Got the big red "Rush First Class Mail" letter this week from Advanta. Had the sample "draft" of he complaint they may file against me if their evaluation fit their litigation criteria.I havent used or paid any cards since December. I have paid a $500 retainer, and plan to pay the balance with my income tax refund check next month, then file Chapter 7.
-
North Carolina -
I am no expert (yet) but to me this sounds vaguely like a scare tactic.
How I interpreted this: They MAY file if evaluation reveals that it will be monetarily worthwhile to them.
From what I understand very few actually sue because it takes time and money and there is no guarantee they will get anything....some companies are notorious for it. If they spook you into paying, they get their money.First consult: You go now, no CH 7 for you. You spent entire buffet. 13 has a 95 percent payback. (Owwwch) On to next consult.... -
That's the key word.Originally posted by dub View Post
If
Don't worry about it. Nothing more than a collection tactic.
All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
-
I got the same letter/envelope a couple months back....I haven't heard much from them since...I check my local court system daily to make sure I have no pending lawsuits...just waiting for my home mod to go permanent around the same time we're expecting our 2nd child, then off to my lawyer and kindly ask him to pull CH7 trigger!Comment
-
Advanta is in wind down mode. Major staff layoffs were made. I'd imagine that the credit card master trust has probably had to finance the collections on those accounts. I'd guess your chance of being sued is quite low.filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!Comment
Comment