If I can just make it to 2011...

[faceforward]

I'm hoping someone with experience can offer some insight...I haven't paid CC's for 6 months now (BoA, Chase, Citi), and have been receiving mail and fed-ex packages indicating that accounts are going to be charged off October 30. I plan on filing chapter 7 BK. I've signed up for ARAG legal plan through my employer, which covers attorney's fees for a chapter 7 or 13 BK. I'm trying to survive until mid January so I can take advantage of the plan benefits and avoid paying two grand (that I don't have) to a lawyer. Simply put, I'm stressing about whether or not I can make it until Jan. without being sued, having a judgement against me, etc. what is the time frame for such things? I've considered filing pro se earlier, but I know that would lead to many sleepless nights, I'd really rather wait until Jan, and have a lawyer help me through this. Thanks in advance for your responses.

[jo23171]

Hi, I stopped paying my cc's 2 years ago and they still have not sued me. I owe $170k and don't have any property they could take away, I think that's why they haven't sued me yet. The time varies from person to person but I think you will be OK.

[SunshineGal]

Wait until you're ready to file. Even if they sue, you would most likely have at least 30-60 days before a judgment could be entered and then another 30+ days before they would begin collection tactics.

[tobee43]

I'm hoping someone with experience can offer some insight...I haven't paid CC's for 6 months now (BoA, Chase, Citi), and have been receiving mail and fed-ex packages indicating that accounts are going to be charged off October 30. I plan on filing chapter 7 BK. I've signed up for ARAG legal plan through my employer, which covers attorney's fees for a chapter 7 or 13 BK. I'm trying to survive until mid January so I can take advantage of the plan benefits and avoid paying two grand (that I don't have) to a lawyer. Simply put, I'm stressing about whether or not I can make it until Jan. without being sued, having a judgement against me, etc. what is the time frame for such things? I've considered filing pro se earlier, but I know that would lead to many sleepless nights, I'd really rather wait until Jan, and have a lawyer help me through this. Thanks in advance for your responses.

in addition to what the PP stated at the worse....very worse scenario they get a judgment...after your discharge you have your atty just go back and file a motion to vacate each judgment. while some atty's file per motion, some include with your filing...you need to check with whomever is helping or assisting you with your filings....however, understand these are unsecured debt and as such dis-chargeable.

also, you need to review you state laws about wage garnishes...most likely by the time that may happened or going to happen, you'd have filed and stay would be put in to effect to protect you until the discharge...or for at least a time period.

the only thing is YOU MUST be on top of it and follow up AFTER the discharge...or as pointed out on an earlier thread pointed out by SunShineGal ...it could come back to haunt you later...so you must address it and keep on top of it AFTER the discharge.

once again that would be the worse that could or would happen if they succeeded with getting the judgments against you.

[october99]

Just wanted to add that they can't garnish your wages in NC even if they do sue and get a judgement against you. They will be able to levy your bank accounts though. You will know if you have a judgement though and be preparing for the fallout.

You can also access your county court records (most are online) and take a look at what goes on with your creditors in your county and even counties in your state. You'll be able to see the timelines and actions that may have stalled the case as well.

[treehugger1]

If you are getting letters from collection agencies in the mail, or if you start to, then send a DV request to slow them down for 30 - 90 days. Doesn't always work, but since you are in a non-garnishment state, it may grind things to a halt. you are probably good for a couple more months at least.

In case you do get sued and a judgment issued, you might want to protect your wages if you have direct deposit. You might temporarily set up a prepaid debit card for your direct deposit of wages. The Walmart moneycard will only allow $3K total on the card, so for some this is not a great card. However, there are plenty of other cards out there: Readydebit, capitalone.com/prepaid, AccountNow, etc.

[jacko]

I think the moneycard can have a total balance of $7500. Its a good idea to go with debit and pay the $3 a month. Will be safe and no more bank shenanigans.

If you are getting letters from collection agencies in the mail, or if you start to, then send a DV request to slow them down for 30 - 90 days. Doesn't always work, but since you are in a non-garnishment state, it may grind things to a halt. you are probably good for a couple more months at least.

In case you do get sued and a judgment issued, you might want to protect your wages if you have direct deposit. You might temporarily set up a prepaid debit card for your direct deposit of wages. The Walmart moneycard will only allow $3K total on the card, so for some this is not a great card. However, there are plenty of other cards out there: Readydebit, capitalone.com/prepaid, AccountNow, etc.

[october99]

Another thing (reading over local attorney website that also covers NC)

In NC, however, if you are not in bankruptcy, you are sent a notice to CLAIM your exemptions which looks like any other ole’ legal paper to most people. If you do NOT fill out the form in a timely fashion when you get it, YOU DO NOT HAVE ANY EXEMPTIONS. This is a very costly mistake.

Between the inability to garnsih wages AND your ability to invoke your exemptions, you should be fine to wait until 2011.

Have you consulted with an attorney?

[treehugger1]

Jacko, I supose the total amount that one can put on their moneycard (GEMB) might be related to state banking laws? Here we are allowed up to $3K. But, i have been told that som eof Walmart's monet services are not available in Oregon. I absolutely agree that $3 is dirt cheap! If you apply for your moneycard online, you donlt; even have to worry about an initial fee. Well, at least in my location.

[catleg]

Be sure and dispute the charges on these accounts strategically, that is, just before crucial decision points, claim unauthorized charges, identity theft, whatever you can think of. Otherwise the debt collection legal juggernaut will just roll over you. I love the idea of requesting arbitration and wish I'd been aware of that when I was fighting them.
Anything you can do to look like an honest joe and not a deadbeat will confuse and delay things.

[platter]

This is unusual, isn't it, that they've not sued you? Two years! Wow!

[treehugger1]

I'm pushing 3 years for a few of my accounts. These have not filed suit yet. Although, they are owned by junk debt buyers who are headquartered in a state a long way away.

[howdidithappen]

How do you know who own the debt? How can you find out?

[WhatMoney]

This is unusual, isn't it, that they've not sued you? Two years! Wow!

It depends on how attractive you look on your credit report and other asset reports, and your income, for the most part. It helps to have your creditors all out-of-state and all your debts over $15K (meaning no small claims court suits).

All of my assets and income are exempt, and have been for the last five years. I just past the five year point where I suddenly went cold turkey on paying all my creditors - it was like I fell off the edge of the earth to them, after a spotless credit record for over 40 years. I have never spoken to a creditor on the telephone in that entire time.

So today, around $200K debt, nine accounts, all CC, and no lawsuits. One more year to reach the Statute of Limitations for all accounts, in which case they can still sue but I will get the case dismissed with an SOL defense. All my debts are with Junk Debt Buyers, in many cases the 3rd or 4th JDB.

Very few here are in my situation, or managed to hit the black hole of finance just before retirement like I did, so don't assume it will take 5 years. A job and real assets can make you attractive for a suit in 6 months or less.

[flyinbroke]

None of mine have been sold yet, most are approaching a year, and one has sued (Citi at the six month mark.) I own nothing. I played the arbitration card and almost all disappeared...for now.

When it comes to suits, YMMV.