes? if it's less than 5-6 months, I'd quit paying and ask your attorney to handle the companies calls.What they typically do is agree when you give them a retaining fee, to handle all creditor calls. They simply tell them they are representing you and they are filing it next week. This staves the calls off.If you don't have it you don't have it.Why pay on accounts you are discharging anyway? I'd stop paying. Anybody out there have some other advice?jt
lucyloo Posted December 9, 2004 Author Report Posted December 9, 2004 It would be more like 9 to 10 months. I have seen were some just stop paying CC, and let it go to collections. I would have thought the CC's would immediatly come after you. Do you know how long that takes. Do you think since my sis owned half the property it would still look like a fraudulent transfer. It has an owner contract on it to some couple in Utah.I would not be so concerned about it if she hadn't put her savings into it.
Guest jeeptravel Posted December 9, 2004 Report Posted December 9, 2004 That's a long time for balances that high to just be ignored. I'd be afraid of a judgement and garnished wages of something along those lines.I really think you need to make an appointment with your BK attorney and ask him these questions. If he knows why you should wait 9-10 months, then he must know what you should pay in the next 9-10 months.It's gonna be a nail-biter for 9 mos if you ask me. Why can't you do it now? I just couldn't live that way for 9-10 months.Another idea would be to call the CC companies and declare financial hardship. Ask if you can pay a significantly smaller anount for 6-10 months while you get you financial house in order.jt
LadynRed Posted December 9, 2004 Report Posted December 9, 2004 If your accounts are current, then you can probably make the 9-10 months without much more than annoying collection calls. It'll take at least 6 months of non-payment before they charge-off the debts. They won't sue before charge-off and that would leave you only 3-4 months to wait before filing BK. It would probably take longer than the additional 3-4 months before any creditor moves for a lawsuit - I bet you can make it. If you don't have caller id now, get it. Don't answer ANY 'out of area' or 'unknown' calls, let the answering machine get it. Better yet, change your phone number and make it unlisted and do NOT give it to ANYONE that would give it up to a stranger, don't even give it to the pizza guy !!
lucyloo Posted December 13, 2004 Author Report Posted December 13, 2004 Do you think I would be better off filing for Chapter 13, I am not sure what kind of disposable income we would have. Maybe $400.00 mo/ paying towards 90k, I thought they would laugh me out of court.I hate the thought of doing this for the next 5 years.
Gryffindor Posted December 13, 2004 Report Posted December 13, 2004 You'll want your disposable income to be somewhere around $100.00/mo or less. It looks even better if you are in the negative.
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