top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Why file BK if all they do is call?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Question Why file BK if all they do is call?

    I am starting to wonder if I should even bother to file for BK (chapter 7). I don't know if I will ever get sued by any of these banks although I do owe BofA about 25k. If I were to get sued, then I guess after that point I could file the BK. Am I missing something here? What is the disadvantage of waiting until the banks win a lawsuit against me, assuming they decide to go that route. The phone calls don't bother me, because the number they use goes to an answering machine.

    Second question: I am in CAlifornia. How long will I be under the threat of lawsuit? At some point if that threat is gone, then I will just have to put up with phone calls I suppose and that I can deal with.

    Thanks,

    #2
    Well...when they can't get in touch with you at home, they will try to get you at work. If that doesn't work, then they will try your family members, and then your neighbors. The correspondence issue will have been in effect for some time as well.
    The it's on to lawsuits. You WILL get sued. You will be served. There is no point in appearing in court because you will not have a leg to stand on. Creditors will receive a default judgment in each case. By this time, you had better have closed all of your bank accounts because they will be seized automatically. Oh yeah, the court, after granting money judgments to the creditors, will require you to appear and account for your financial status. If you do not appear, a warrant for your arrest will be issued.

    It's pretty much a game - if you decide that it will be. Just don't go thinking that you can get away with anything and maintain your current lifestyle. Ain't gonna happen. Hide and seek. You hide, the creditors seek.

    Good luck to you if you choose that route. Bankruptcy is so much easier.

    Comment


      #3
      and not only that, if your debt is charged off, it will report charged off every month and your credit will keep getting worse and worse.

      You file bankruptcy, its done and over with, you can start rebuilding your credit. With 25K in current charged off debt its unlikely you'll ever get a loan for anything while its out there. Your file bankruptcy, your utilization will go down immediately and w/in 6 months you can gain a bunch of points just by doing little things
      Filed Pro Se- 12/15/2009
      341- 2/17/2010
      DISCHARGED- 3/18/2010

      Comment


        #4
        Thanks kornellred and ecsclb1724,

        It is good to know how the process works.

        In review, here is what I am hearing.

        1. If I want to avoid the bank contacting other members of my family, I must sometimes return a phone call....NO PROBLEM

        2. IF/when the banks decide to sue me, they will have to try to inform me in writing, but they will now know where I am. Or will they? If I am at an unspecified address, how will they find me and take over my meagor bank accounts? I will be working under the rador for myself. I could go all cash or leave the account in a friends name. I am just floating all of this to get some idea of what I can and can't do.

        3. What is the statue of limitations in California for being sued on a debt?

        Thanks,
        DD

        Comment


          #5
          If you work under the table and your address (home/apartment) is not reported to a credit bureau, you might get away without paying. The catch is you can't borrow money under your name. I went that route back in the 90's. Remember, it doesn't work for everybody.
          Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

          Comment


            #6
            Originally posted by dealingsdone View Post
            Thanks kornellred and ecsclb1724,

            It is good to know how the process works.

            In review, here is what I am hearing.

            1. If I want to avoid the bank contacting other members of my family, I must sometimes return a phone call....NO PROBLEM

            2. IF/when the banks decide to sue me, they will have to try to inform me in writing, but they will now know where I am. Or will they? If I am at an unspecified address, how will they find me and take over my meagor bank accounts? I will be working under the rador for myself. I could go all cash or leave the account in a friends name. I am just floating all of this to get some idea of what I can and can't do.

            3. What is the statue of limitations in California for being sued on a debt?

            Thanks,
            DD
            or send them a cease and desist letter which includes your family. They are required under law to abide by it. Just don't put your return address on it.

            They can get a sheriff to serve you as well, I'm assuming you have a drivers license and are therefore on file with the DMV

            Oh, California SOL is 4 years from the time of deliquency
            Filed Pro Se- 12/15/2009
            341- 2/17/2010
            DISCHARGED- 3/18/2010

            Comment


              #7
              Originally posted by kornellred View Post
              You WILL get sued.
              You will be served.
              There is no point in appearing in court because you will not have a leg to stand on.
              Creditors will receive a default judgment in each case.
              Not one of those statements are 100% true 100% of the time.
              We have not paid on any of our old debts in over 2 years now. Not one lawsuite yet. (probably because we owe well over $100,000 and only have a household income of $20,000. They can't very well collect on foodstamps)
              Heck, they hardly even bother to call or mail anything anymore.

              Just because you owe the money and they take you to court, it doesn't mean they automatically win. Collections agencies are lazy and screw up the paperwork all the time. Show up and contest the claim, ask for proof. Most of the time they won't even bother and will move on to the easy money. Case will be dismissed.
              The only way they get a default judgement is if you don't show up and fight them.

              Now, I am not advocating taking that route. Personally I would love to file BK but I just can't seem to scrape together 2 months worth of pay to pay a lawyer and still put food on the table and keep a roof over my head.
              But plenty of people do go that route and work all the loopholes successfully.
              Personally I would rather have it over and done with and have the clean slate to work from.
              7/01/10 - filed!
              11/20/10 - discharged and closed

              Comment

              bottom Ad Widget

              Collapse
              Working...
              X