kokonuts

should I tell them I have no job or properties or any assets?

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Hello,

 

Here is my situation.

I have a some debt form a few credit cards. They were sent into collection with some companies that are known for suing.

I paid my CC until last year in November, but I ran out of money and savings as I lost my job.

I don't have a job and I don't believe I can get one anytime soon.

I have no saving or properties.

Should I do nothing or call those collection agencies and tell them that I have no jobs or any kind of assets? Or what should I do?

My intend is not to increase my credit score or apply for mortgage. I am trying to avoid a lawsuit, even if I know they can't take anything as I have nothing.

Txs

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Here is the sure fire way to avoid a lawsuit. You have no income or assets. I suggest you file Chapter 7, If your household income is less than 150% of the federal poverty level, you can ask the bankruptcy judge to waive your court fees with a simple application submitted along with your bankruptcy petition. You will qualify for legal aid to walk you through the forms and fee waivers. It’s a type of bankruptcy that erases your debts, so you have a fresh start.   When you start working again you won't have to worry about a garnishment, levy, or zombie debt. 

Looks like you will keep all you have and qualify. 

Ohio Rev. Code § 2329.66

this site shows what needs to be done. 

https://upsolve.org/oh/

 

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5 hours ago, kokonuts said:

Should I do nothing or call those collection agencies and tell them that I have no jobs or any kind of assets?

They hear that thousands of times a month.  Most likely they don't care because while they cannot collect right now that doesn't mean they won't ever collect.  Especially considering you are in OH with a draconian long SOL on judgments and the ability to renew it.  

Before considering BK I would speak to several attorneys.  Do not be surprised if they simply tell you to lay low and work on getting employed and stable for now then deal with the debt later.  You have nothing to take right now so getting a judgment means nothing for now.

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Of course BK is the only sure fire way to prevent a law suit.  

We don't know how much money this is, or who the OCs are, etc.  

If this is a case of owing a few thousand to Synchrony cards, I would not recommend BK.  Those debts can often be gotten rid of with the arbitration strategy.  

If this is a case of owing tens of thousands to places like Discover, Cap 1, AmEx, etc. I would strongly recommend BK.

So yeah, BK would work.  It also prevents you from filing BK again for a number of years.  If it is what you need to do, do it.  If it can be avoided without too much pain, avoid it.  

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One thing I would advise for avoiding a lawsuit, is, check your credit reports.  See if they report employment, even if not current.  Sometimes an old job will be on there for years.  If they do, revise that to unemployed.

I know CAs and law firms pull your credit reports, and I believe the main thing they look for is employment, meaning wages to garnish.

 

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8 hours ago, nobk4me said:

One thing I would advise for avoiding a lawsuit, is, check your credit reports.  See if they report employment, even if not current.  Sometimes an old job will be on there for years.  If they do, revise that to unemployed.

I know CAs and law firms pull your credit reports, and I believe the main thing they look for is employment, meaning wages to garnish.

 

Great idea. Txs

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