scared newb

[crashzx]

Well first off let me say hello. My name is crash. I want to introduce myself to everyone here. I found this website after researching wells fargo after a nasty collection call. They are RELENTLESS and BRUTAL by the way. I have gone through a job loss last oct. till Jan. this year and have not recovered. It seems like the situation just keeps getting worse. I filed about 25 years ago when I was 18 living with my parents and know it is nothing like it was back then. I have a home and family now. We set up auto draft pyments with WF to stop the calls. There are many others but they are not as unforgiving as WF. They are all doing ok but still cant survive on whats left. Now we cannot pay the Mortgage or the utilities because of all of them and am looking for some help. I called sat and cancelled the auto pay with WF and the calls started imediatly! I have a large file that I am filling for a consultation with a lawyer. This is such a trying time on my whole family. I almost dont know where to begin. I guess I will ask you all what info do you need to give me advise. My typing sucks to....this post is one of the biggest I have made. I use the internet for just about everything so I thought it might be a nice resource to get info on bk. Thanks for any help. The only thing we own are a truck (2001 dodge) that my wife uses and a motorcycle (2001 Kawi) that I use when I am not in the company car during the week for work. What can I say it gets 60 mpg and cost 3500. As you can see the vehicles are not worth much (maybe 10,000 combined) and are our only transportation. All the furniture in our house is second hand (except what we owe money on). We just dont want to lose our vehicles. The house is a no brainer to keep as long as we make the payments. We have about 30,000 of unsecured dept and the truck has about 7 more months left. Once again thanks for any advise.

crash

[hereforinfo]

The first thing you need to do is close the checking account and open a new one at another bank. Even though you canceled the auto-debit, they will most likely continue to take payments out. Happens all the time. Get a new account and never give the account number to any creditor.

Does your house have any equity? What are your income and expenses?

[crashzx]

Please excuse the rabmling and jumpy info. Just so much info to figure out. I am so overwhelmed! I live in TN by the way.

[justplaintired]

Good place to start if you haven't already, do the means test.

http://www.legalconsumer.com/bankruptcy/nolo/

Not sure what state you are in, but then see what exemptions your state allows. The house depends on the amount of equity you have in it. I saw after I posted you posted your state, it appears that Tenn allows $7500 per couple. However it also appears you have a $4000 for personal property which most likely can be doubled giving you $8000 as a couple. This can be split between household items or cars or possibly the house. Use bluebook value for car and motorcycle.

This will give you an idea of what chapter you will most likely qualify for.

Good luck

[crashzx]

I will close it this week when I get a check on thurs.. I will have time to notify my employer the new acc number by next week also. The acc close was in the plans after what I read about them here. As far as my inc to dbt ratio I am working on that and will be done tomm and share it with you then. I dont think the house has much equity in it after the industry collapse. When we refi'd in 2007 there was about 15-20,000 but I think GMAC jacked the appraisal to get the load.

[crashzx]

Just checked KBB on the vehicles. The attornies told me to get a list of my assetts at wholesale/garage sale value. That amount is 7500 for both. Thats good right??

[crashzx]

By the way....Thank you all for your help if I get to involved and forget to tell you.

[crashzx]

On another note....WF is threatning me with employment verification...WTH is that? How close to a judgment am I? I have been reading here and I believe i am getting the sense I need to file before any are acheaved. If they get a judgment am i not able to file on it? How long does it take for them to get one anyway??

All of my 12 cc's are not harrassing me except WF....They remind me of a dateline eppisope I watched the other night. These people get downright nasty with you.

A freind of mine told me not to worry because if they wanted to get a judgment it would take about 12-18 months because the system was flooded. Even if they did I dont own anything and i owe more on the stuff then its worth. Our only property that is owned are our transportation as stated above. Its not much, not like a new lexus and harley or anything. I know I am full of questions, just lost in this web of shit and want to get some relief. Maybe piece of mind anyway. My wife is going to work on a spreadsheet and get our income/debt ratio today. Last time I looked there was only 200.oo available after expences for 12 cc's. All of then combined want about 1000.00 a month. Just not there to give.

[crashzx]

Ok....I have my income at 4000.00 and expences at 5900.00. Thats not even all of the crediters just the ones we have been paying the auto drafts to in the last few months.

[lrprn]

WF is threatning me with employment verification...WTH is that? How close to a judgment am I?

This means Wells Fargo is threatening to contact your employer to verify you work there. How the contact is made and how often a creditor can do this depends on your state's collection laws.

Many creditors and collectors use employment verification as a scare tactic to get you to pay because many debtors don't want their employers to know how dire their financial situation is. Requesting employment verification isn't a reliable indicator for whether the creditor will pursue a judgment and when.

I have been reading here and I believe i am getting the sense I need to file before any are acheaved. If they get a judgment am i not able to file on it? How long does it take for them to get one anyway??

It is much cleaner to file before creditors and collectors get judgments. If WF or another creditor gets a judgment before you can file, then you can include the judgment in your bankruptcy. However, if the judgment is a lien on secured property, then you may have to file additional legal petitions with the bk court to get the liens released.

All of my 12 cc's are not harrassing me except WF....They remind me of a dateline eppisope I watched the other night. These people get downright nasty with you.

Why are you talking with them at all? As long as they know they are reaching the right person, just let their calls go to phonemail. Save yourself the frustration. If you don't have money to pay them, then you don't. Talking with them repeatedly accomplishes nothing at this point.

How long it takes an unsecured creditor to file for a court date to request a judgment against you depends on how anxious they are to get their money and how much they are willing to pay to get it. From the time unsecured payments stop until the lender goes to court can be anywhere from 6 months to years.

How long it takes a secured creditor to repossess after payments stop depends on what the secured asset is. If the asset is a house, then how long the repossession process takes depends on your state's foreclosure laws. If the asset is a car (and from what I can tell, this is what you are worried about), then most car lenders will start repossession efforts after two missed car payments.

[crashzx]

Well for starters let me say this. The truck payment gets paid on time every month. Owe to little to risk loosing it. The house gets paid for the most part on time anyways. There have been a couple times this year it fell a couple months behind but was caught back up and is current. I have insisted since my rehire we pay what they can take first! The only debts that are a magor problem are the usecured credit cards and store accounts. I heard that the store accounts are secured to a certain extent. For example....We bought a living room suit at rooms to go (citi). That I was told would be a secured dept. The best buy card (citi) i hear will want to claim the large purchases as secured (1000.00 tv, 200.00 dvd player, ect.) Is this true?? At this point whatever....it would not hurt my feelings to give them back. Again we dont have anything of real value that is "paid for", just our transportation, well mine anyway. The truck is close.I feel a little better when I read some other stories here. My heart goes out to you all that are in much deeper then myself.

I dont know why I have been talking to then. I just felt like telling them my situation would be the right thing to do other then "hide". Like I said earlier we set up some auto payments with many of them because of the quilt they poured all over us and we do want to do the right thing but enough is enough. It has been 6-8 months now since I was rehired and we are not getting better only deeper. Please keep the advise coming, it helps.