when to stop paying credit cards?

[Moneypenny]

How long before filing can you stop paying CC bills? mine are BoA and Chase.

Does it help to throw them a few bucks now and then?

I am probably about 8 months from filing now, could be a year. I want to pay the CC companies as little as possible before getting under protection. How long can you go before you have to start into some legal procedings or whatever. Not sure what happens when you stop paying.

thanks!

Mr. Moneypenny

[Mark80]

I was advised to stop the day I was for sure filing. Why pay them anything more? I am sure your hurting as it is! It would be good to use the money you would of tossed them to get other things caught up that's not being included. I went from July 2008 to November (my 341) with no payments. All I did was get my Attorneys name and number and let them know I was in process. Most of them actually stopped calling me before I even had a case number!

[Chowder]

It's hard to stop. We get so programed to make that sacrifice.

I was advised to stop the day I was for sure filing. Why pay them anything more? I am sure your hurting as it is! It would be good to use the money you would of tossed them to get other things caught up that's not being included. I went from July 2008 to November (my 341) with no payments. All I did was get my Attorneys name and number and let them know I was in process. Most of them actually stopped calling me before I even had a case number!

Here too. Going on 3 months. Calls have stopped from all except a credit union car loan. Just telling them an Attorney had been retained and I would be filing was enough.

[Moneypenny]

but if you stop paying too soon before you file, wont the CC companies try to sue you, etc., garnish wages? How much lead time can you put into it? Can you string them along with small payments, excuses etc?

thanks!

[keepmine]

You'll likely have 6 months or better before any litigation begins.
If bk is the end game, stop paying all debt you widh to discharge now.

[Trixie007]

I (and many others on this forum) stopped paying a year before filing on 10 cc's - no lawsuits!

[liz417]

I agree with Trixie here, I stopped paying 1 year before I filed, but I've also read that some CC will sue right away...it just depends.

[Moneypenny]

wow. a year. but if the recommended time is six months and I plan on filing in eight months at the earliest, shouldnt i wait till six months before filing?

thanks for your experiences. 8-10 months is a truckload of money, would love to shoot for that!

mr. moneypenny

[liz417]

What do you owe of the card and who is your creditor?

Amex and Chase seem to be the most aggressive and I've read a response from HHM (MOD here) that cc balances under $5K are more lucrative for collectors.

[relief13035]

Stop paying now since you know you are going to file.

[eddiep]

I stopped paying my credit cards in sept - oct. I was sued by a credit union for $14k, they now have a lien on my house but it took two months from the time I knew they were going to sue. I have three chase and three boa and others. the credit union was the only one so far to sue me. I am filing on July 14th!!!

[debtBgone]

Do you plan on getting a lawyer?

Cause once I retained my lawyer...my life got a lot easier. He/she will be able handle your creditors, tell you what Chapter to file and when you should file your BK. I stopped paying and using my cc the minute I decided to file. I've been living on cash only for the past 3 months and it's been wonderful! My filing date is in August.

Good luck to you!

[Moneypenny]

I am going for 7, and plan to file in 8-10 months. I have a whopping 28k on one BoA, 12k on another, and 12 and 8 on two Chase cards (1 formerly WaMu).

Those are the only debts I will be defaulting on. definitely will be paying for the best lawyer i can get.

MP

[Trixie007]

Yep, we had 4 BofA accounts - 70-80k total, I can't remember exactly - and 1 Chase (formerly WAMU) that was over 30k. I'm guessing you'd be fine with those for an extended time! **Sorry I can't remember - there are alot more details about our cc's on my blog here on this forum.

[LuciluS]

I am going for 7, and plan to file in 8-10 months. I have a whopping 28k on one BoA, 12k on another, and 12 and 8 on two Chase cards (1 formerly WaMu).

Those are the only debts I will be defaulting on. definitely will be paying for the best lawyer i can get.

MP

I would suggest your set up a few Free Consultations with the Attorney. Have a list of questions to ask & possibly, your Gross Income & estimated expenses of all except for the credit cards.

I was turned off by a Free Consult as we never met the Attorney. It was his Paralegal who we spoke with. We only interviewed two as that was all in the closest town to where we live.

Our Attorney practices bankruptcies for the past 20 yrs...nothing else. Also, he was much cheaper than the other one. The Price was not the deciding factor.... it was the time & question/answer he spent with Dh and myself.

Besides the free consult, I've had one face to face meeting with him and email him with questions about every 2 weeks. His timely manner in replying to my emails is impeccable. We will be filing in Sept.

I've never wished for time to go faster; however, I cannot wait until we are filed as our BK journey began last Sept.

BTW, we stopped paying on our credit cards after retaining our Attorney late last Sept. When the phone calls began, I was able to refer them to our Attorney. Of course, due to length of time, most have been turned over to Collection Agencies. I've answered a few phone calls, not many. Because it will be about a year since we've paid any of the CCs, our Attorney recommended we not answer the phone which requires them to communicate in written form. Received a few form letters is all.