Is it too late to file?

[frontier2005]

i stop making payments on all my credit cards about a year now, total about 48k. I just received a copy of summons(being served) from my county court house. which is filled by a collection agency. original creditor is Discover Card I owe about $5700.

is it too late to filled for BK

thanks

[DebtEnder]

If your just now being served, and you have wages that can be garnished or bank accounts that could be levied, then it seems within the next few weeks would be an ideal time to file.

Even if you wait till they get a judgment against you those judgments can be vacated and any garnishments they start can be stopped with the filing. So it's never too late. BK personally discharges all debt, some exclusions apply, regardless of age of the debt. In fact most people on here will tell you you should let the debts get as old as you can stand before filing. It helps you hopefully save some money and get used to not having credit, and 2. prevents any of the creditors from possibly objecting due to you using credit to soon to before filing.

[MiSSMaGoo]

No it's not toolate. If anything now is the time. If you file it will stop any judgements against you. If you dont have a lawyer already I would look into one and maybe they can advise on whether it would be worth you filing an answer to that summons so you can postpone it a while versus a judgement...

[relief13035]

I agree with the other posters - now is a good time to file.

[2xBK]

I was served too. I ignored it, knowing full well what would happen. It takes about, oh maybe 2 months to get a default judgment after being served (and there are ways to stall that another month or two) and then it takes additional time before they act on the judgment and move to seize bank accounts or garnish wages. So you have some time to plan your bk.

If you stop automatic payroll deposits and move to another bank and keep minimal cash in the account that will keep them from getting much cash from you. If you can afford wage garnishment (about 25% unless your state prohibits garnishment) you can stall the bk even longer.

It is time though, to start interviewing attorneys and get on a budget and spend some time here reading about other people's experiences.

[JRScott]

It is not to late, in fact I filed in 2007 after I was served. . Now's the time to get things in motion though .