Chase and objection to 87k debt

[mysticspirit25]

I have a friend who is overwhelmed with CC debt. His current balance on his chase card is 87k, and he has not paid since September. Every month the balance increases by about $1500 due to interest, and late charges. He had a 40k limit, but had several charges into dispute, and Chase gave him the money back, he charged medical bills and did a BT for about 30k to another credit card in September. Well, the merchant disputes, he lost, and Chase rebilled his account, therefore causing it to go way overlimit. He is being sued by CitiFinancial and American General as well. He has court in March. I can probably stall that for him by a few months b/c I have alot of legal knowledge. However, he is broke, I mean broke. He is above the median, but with his child support and mortgages, he qualifies for a 7.

What do you think Chase will do when he files BK? Obviously if he files now, there is presumption of fraud, but if he files in March or April, what do you think would happen? He will keep the home b/c he owes just about what it is worth (i.e. no equity) and has one vehicle.

Other bills include about 16k to BOA, 27k to Navy CU, 4k to WAMU and 50k to Citibank. He just can't do it anymore. AGF and CITI are also suing for about 10k each.

He gave up, he hasnt paid anything and charged anything since September. When do you think it would be safe for him to file BK??? He really needs a fresh start, his ex wife took him to the ringer and he is paying child support for a kid that is not even biologically his. His bank account keeps dwindling, even with the BK, he will be just about "breaking even" every month with no CC payments.

My concern is the Chase 87k (will probably be over 91k in March) and the 50k Citibank debt...any thoughts???

[BROKENN]

I would file as soon as possible. 90 days after last charge.

And when all the dust is cleared, I would do a paternity on the child. I am being blunt but truthful.

You are a good friend.

[ready2puke]

I agree you are a good friend...
My opinion is I dont think it doesnt matter how much the total is so much as the time. I would wait as long as possible to file. If he can handle waiting at least 6 months I would..Actually I am ...following my own advice for a change. lol..
Tell your friend to get his/her little behind on the board and read and start posting.

[TEW]

I agree you are a good friend...
My opinion is I dont think it doesnt matter how much the total is so much as the time. I would wait as long as possible to file. If he can handle waiting at least 6 months I would..Actually I am ...following my own advice for a change. lol..
Tell your friend to get his/her little behind on the board and read and start posting.

I agree get your frind to join. If he is going to file he needs to read as much as he can.
He can file 90 days after the last charge.

[mysticspirit25]

A paternity test was done, it is not his child, but because he acknowledged paternity by being married to his ex when the child was born, and supported him for 8 years before a divorce, under Maryland law, he is presumed the father, regardless, and has to continue child support, regardless of actual paternity....suprisingly, this is the law in many states.

[banca rotta]

I agree with puke (sounds funny, I know) I would wait to file probably for a year, six months at the least. If the other creditors win a civil suit and garnish his wages then he should live with that for some time. The "90 day" crap is just that! They can still object.

He doesn't want 80 plus grand to survive a bankruptcy. That would be bad.

For now he should just save up for the lawyers fees and pull the cash out before it's attached and hide it in the mattress until he files.

[banca rotta]

I agree you are a good friend...
My opinion is I dont think it doesnt matter how much the total is so much as the time. I would wait as long as possible to file. If he can handle waiting at least 6 months I would..Actually I am ...following my own advice for a change. lol..
Tell your friend to get his/her little behind on the board and read and start posting.

Exactly!!! The friend should really learn the process and fast.

[mysticspirit25]

He reads as a guest, I had a chapter 7 8 years ago, so I know what it is like. I was facing filing again after a job loss, but I found a better job, and now am good again. But my degree was in legal studies, so I have a good working knowledge of civil law (all except liens), and that is another question I had, I can stall his civil suits for many months, using objections, jury trial requests, continuances, etc...but what if an unsecured creditor obtains a judgment and records a lien....the judgment is wiped out in the BK, but how do you wipe out the lien (mind you it was a lien from an unsecured judgment..) if it ever comes to that...from what I understand...liens survive BK, even though the underlying judgment is wiped out.

[ready2puke]

Tew I believe it was a cash advance...dont you think

I agree get your frind to join. If he is going to file he needs to read as much as he can.
He can file 90 days after the last charge.

more time is needed than 90 days? Just to be safe?

[TEW]

more time is needed than 90 days? Just to be safe?

I don't see where he took cash advances or anything like that. why not file now

[ready2puke]

Oops reread it and its a bal trans that got disputed, not a cash advance..
Two of the attorneys I went to and both are very good. One is supposedly a BK expert said to wait at least 6 months on BT's....I wanted to file already but trying to take their advice.

[mysticspirit25]

A BT was taken out, but not disputed, several charges for a garage/shed were disputed due to quality issues, and Chase credited over 25k back on the merchant dispute. He thought the credit was permanant, it was not, the merchant won on rebuttal, regardless of the fact there were about 15k in repairs that were made on the property after the merchant charged the 25k......so that is how the card went over the limit from 45k to 87k.

[inpain66]

How long til CITI sued him?

I am falling behind with them and they are threatening to sue now

[mysticspirit25]

Citibank he owes 50k, they are just harassing him with calls...no threat of a lawsuit...Citi Financial (only 10k), the local loanshark, about 2 months, and he received a letter from their lawyer, so he expects suit anyday now...looking online at the court dockets, they sue all the time in MD.

[inpain66]

well I am 30 days behind and need 6 more months til I file for chaper 7. I guess they are going to sue me then