JillWelc Posted February 12, 2005 Report Share Posted February 12, 2005 I am $30,000 in debt with CitiCard....and $6,000 in debt with AT&T credit card Long story short....I lost my job in November.....got depressed at the prospects I was getting for other jobs....LOW pay! I decided to go back to school and get my degree. My husband has NO idea I am this bad in debt......we really don't have a good marriage and keep everything seperate...the house is in both of our names though. On Feb. 28 it will be 3 month since making a payment to Citi....they called me last night and said that I could pay 315.00 a month at 0% interest for one year...then at that time I could negotiate again. Even though 315.00 would be hard to come up with each month....it sounds like if I am able to do this....it might be better because it won't ruin my credit right? Or will it? Or should I consider filing BK Chapter 7? I don't really have anything of value....although my husband does...he has a gun collection etc. How would it affect HIM if I filed bankruptcy? How about the house? I have a car thats paid for but it's in his name (worth about 10,000) can they take that? or.....if I just *don't pay* what can the credit card sue me for? I have like $35.00 in the bank? Could they get money from my husband or take possessions from him? I really do NOT know what to do? Any advice or opinions on what you think my best option would be. I live in TexasThanks,Jill Link to comment Share on other sites More sharing options...
blrogs Posted February 12, 2005 Report Share Posted February 12, 2005 Well i,m just learning, but let me say DW and i will be married 25 years in march , and we have no secrets. these two mules tote the load, one for all! i know this is a bad situation and if you will sit tight the pro,s will jump in, i wish you good luck!all else fails lean on each other! just learning! Link to comment Share on other sites More sharing options...
JillWelc Posted February 12, 2005 Author Report Share Posted February 12, 2005 Thanks for the nice words.....I do wish the "Pro's" would jump in because no one is answering any of my post (2 of them) and when I talk to people they ALL give me different advice I wish my husband and I didn't have any secrets from each other....but it's just not that way...it sucks...I know.If anyone could reply to either of my post to help me out I would appreciate it.ThanksJill Link to comment Share on other sites More sharing options...
CreditSuperstar Posted February 12, 2005 Report Share Posted February 12, 2005 Jill,I am NOT a pro, but the one thing I do know is...I would run TO my wife if I got in a similar situation. I wish I could be of more help, but I know one thing. This situation should be handled by both you and your husband. If he supports you now, it will really help your marriage as well as your credit situation. If he doesn't support you, then your credit issues should be dealt with as if he is not in the picture. Best of luck...Pros JUMP IN!Jim Link to comment Share on other sites More sharing options...
blrogs Posted February 12, 2005 Report Share Posted February 12, 2005 Your very welcome ,didnt want to feel your being ignored! Link to comment Share on other sites More sharing options...
willingtocope Posted February 13, 2005 Report Share Posted February 13, 2005 Okay, I'm not a pro at this either...but I do have a couple suggestions. One is send a PM to anti-something, she's in Texas and has a pretty good handle on Texas laws regarding debts and bankruptcy.Second, the CitiBank "hardship" program is okay...not great, but okay...IF you have the money to give them. IF you miss a payment, they'll come down on you harder than ever, so be careful if you take that route.Third, talk with a couple of BK attornies in your area to see what your options are. I'm pretty sure the house is safe...but I don't know how your husband's assets would be treated...may anti-something can give some advice. Most attornies will give you a free consultation and if you do decide to file BK, you'll need to find one you can work with...not just somebody to fill in the blanks.Fourth...welcome to the board...we'll all try to help if we can, so keep readng and posting... Link to comment Share on other sites More sharing options...
JillWelc Posted February 13, 2005 Author Report Share Posted February 13, 2005 OK I will definetly PM her......thanks so much for your responses. I really do feel all alone with this DEBT thing because it's so embarassing to me. The is absolutley NO WAY I could tell my husband. OMG...he would NEVER EVER let me live it down. I'm not really blaming him for my debt....but he did have a *little* something to do with it. I don't really want to bore yall....so I will try and make it short.About 7 years ago I was doing really well in school and was on a role...he decided to close down our joint accounts and kept threatning to take my car away etc....so I quit school and found a job that next week. I already had this credit card and had *some* debt but not that much....well it's kinda weird how FAST things get out of control. I started paying for everything for myself and alot of things for the girls out of my money...and charging ALOT of stuff . I started buying nice clothes (for work and outside work) getting my nails done...going out to dinner with friends....cuz Husband never did anything with me..... and now look at me......I'm in debt up to my eye balls (I feel like that comercial..lol) Thanks yallJill Link to comment Share on other sites More sharing options...
willingtocope Posted February 13, 2005 Report Share Posted February 13, 2005 Hey...no need to be embarassed...stuff happens. I don't think any of us ever set out to get in over our heads. Not that its an excuse, but honestly the whole credit card system is set up to help us dig our own hole. And there's a lot of people lined up to take advantage of us. If you haven't already heard my #1 sermon, here it is: DO NOT get involved with any of those debt reduction / credit repair companies. Almost all are scams that will leave you worse off than you are and the few honest ones don't do anything you can't do yourself...cheaper.Its not going to be easy, but you will get through this. Once you understand what your options are, you're going to have to sit down with your husband and get him involved. Again...not easy, I know...but whatever you do decide to do is almost certainly going to have an affect on him. Link to comment Share on other sites More sharing options...
score booster Posted February 13, 2005 Report Share Posted February 13, 2005 Personally, I think your best bet is to speak with a knowledgeable atty. who is experienced in asset protection, as well as debtor laws in your particular state. This situation is complicated and a lot is at stake. Best to check your local yellow pages! Link to comment Share on other sites More sharing options...
