?? re: timing of stopping payments to cc

[nervous1]

Thanks everyone. I think I'll just cut up the cards. Wait 90 days, because, while I have no luxury charges at all on any of my cards, some have been used for food, utilities, gas.

[kartoons19]

I have not yet retained an attorney. All I have done is meet with one for information. That's it. All cc's are up to date, with the exception of Amex, which was due yesterday.

My bad, I misread your post. As many others have suggested if you are seriously considering filing, then stop using and paying the CCs. If you do get sued then you can always have your attorney (if you decide to hire one) file an emergency petition. I don't know much about this, but I do know there is a process for it. I haven't paid in my CCs (9 of them) in over 4 months and my accounts have not even gone to collections yet. So you have a little time.

As for the laptop, have you considered buying a refurbished one? Since you need it for business you may be able to find one for a lot less money and they work just as well as a new laptop. Just a thought from a former computer geek!

[nervous1]

Re: the computer purchase.

I decided to take that off my "worry list." It's working now and while there are some things we can do to plan ahead (like preparing for a possible BK ;)), I shouldn't worry about every little "what if.." or I could dry myself nuts. I will definitely keep the refurbished computer purchase in mind...so they are just as good as new?

[kartoons19]

Yes, a refurbished laptop works as well as a new laptop. It may have a few scratches, but the components will work like new. Most companies will test it to make sure it works well and will offer a warranty. I bought a refurbished iphone for $50, the new ones run about $150-200. I have never had any problems with it and there aren't any scratches on it. So refurbished is a good option for those on a budget. Actually it's a good option for everyone!

[daytona]

I'm nervous about being sued as well.

I stopped making full payment on four Chase accts. one year ago. I made "token payments" for three additional months and defaulted entirely 9 months ago.

Those accts have been charged off and are all with collection agencies now. We have not been sued, but with the combined balance on two of those accts at more than $15K...I'm wondering how long they'll stay quiet.

We have retained our atty for BK13...just trying to delay for a awhile now.

Chase in kinda all over the place...mine turned over to collections (law firm) at 3mo and they sued at 5mo..I did not DV or anything. Chase was almost impossible to deal with on working out pmt arrangements, etc..they and law firm wanted ridiculously high pmts or the entire balance...Now how fkn' stupid are they, if you are having problems with the min pmts then how are you going to pay 3X that or the whole balance...unreal stupidity. Chase's approach made me quit paying all cards as I felt that if I couldn't work out something with them then I would just CH7 all of them...My other cards charged off at 6-7mo and went to traditional CA, I DV'd them and have not heard a peep...total 9-10mo now (large balances too).

Hired attorney to answer Chase suit and it's been hanging in limbo 5mo since suit...Will be doing a CH7 on all of them relatively soon though so not sweating it...most Ch13's only pay 10-25%, and they (banks) know this...

The banks approach's seems to almost encourage debtors to file on them, they jack up rates to ~30% and couple this with increased pmts due..In my case if they would have went 0%, or a reasonable rate for a fixed term, they would have received 100% back over time, but with what I will call their "incopetence" they will now get 0% back....To think they pay "consultants" and/or high level executives the amounts they do to come up with these reckless remedies in dealing with debtors kinda makes you feel they are getting what they deserve, same goes for the mortgage mess these same banks created...but their customers, (USA taxpayers) bailed out these same banks for their recklessness in extending loans...

[catleg]

Never cut up your cards. If you need money in an emergency for like food, medical, gas, etc. you still want the option as long as the account is not yet closed.