Worst time of life -pre BK

freeatlast98 started a blog post Worst time of life -pre BK
05-10-2010, 07:02 PM
Worst time of life -pre BK

My life has changed so much in the past year and a half. After 23 years of marriage my husband wanted a divorce. He talked me out of going to an attorney because he said we could do it ourselves. We had been running a small communications company during all those years. Anyway, I refinanced my home to pay him 150K in equity. The divorce was final 9/08. Anyway, on day he left only $600. in the business account which was our only money. A few months later as I was cleaning out some files I discovered he had been taking money the whole time we ran the business. Fast forward, I sued and the case was dismissed without prejudice. By that time I had charged over $18.K in legal fees. These charges were made in December 09. This on top of the huge mortgage I now have, has devastated me financially. I have had such bad luck with the legal system, I'm afraid to go forward with the bankruptcy. I'm so afraid if I forget something, my case will be dismissed or something. How often does that actually happen? I fully intended to pay everything back however, with the economy being what it is I am at least three months late on most of the credit cards. I get calls constantly and although I ignore them, it's pretty intimidating. I keep expecting someone at my door with a summons.
I am having such a hard time right now with the realization I have file Chapter 7 in the very near future. I can't afford another attorney so I'm filing Pro Se.
I kept a credit card current so I could use it to try and survive. Today I received a letter from Capital One my limit was reduced 60%. They checked my credit as they apparently do from time to time and noticed I was delinquent on the others. Now I'm really scared, how am I going to survive. I've managed to stay current on my home. Anyway I've had to charge things like food, gas and have paid utilities with this card in the past 45 days. I'm afraid I'm going to rush filing because the creditors may start suing me. How long does that part usually take? I've been reading these blogs for a couple of months now and never posted. I feel
I could use a little hand holding. Does life ever feel normal again?
Today is May 10,2010, how long should I wait to file based on my current credit card use. Will the trustee consider the fact most charges were for necessities such as food, gas and utilities or will I get slammed if I file too soon? Can anyone offer some guidance on this?
I'm sure I'm not the only one going through this. My thought was to wait until the end of July. Can creditors sue before then?
Tags: None
1 - 3

3 comments
- #1
  
  ladyjenn commented
  
  06-03-2010, 11:15 AM
  
  Editing a comment
  
  I am not sure how long it takes them to sue, but I have an aquaintance that hasn't paid his CC's is 3 years, and just got a judgement against him, so the laywer "rushed" things a bit more. Life sure can be tough, but we are lucky that we have the BK laws to protect us, as some countries do not. We WILL get through this ( I haven't filed yet either, will do so next month). Best of luck to you!
- #2
  
  Sideways commented
  
  07-12-2010, 06:47 AM
  
  Editing a comment
  
  I just found this site a couple of days ago, so, sorry for the delayed reply. I believe the response time for a lawsuit by the OC, CA, or JDBs all depends on how they view your profile and how large your debt. In other words, if your are indigent and have no assets, I do not think they would be in any rush to ramrod a lawsuit down your throat. Except, perhaps for an OC like Capital One who will sue and ask questions later. But, normally you would have at least six months from first default to the charge off point. And, I have found that with BofA, Capital One, Chase, etc. it is more like 8 months until they move it over to a collection agency with attorneys that will send you your first dunning letter. You then have 30 days to validate the debt and then a little added time for them to respond. At this point it is anybodies guess as to whether they will then fill a summons and compliant, sit on it further, or send it back to the OC or another collection agency. However, if they do sue you, you will then have another 20 days or so to respond and answer the complaint. If you simply answer the complaint with some sort of denial and affirmative defense..it will then usual take a least another 2-3 months for a court or jury trial. And, then you could even go on to appeal if your case warranted it. So, you see as much as the collection agencies harass and intimidate you into thinking that time is crucial (they all say phone me back today or your toast) it is far from the truth. The civil court system or federal system for BK is kind of a slow grind and is just not something that is done overnight. I have seen credit card case files that have stretched out over three years and counting and then dismissed on SOL. I have found that the funny thing is that by the time most people have been been charged off on a few cards or more their credit is pretty well shot and a court judgement will probably not make all the much of a difference (but don't quote me on that)..however a garnishment will make a big difference if one is living on the brink. So, that is where I think BK is a good idea because in essence all your lawsuits will be rolled into one with BK. Well, hope everything is working out for the best for you now..
  
  Sideways..
- #3
  
  Newhomeowner commented
  
  09-14-2010, 07:51 AM
  
  Editing a comment
  
  I agree with Sideways, we are lucky that we live in a country that has these laws that protect us. I know this may not be of any help, but I think the best thing for you to do is to think about how to make your life great now that you are filing BK and moving on. I know the stress and obstacles seem overwhelming, but it is important to remember there is life after BK. For every minute you spend worrying, spend a minute looking at the good that can come from this.
Previous template Next

You must be logged in to post a comment.

top Ad Widget

Announcement

Worst time of life -pre BK

bottom Ad Widget