What happens after nonpayment of CC's?

[boochase]

This is one question I haven't asked. I stopped paying three CC's two months ago, for I am intending to discharge them in Ch13. Two of the cards are from Chase and one is from Capital One. Both companies were sent letters that Ch13 filing is imminent. Over the past three months, I have received only one call from Chase. With Capital one, my account was referred to their collection arm almost immediately, and I have received some 6-8 calls a day (four rings and a hangup) since nonpayment. What is the CC companies' next step? Is the next step a filing of a law suit? If so, when can I expect it--I am in my third month of nonpayment? Do the CC companies always file a suit no matter the CC balance (Chase $5500; Chase $12000; Cap One $5000)? Do the CC companies just write off the debt/sell it to a collection company? Will the collection company sue? And if so, when in the timeline? Thanks for the info.

[flyinbroke]

Both companies are notoriously sue-happy. And it is possible they will try. You do not have a BK until you have a BK attorney retained and paid and they have heard the BK story before.

They do like filing for smaller amounts (5K or less) but there is no hard or fast rule. Some are sued for 100 bucks and others blown off for 20K + and vice versa.

[CCB35]

a little hint with Capitol One

we had a car financed with them.they called daily even after we told them we were filing.On the bright side one representitive said that if you talked to them one time daily they wouldnt call anymore that particular day.they will continue to call until you have a case number to give them.

[espo1357]

This is one question I haven't asked. I stopped paying three CC's two months ago, for I am intending to discharge them in Ch13. Two of the cards are from Chase and one is from Capital One. Both companies were sent letters that Ch13 filing is imminent. Over the past three months, I have received only one call from Chase. With Capital one, my account was referred to their collection arm almost immediately, and I have received some 6-8 calls a day (four rings and a hangup) since nonpayment. What is the CC companies' next step? Is the next step a filing of a law suit? If so, when can I expect it--I am in my third month of nonpayment? Do the CC companies always file a suit no matter the CC balance (Chase $5500; Chase $12000; Cap One $5000)? Do the CC companies just write off the debt/sell it to a collection company? Will the collection company sue? And if so, when in the timeline? Thanks for the info.

all companies move differently. just answer all your mail, and if they sue, be sure to file a response that you are going to defend yourself. most companies want a default judgement (they get a default judgement from people that don't answer their mail and don't go to court). those that do answer and go to court usually get put at the bottom of the list to go after. You are a long way away from them getting you.

[Mi Bankruptcy]

Once you retain the attorney just give them your attorneys name and number. If they try to ask what chapter you are filing what your account number is ect.. You only need one reply

"my attorney can answer your question" would like his\her name and number.

a little hint with Capitol One

we had a car financed with them.they called daily even after we told them we were filing.On the bright side one representitive said that if you talked to them one time daily they wouldnt call anymore that particular day.they will continue to call until you have a case number to give them.

[river147]

stop paying credit cards

Need help with this one. I'm currently in trial mod with boa. I can no longer keep up with the minimums on cc payments. My question is, can boa deny me a mod cuz I stopped paying my cc? Need advice please. I won't file bk till after the loan mod is finalized.

[espo1357]

Need help with this one. I'm currently in trial mod with boa. I can no longer keep up with the minimums on cc payments. My question is, can boa deny me a mod cuz I stopped paying my cc? Need advice please. I won't file bk till after the loan mod is finalized.

I was in the same situation with a different mortgage company about two years ago, and the mortgage company encouraged me NOT to pay the cc companies and pay them, so its not going to impact you (your credit score will go down, of course) most likely, at all.

good luck.

[freeatlast98]

I was in the same situation with a different mortgage company about two years ago, and the mortgage company encouraged me NOT to pay the cc companies and pay them, so its not going to impact you (your credit score will go down, of course) most likely, at all.

good luck.

I was wondering the same thing regarding how the mortgage company looks at missed cc payments? Do you think it's OK to tell the mortgage company you intend to file BK? In other words does it look better to them that you'll have more income after you file because of the discharged debt?