Need Options Advice

[percy]

Ok I owe 12k on a CC, have paid EVERY SINGLE PAYMENT on time and NEVER MISSED or been late on a payment for 7 years, to reward my good customer status they keep raising my interest rates and now the minimum is more than I can afford, I have called them and they wont budge...

I have only 3 old used vehicles and a few guns i inhertited, no property and nothing else of value asset wise.

I live on 907 a month disability check, after rent insurance and food its all gone. I am deaf and disabled.


Option one, file chap 7 and likely lose 2 of my old vehicles which I love very much because I can only expempt one.

Option 2 simply stop paying them since they cant touch my SS check and I have nothing they can take.

They will sue me and get a judgment against me, WHAT DOES THIS MEAN FOR MY FUTURE IF I EVER BUY A HOME OR A NEW CAR as far as LIENS GO.
Also I will end up OWEING MORE because they will add court fees attorney fees etc.


Option 3 send them 50 dollars a month instead of the 350 minimum they want now, send them 50 dollars a month for a YEAR, they will likely still sue me and my principle will continue to INCREASE because the 50 wont even cover interest, they get a judgement against me at some point and instead of oweing 12K like I do now I owe 25 in interest, court fees and other collections fees. THEN file bankrupcty later, but i would be filing on a lot more money than if i filed now.


What do yall think, any comments appreciated.

[AngelinaCatHub]

Ok I owe 12k on a CC, have paid EVERY SINGLE PAYMENT on time and NEVER MISSED or been late on a payment for 7 years, to reward my good customer status they keep raising my interest rates and now the minimum is more than I can afford, I have called them and they wont budge... Today, you don't mean dog squeeze to them.

I have only 3 old used vehicles and a few guns i inhertited, no property and nothing else of value asset wise. Claim the best. Unless they are worth much as collectibles, they could be abandoned.

I live on 907 a month disability check, after rent insurance and food its all gone. I am deaf and disabled.


Option one, file chap 7 and likely lose 2 of my old vehicles which I love very much because I can only expempt one. You don't have much choice.

Option 2 simply stop paying them since they cant touch my SS check and I have nothing they can take. DO IT NOW, what have you been waiting for?

They will sue me and get a judgment against me, WHAT DOES THIS MEAN FOR MY FUTURE IF I EVER BUY A HOME OR A NEW CAR as far as LIENS GO.
Also I will end up OWEING MORE because they will add court fees attorney fees etc. When you bk, forget credit. In today's life, credit sucks and nobody is getting loans anyway. You will only better yourself with bk. Get freedom.


Option 3 send them 50 dollars a month instead of the 350 minimum they want now, send them 50 dollars a month for a YEAR, they will likely still sue me and my principle will continue to INCREASE because the 50 wont even cover interest, they get a judgement against me at some point and instead of oweing 12K like I do now I owe 25 in interest, court fees and other collections fees. THEN file bankrupcty later, but i would be filing on a lot more money than if i filed now. Save your money and STOP paying the vultures. They care nothing about your loyalty over the years.


What do yall think, any comments appreciated.

Your bk will stop any potential suit. A suit will take many months and sometimes years or never. Get into cash, forget the two cars but you might get to keep them if they are not of great value. Keep reading the "stickies" on this forum. 'Hub

[AngelinaCat]

Hi Percy:

Actually, your only true option is filing Ch7. It is possible that two of your three vehicles may end up being 'Abandoned' by the trustee.
The second two options in your list, you really don't want to mess with. You don't need to deal with that aggrivation.

My 'Hub is responding even as I type, but I could use more information: What state are you living in? What are the makes, models, and conditions of your three vehicles?

Thanks.

[whipster1]

If you are in a state which allows federal exemptions you can keep everything.

[poorold]

also, because you do not have a home, you likely qualify for a wildcard exemption that would enable you to exempt the other two autos. Plus, you may have excess personal property exemption that you can apply towards the vehicles.

go have a free initial consult with an attorney.

[percy]

Hi Percy:

Actually, your only true option is filing Ch7. It is possible that two of your three vehicles may end up being 'Abandoned' by the trustee.
The second two options in your list, you really don't want to mess with. You don't need to deal with that aggrivation.

My 'Hub is responding even as I type, but I could use more information: What state are you living in? What are the makes, models, and conditions of your three vehicles?

Thanks.

Thanks you and hub are great

I have a 97 nissan truck I plan to exempt, its worth maybe 1200

I have 74 chevy truck, old beat up work truck
81 old beat up work VAN
81 old honda motorcycle

2 pistols and a shotgun

thats all I own!


Arizona.


Thanks for the great advice so far!

[percy]

If you are in a state which allows federal exemptions you can keep everything.

I think Az is an OPT OUT state meaning no fed exempts sadly for me.