What can credit card companies sue me for if I simply stop paying?

[HHM]

Anyone else recommend the transferring of credit card debt to newer accounts with lower fix rates? I get offers by the ton everyday and always thought transferring was a no no for your rating?

If you get an offer that is really good, its not a bad idea to transfer to a lower fixed rate card. But you don't want to make a habit of it. What happens is, you increase the number of accounts and your total available debt, which can negatively affect your score.

[waziggy]

For years I've been using my Mastercard and American Express for balance transfers.
Usually I run up the Visa's (APR's 10.9 to 12.9%) and since I get balance transfer checks in the mail from Mastercard and American Express regularly I use them. Mastercard is usually offered at 4.9% until the balance is paid off while American Express runs 6.9% until balance is paid off. I'm usually floating somewhere around $40,000 on credit cards for cost of goods running multiple businesses the past nine years. Normally the 4th quarter is my big time of year 50% of my sales/revenue and I pay off as much as I can in Jan and start another year.

[playspoker]

Debt Negotiation

If you can afford a 36 month plan to pay off no more than 45% of your current debt, then do what I did and contact Credit Solutions for help in negotiating down your debt with your unsecured creditors.

Dave

[SinkingFast]

We're in the same quandry.

Do we make payments or not?? We were scraping by, using the CC's to buy gasoline, groceries, etc. We've been living on cash last couple of weeks. Cash that used to be in the checking acct to pay CC bills. If we pay CC bills, we won't have enough cash to live on.

One paralegal suggested sending each CC Company something each month, $10, $20, what ever we could afford, until we file. She felt that would show "good faith", but then she said, "Wait, let me ask him (referring to the attny she works for) about that." Haven't heard back about that yet.

And what about the house payment?? Do we pay that or not??

(FYI for those who may not know,........ We have a rent payment and a house payment due to outa state job change. House is on the market for sale in one state and we live in another, about 600 miles apart.)

[bkfiler]

lots of things can never be known ahead of time. it all depends on too many factors. most of which are how greedy the credit card attorneys and trustees are that month. thats the problem.

if they were all fat, happy, and stupid during your filing months then you would skate on by no matter what.

so its to hard to tell really. most unsecured debt would be discharged anyway. get as much time inbetween charges and filing as you can, before that show that you tried to make payments and that is the best you can do regarding that situation.

seeking advice from free attorney consulations is the very best advice i can give you. you will learn a ton and its free. cant beat that.

[SinkingFast]

First face to face appt is Tuesday evening. We are making a list of questions to ask and compiling an expandable folder with all the stuff we need to carry from consult to consult.

[sunshine08]

If you have used any card recently, (within the last 120 days), pay something for a couple months. If you have not used them, then stop making the payments, get your living expenses under control and current......

[jennga]

Sinking, I had not paid on my cc's for 6 months before filing, didn't know I was going to file until after the first lawyer visit. I had TONS of phone calls, TONS of were gonna get you letters but none of them had actually came after me legally. Made life he!! though.

Hope you feel better after your first consultation. We're with you, keep us posted.

[StopNAF]

brokeone,

I've tried consolidation. Doesn't work (fraudulant consolidation company). I've tried settlement. Doesn't work(Unless you have lots of money in a short amount of time and you are okay with your credit report marked settled). I wound up with 2 lawsuits and was forced to file bk to avoid garnishments and protect my job. Depending on the creditor, some will force you into the National Arbitration Forum and game over. It is almost impossible to win in that arena.

Depending on your situation, your best bet is to work with the creditors or file bk.

[bkfiler]

stopnaf, why the new target date on your signature for filing? find a good reason to hold off a bit?

if so dont worry, planning your bk is in your best interest. its something that will affect your life many years to come if done wrong and will breeze by and be better off in under 3 years if done right.

[AMISLANDER]

Just had to give my thoughts...

I stopped paying my cc's back in 2002 and filed bk in Oct 2005. They didn't attack my bank account, I moved a lot and didn't have to deal with phone calls until really the past year in regards to my land line. They didn't garnish my alimony. No one put a lien on my house (sold back in 2003). No one tried to put a lien on my car. Guess I just moved around alot and changed numbers and or got REAL lucky. We'll see, the karma's coming around as I may have to sacrifice the 4Runner...oh well...on to a clean slate!

[bkfiler]

are you in bk still or out of it?

[AMISLANDER]

Me?

I just checked pacer & today is my last day for objections...but I have that objections to creditors which is up next mo. on the 27th in regards to my SUV that I own.

[bkfiler]

why is that separate?

[thrilch]

garnishment depends on what state you're in. in some states the laws are extremely favorable to the debtor. in others it's the opposite.