bedway Posted January 9, 2008 Report Share Posted January 9, 2008 :(Heres my situation. Went and had a consultation with a lawyer about the hugh cc debt my wife ran up. He said he would file chapter seven againt her depts. and that we should quit paying on the accounts. The accounts in my name i would negotiate and take out a loan to pay off. Well the bank now refuses to give me a loan because of not paying on the accounts our rateings went down the tubes. Im afraid going to other loan institutions ill now get the same responce. So the question is,,,to stop paying on the loans is good for who? They get you into a catch 22,,,bedway:( Link to comment Share on other sites More sharing options...
thomassl Posted January 9, 2008 Report Share Posted January 9, 2008 If you are going to file bankruptcy, they will ask you to list all of your debts. If you applied for a loan and was refused, most likely the other loan institutions will refuse you as well as they run credit reports. They reason the lawyers ask you to stop paying on them as you would be throwing your money away if you're filing bankruptcy. Save your money to pay all of the fees they come with filing. Link to comment Share on other sites More sharing options...
whocares Posted January 10, 2008 Report Share Posted January 10, 2008 Kinda wierd, your debts will not be included in the BK...I would ask the bank if you could get a loan to pay everything?Good Luck Link to comment Share on other sites More sharing options...
bedway Posted January 10, 2008 Author Report Share Posted January 10, 2008 Most of the cc are in her name solely and the lawyer is thinking of fileing the bankrupsy strictly for her debts. This is both our second marraige and i just never had her name put on the house deed, which is lucky on my part because it allows him to file for her only. But, it leaves three cc,s in my name. I was going to get a loan to negotiate and pay off my three cards. But because of not paying on any of the cards, now my credit rateing is bad. Where do i go from here,,,and dont anyone say postal!!!!,,bedway Link to comment Share on other sites More sharing options...
jasen Posted January 10, 2008 Report Share Posted January 10, 2008 I can understand not paying on her accounts, since you were going to file them in the BK. But your accounts still needed to be paid and kept current, if you planned on getting any kind of loan to pay them off.All I know you can do is it get those accounts current and try again. If they show as delinquent, no one is going to give you money. At least if they show current, but with a late pay, you might have a chance. Link to comment Share on other sites More sharing options...
bedway Posted February 12, 2008 Author Report Share Posted February 12, 2008 Following up on this thread ive applied to two local banks and Wells Fargo. None of the three would give me the loan because wife is in the process of a chapter 7, and i need her income included with mine to to qualify for the loan. They said after her chapter 7 they would give me the loan. I called a company last night (countrywide home loans) who said they would loan me the money, based strictly on my income which is very little. Does anyone have any input or info on this company,,,,or input on my situation,,,thanks,,bedway Link to comment Share on other sites More sharing options...
jq26 Posted February 12, 2008 Report Share Posted February 12, 2008 If the cards she stopped paying on and filed BK7 on are sdolely in her name, then your scores should not have been affected. Are you SURE they aren't joint cards? Having one spouse file BK7 while the other remians solvent is commonplace. Seems she stopped paying on a joint debt and it has made its way to your reports. If that is the case, you'll never get a debt consolidation loan. Link to comment Share on other sites More sharing options...
bedway Posted February 12, 2008 Author Report Share Posted February 12, 2008 Wife has several in her name. Those will be included in her #7. There are three solely in my name, which she ran up, these are the ones i want to negotiate down and pay off. My legal advice told me in the beginning to not pay on any of the cards. His advice was if they see no one is getting any payments, they will be more willing to negotiate. Two of the three in my name, have contacted me offering to settle for less. The third one i havent talked to yet, but hope they will settle for less. Wife and myself were excited to hear (countrywide home loans) said they could loan us the money. I was just looking for some reassurance or that warm fuzzy feeling that maybe someone has some info or experience with this loan company. Yes, i now know had i have continued to at least make the min. payments on my 3 cc's my rateing would not have went down the tubes. That was the advice i got at the time, and i guess its water over the dam now. bedway Link to comment Share on other sites More sharing options...
jq26 Posted February 12, 2008 Report Share Posted February 12, 2008 My legal advice told me in the beginning to not pay on any of the cards. His advice was if they see no one is getting any payments, they will be more willing to negotiate.They may be more willing to settle, but if you are looking for a loan to pay the settlements in full, then the non-payment idea is fatal. If your lawyer truly told you that, then fire him. Link to comment Share on other sites More sharing options...
whocares Posted February 14, 2008 Report Share Posted February 14, 2008 I bet he wanted his payment up front didn't he?it's up to you what you do, but if it were up to me I'd keep current or include the debts in the BK...If not your going to end up with bad debts and BK and bad credit. Link to comment Share on other sites More sharing options...
bedway Posted June 4, 2008 Author Report Share Posted June 4, 2008 Hey all, Just thought id give you an update on my situation. Finally my wifes chaper seven is done. The lawyer we hired to handle it was the worst legal experience ive ever had in my life. They made all kinds of foul ups along the way, lost records, wouldnt return our calls, and were totally incompetent! When the day came for my wifes hearing before the judge our legal representation was 2 hours late. When he did arrive, it was a different lawyer from the firm. He apoligized for being late and just said our lawyer wasnt with them anylonger! This one didnt have a clue as to my wifes case and just kept shuffling thru the papers as the judge asked my wife questions. The fee my wife/I paid for this travisty was 1500.00. Long story short, the original lawyer was also supposed to help negotiate the cc balances in my name down. As no surprise he didnt do squat on that either. After not paying on any of the cc in my name for several monthes, the cc companys contacted me with settlement offers. The 3 cards in my name totaled nearly 45,000.00. All told i settled with the 3 companys for a little over 18,000.00. The 1500.00 lawyer fee for the wifes chapter 7 was nothing short of highway robbery. Trust me, i know there are some good legal folks around, but talk about a bad apple,,,,,,geez!!!!!!!!! bedway Link to comment Share on other sites More sharing options...
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