I will have to stop paying my credit cards in February and was wondering how long it might be before they sue me. I owe BOA about 25k and Chase the same. I have only talked with a few attorneys on line so far and all say that I must file a chapter 13. However, I am collection proof and my state has a homestead act of 125K while I only have about 20-30k equity in my home and it appears to be going down. My car is leased and I still owe on most of my household goods. (sears) All of my income can not be garnished by unsecured creditors. The courts are very back up here. I have read where some of the posters here have not been sued and it's been over a year since they stop paying. I will keep the communication lines open with the creditors and somewhere down the road let they know that they won't get anything by suing me.
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I will have to stop paying my credit cards in February and was wondering how long it might be before they sue me. I owe BOA about 25k and Chase the same. I have only talked with a few attorneys on line so far and all say that I must file a chapter 13. However, I am collection proof and my state has a homestead act of 125K while I only have about 20-30k equity in my home and it appears to be going down. My car is leased and I still owe on most of my household goods. (sears) All of my income can not be garnished by unsecured creditors. The courts are very back up here. I have read where some of the posters here have not been sued and it's been over a year since they stop paying. I will keep the communication lines open with the creditors and somewhere down the road let they know that they won't get anything by suing me. -
You can not be sure when you will be sued, but a local attorney could give you a better idea of your area. We have not paid on a rental house in GA (Wells Fargo) since last March, and they have not foreclosed, wish they would since it has been empty for longer and I can not get insurance on it. My house here we last paid about 3 months before filing which I guess would mean we paid May not June, and we are still there. We are recently discharged so I am expecting BOA to be calling any time to foreclose. But for now we are saving money, hoping hubby can find a job SOMEDAY.. yikes...and not thinking of charging again. I hope hubs health stays good so we don't run into another mess, but with that all you can do is one day at a time. Good luck. -
Easy, no one knows?
Could be next month, could be 2 years from now.
On average, for debts between $1,000-$4,000, you can expect a lawsuit around 6-9 months from the date of your first missed payment.
Not to take this out on the OP, but this question has been asked hundreds of time on this forum. And the answer doesn't change.Comment
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