ghacorp Posted February 13, 2005 Report Share Posted February 13, 2005 BK is an option for you, but your husband will most definately be affected as you are married and assets are in both of your names. You should inform your husband of the matter as he will find out sooner or later. You will need to explore together how you got into such a heavy debt situation in the first place and while you were holding a job! TX has liberal homestead exemptions when it comes to Chapter 7 filings but depending on your specific district your filing for discharge could into great scrutiny with the bankruptcy enforcement initiatives aimed at curbing abuse that were enacted a couple of years ago. You may want to try credit counseling first to see what they can do for you that will deter CitiBank from filing suit. If they did, then your only real option probably would have to be a bk declaration. Link to comment Share on other sites More sharing options...
blackgossamer Posted February 14, 2005 Report Share Posted February 14, 2005 I would definately go talk to someone. You can file alone without your husband in Texas. Assets in both of your names will be considered yours. Go here: http://www.texasbankruptcylaw.com/exemptions.htmlIt's set on the exemptions page but the entire website is very helpful to educate yourself. I'd take a look at while deciding your options and before talking with an attorney so you know a little more about what is involved.Good Luck! Link to comment Share on other sites More sharing options...
Recovering Attorney Posted February 14, 2005 Report Share Posted February 14, 2005 I had a similar situation to your husband's!!As far as Citibank goes, take the deal if you can afford it. But ask them to reage the account, otherwise they will keep showing it 60-90 days late, even if you make the payments. Get the assistant's name, ask for a fax ##, and send a confirming fax. Send them a letter asking them to close the account at your request. You don't need this card.Go see Mary HUnt's website at www.cheapskatemonthly.com , and look to her 12 step plan and books http://www.cheapskatemonthly.com//store/listCategoriesAndProducts.asp?idCategory=23This is information you and your husband both need to read. With AT&T, I'd send the CEO a sob story about how you love AT&T and are sorry you can't deal with this account, but you'd like their help. Suggest they lower the interest rate for 12 months, as Citi has, and accept a set amount of payments. Ask them to forgive $500 in fees and interest. See how it goes. follow Willing's advice and talk to a few BK lawyers. Not necessarily the ones with the screaming yellow page ads, preferably one who is a member of the Association of Consumer Bankruptcy Attorneys http://www.nacba.org/cfmpublic/newnacbasearch.cfm Link to comment Share on other sites More sharing options...
JillWelc Posted February 14, 2005 Author Report Share Posted February 14, 2005 Wow, I'm so glad I found this board...you people are very helpful.I have decided to accept the offer from Citi-bank. They said they said the day I call and accept the offer...they will deduct the money from my acount (that same day).....SO I will have to get the money from my husband this month and then I have decided to get a part time job. It's really hard to go to college, take care of the home and kids and work....but alot of people do it. The only thing is....I have always had "office" jobs....never worked retail or anything and that's probably where all the part-time jobs are. Anyone have any suggestions on a great place to work...on a part time basis?Recovering Attorney, So when I call CitiBank back and accept the offer....at THAT time ask them to re-age the account and also to close the account down?? If I make a payment before Feb. 28 (which will be 90 days) then if I don't ask them to re-age the account.....it will keep showing up as over 90 days late?? Thats a little confusing.Thanks everyone for your replies!Jill Link to comment Share on other sites More sharing options...
willingtocope Posted February 14, 2005 Report Share Posted February 14, 2005 Unless Recovering says something different, I'd be really, really careful about giving anyone access to your checking account. You can't trust any of them to only take what they say they'll take. If they won't accept payments by mail, then you might want to open a separate account in your name only and transfer the money you need to cover them each month... Link to comment Share on other sites More sharing options...
Recovering Attorney Posted February 14, 2005 Report Share Posted February 14, 2005 I have done the hardship program with Citibank, and they do send notices about when they take the money from your bank account, so they are reliable with that. I paid them off, and they were slow with terminating the pull, but that is another story. Tell them you'd like them to re-age the account and they should do this for you since you are making a substantial payment to them. Otherwise, they apply your payment to the outstanding balance so it will always show late on your CR. Tell them you are closing the account and they should report it as " CLOSED AT CONSUMER'S REQUEST." This doesn't hurt like Closed by Subscriber will. If they agree, send a confirming note, keep a copy, then check your CR in 45-60 days to see if they have done it for you. Make sure you tell them that you are agreeing to the 315 in exchange for these concessions because it will be tough for you to do it for them. Link to comment Share on other sites More sharing options...
JillWelc Posted February 15, 2005 Author Report Share Posted February 15, 2005 OMG...I am going NUTS! I decided to take CitiCard up on their offer of 314.00 a month PLUS I still have to pay on my AT&T card. Well I said fine...I'll just start looking for a part time job while I finish getting my degree. So I spent alot of time calling people, sending resumes, etc. Then I started thinking how in the world am I going to pay this 36,000.00 debt with a p/t job???? I did call and talk to a Lawyer briefly regarding filinf Chapter 7. Even though I have read the links, etc. I am STILL confused on a few thing.From My understanding: You can file BK Chapter 7 alone (without spouse)but when I asked the lawyer if it would show up on his credit report....she said yes. So here is my questions.1. Will it show up on his report as if HE actually filed BK?2. Do I include his salary when filing BK?3. Does he have to sign anything? Does he have to be at court for anything?Like I said....I had made up my mind to try and pay them off but I seriously don't think I am going to be able to. I seriously think BK might be the only way......Jill Link to comment Share on other sites More sharing options...
Recommended Posts