Robertm

DIY Debsettlement questions

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I currently have 54k in cc debt, 19k in personal unsecured loan, 2 mortgages, 1 car lease.  I am having trouble paying for the unsecured debt and BK is not an option as I cannot lose my house (and other mortgage is my moms home that my brother pays for who is also on the mortgage).  

The 54k is split between 7 cards.  17k with chase, 12k with unionbank, 7k with amex, 8k with citi, 2k with bofa, and 2k with bestbuy.  I have 0 late payments on my account thus far but my credit is taking a big dip because of this.  all cards are maxed.  I have been trying to secure a loan to pay off everything and have 1 payment but keep getting declined or pre approved for less.  I already took the 25k loan from sofi two years ago (not at 19k)  but it wasnt enough to pay it all off so got me stuck, i cant do that again.    

My questions:


  Do I stop paying all of my unsecured debt?</li>
  
I wanted to keep paying on the Amex and Citi as 1. Amex i heard never settles, 2. both cards are my travel cards and I would like to keep them in the future.
  
 Will doing a hardship with Amex hurt my credit and also blacklist me from amex?
 
  I know black listing is a possibility,  with chase, I also have an autolease with them.  Will they black list me on future lease as well? or would it be only for credit cards and unsecured loans? They are the only company to offer a lease for subarus

  i have 2 joint checking accounts with my sister and mother.  Is there a chance they can withdraw from either of these accounts?  the joint with my mother is held at union bank as well where one of my credit cards is. 

 Also my credit score.  Since its taking a dip now, having a lease, keeping the amex and citi in good standing, and the 2 mortgages, will my credit have a chance of bouncing back sooner?
 

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If you are in Texas...

Texas offers an unlimited homestead exemption for a residence on 10 acres or less in a city, town or village or 100 acres or less in the country (this doubles to 200 acres for families).
https://www.nolo.com/legal-encyclopedia/texas-bankruptcy-exemptions.html

This means it's next to impossible to lose your house in BK in Texas.

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2 hours ago, Robertm said:

I wanted to keep paying on the Amex and Citi as 1. Amex i heard never settles, 2. both cards are my travel cards and I would like to keep them in the future.
  

If you default on the other debts you are virtually guaranteed that AMEX and CITI will balance chase you down to zero if not outright close the accounts up front. They are going to mitigate their damages by lowering your credit as you pay.  Unfortunately there really isn't a way to strategically default on the other debts and keep 2 top tier creditors in good standing with an open active credit line.

2 hours ago, Robertm said:

i have 2 joint checking accounts with my sister and mother.  Is there a chance they can withdraw from either of these accounts?

If they sue you and get a judgment:  yes.  ANY account with your name on it could be levied.

2 hours ago, Robertm said:

BK is not an option as I cannot lose my house

Before assuming you would lose the house you need to meet with a qualified BK attorney who will review the entire situation and determine if that is a possibility.

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