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    #1

    Thinking about filing, 7 or 13?

    Hello all,

    I ran into this site last night as I was looking for information about bankruptcy.

    I live in CA first off, so any help from fellow Californians would be great.

    I'm sure my story is similar to many here but hopefully someone can give me some insight:

    I'm currently paying a balance of about $10K that belonged to CitiCards but was sold to NCO financial about 6 months ago since I could not keep up with the monthly payments. I am currently paying NCO $450 each month.

    I also have a student loan from Sallie Mae that I obtained close to 7 years ago. I stopped paying that about 4 months ago, the past due amount kept compiling and now it's about $400 due.

    I'm past due with NCO as of this month for the first time since I agreed to a payment arrangement. They called me last night saying if I don't pay them $900 by the next couple of days they will send my file back to Citi and they will "sue me", those were the exact words this manager told me.

    After paying all of my bills each month up until now, my checking account has been in "the red" about 400 to 500 each month. I can't keep this up anymore. It will take me 4-5 years to pay off these debts. I'm stressed out all the time with a lack of quality sleep. I'm just wondering if I have a shot at ch. 7. I don't own any property, I own my own car (95 jeep, worth about 3K.) What should I do first? These guys at NCO call me everyday-2 times a day sometimes.. I don't want to talk to them anymore.

    Anyway.. thanks in advance for your help.
    Tags: None
    #2
    DO you have more debt than these loans. The student loan will survive bk. I wouldn't file bk over $10K.

    Comment

      #3
      I hope you recorded his statements to you. If he threatened you with a court action he better follow through or he's in violation of FDCPA.

      Don't fall for his nonsense. You should head over to the Collections threads and read how best to handle these morons.
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

      Comment

        #4
        Originally posted by keepmine View Post
        DO you have more debt than these loans. The student loan will survive bk. I wouldn't file bk over $10K.
        Besides these two debts I do not have any other unsecured debt. But with child support and other medical and dental bills, I am barely making it. If an emergency arises, I don't think I'll be able to make it financially.

        The manager stated that they would turn my file back to citicards and they will sue me. He specifically said they will sue me, so I think he is covering his bases.

        I know 10K and the student loan may not seem much, but to me it is.

        Thanks again for the advice.

        Comment

          #5
          Originally posted by donjuan View Post
          Besides these two debts I do not have any other unsecured debt. But with child support and other medical and dental bills, I am barely making it. If an emergency arises, I don't think I'll be able to make it financially.

          The manager stated that they would turn my file back to citicards and they will sue me. He specifically said they will sue me, so I think he is covering his bases.

          I know 10K and the student loan may not seem much, but to me it is.

          Thanks again for the advice.

          If you're having child support withheld from your paycheck they most likely won't be able to garnish your wages. I'd not worry too much.
          Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

          Comment

            #6
            Most atty's offer a free consultation. Go to several til you find one you are comfortable with. You can learn alot at the first meeting, and use it to prepare more questions for the next one. That's what we did and now we're in the debating/deciding phase. It's a little like dating...
            1/15/10 Filed ch7 2/18/10 314 meeting
            2/22/10 Report of No Distribution
            4/20/10 Discharged 5/20/10 Closed!

            Comment

              #7
              Originally posted by pcn View Post
              Most atty's offer a free consultation. Go to several til you find one you are comfortable with. You can learn alot at the first meeting, and use it to prepare more questions for the next one. That's what we did and now we're in the debating/deciding phase. It's a little like dating...

              THAT'S a great analogy!
              Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

              Comment

                #8
                Originally posted by pcn View Post
                Most atty's offer a free consultation. Go to several til you find one you are comfortable with. You can learn alot at the first meeting, and use it to prepare more questions for the next one. That's what we did and now we're in the debating/deciding phase. It's a little like dating...
                Great analogy. Although I'm coming out of a recent divorce and dating isn't really on my top 5 things to do.

                I'm going to make an appointment and talk to a local attorney and take advantage any free consultations.

                Comment

                  #9
                  Originally posted by donjuan View Post
                  Great analogy. Although I'm coming out of a recent divorce and dating isn't really on my top 5 things to do.

                  I'm going to make an appointment and talk to a local attorney and take advantage any free consultations.
                  I sympathize. After my divorce it wasn't in my top 100. I was president of the He-man Women Haters Club (for the Little Rascal's fans out there) for a while... Good luck in your attorney search.
                  1/15/10 Filed ch7 2/18/10 314 meeting
                  2/22/10 Report of No Distribution
                  4/20/10 Discharged 5/20/10 Closed!

                  Comment

                    #10
                    Most of us that have filed did so on debts that were a huge multiple of $10K. I filed on $71K and was making $30K or so a year. I had no choice. If I'd stopped at $10K, I'd have made a different decision.
                    While many of us have recovered from bk in good shape, if we had a choice between life with a bk or life without one-we'd choose the later.
                    Here's what I'd do. Contact Citi and see if you can work out a settlement. Ask if they have a hardship plan and get current on that student loan. I know jobs are scarce but, try and find some weekend, pt work. Just long enough to get these debts under control.

                    Comment

                      #11
                      Originally posted by keepmine View Post
                      Most of us that have filed did so on debts that were a huge multiple of $10K. I filed on $71K and was making $30K or so a year. I had no choice. If I'd stopped at $10K, I'd have made a different decision.
                      While many of us have recovered from bk in good shape, if we had a choice between life with a bk or life without one-we'd choose the later.
                      Here's what I'd do. Contact Citi and see if you can work out a settlement. Ask if they have a hardship plan and get current on that student loan. I know jobs are scarce but, try and find some weekend, pt work. Just long enough to get these debts under control.
                      I'll take your words and really consider what I will decide to do. 10K on citi and another 4K to student loan may not be the numbers that lead a lot of folks into bankruptcy historically, but I think times have changed. I'm just really tired of being in the red each month. Seeking a part time job has not worked out for me since I do have a child that lives 2-3 days out of the week with me and with my current employment, I have barely enough time to spend with her. I have a meeting with a local bankruptcy attorney tomorrow and hopefully I'll have a sense as to what I will do.

                      Thanks again for the replies.

                      Comment

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