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should I make these payments


lucyloo
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I have stopped paying all my credit cards, at my lawyers suggestion. But am hoping to not file for BK for at least 6-9 or more months. Does anyone have any experience at how soon the cc companies will start to file suit. Or exactly what happens. I have not been answering the phone, and really have done a pretty good job of avoiding all creditors, I am not sure if this a good thing for me to be doing, but sure helps my ulcer.

Its bad enough that they publish BK's in the paper, but ours also files lawsuits. I could send small payments each month, if that helps. I guess the not paying thing gets to me, but I really need to wait if I can.

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If you know that you will be filing BK, don't worry about anything. If you get sued before you file, you can just file a little earlier than expected.

I had fully intended to file BK. Stopped paying my bills, and figured I'd wait until I got sued. No sense in putting BK on my CR if nobody ever sued me. I stopped paying in May, 2003 on over $50K in debt, including mortgage. Lost the car, which was expected, still living in the house, and nobody has come close to suing, just lots of phone calls. And I think the mortgage company forgave the debt. That's a whole other story. Point is you could get sued. Or, you could just lie low and never go to court. Most creditors do a C/O at 90 days overdue. So, there's three months before anything major is likely to happen, if it happens at all.

Don't pay anything if you are completely prepared to file BK. Just wait it out. If you do get sued, you can always file BK and get an automatic stay to stop the actions. If BK is still in question, and there's a possibility of saving your credit, then you'll have to do what feels right for you, which would likely mean trying to work with your creditors until you decide for sure.

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Charge-offs don't usually happen until at LEAST 120 days of non-payment, most will go the full 180 days before they charge-off. There are a few creditors, like Discover, who sue all the time and not long after charge-off, but most takes much longer before any suit is filed. They will try it pursue you first, hoping they'll get some $$$ out of you.

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