One Question (and I need a shoulder to cry on, too)

[lotsahats]

Sorry for dumping a sob story on you all, but thank you for listening.

I don't own any luxury items. I don't try to keep up with the Jones's. I drive an inexpensive car. I don't eat out (because I'm such an awesome cook ), or even have cable TV. I live on a modest budget, yet I owe about 14K on two credit cards. This started a few years ago, when the economy hit my family hard, and forced us to live off the credit cards for a few months. Ever since, we've been trying to pay off our debt, but the universe seems to be working against us (like a few months ago, when our car needed a new radiator--guess how we paid for that).

I haven't defaulted on any payments yet, but right now, the minimum is so high that, in order to pay all my bills, I've been putting my entire paycheck toward the cards, and then using the credit card to pay for all other necessities--basically, borrowing from Peter to pay Paul (not the best way, I know). As a result, the balance has slowly been creeping up.

When I got the bill in the mail a few days ago, and saw that one of them was nearly maxed out, I came to the realization that there is no way I can keep up with them any longer. I've decided to file for Chapter 7. Starting this month, I'm going to pay all my other bills the old fashion way, and put what's left over toward a bankruptcy attorney. It's going to take a few months to save up, and I'll have to default on my credit card payments.

But, having never missed a payment, the thought of intentionally doing so is very scary to me. But I don't have a choice. I'm not looking forward to the harassing phone calls, or the threatening letters. My question is, how long will it be before my debt hits collections? I want to try to file before then.

The comforting thought is that, in my state, you get to keep ten thousand dollars' worth of your assets. That's easy. All my stuff combined doesn't even come close to that much (and that includes my car).

Thanks for listening.

[frogger]

My question is, how long will it be before my debt hits collections?

Pretty much....... when you're 1 day late, the calls will start.

Go ahead while you are current and get google voice, change all of your contact numbers to this, and prepare to endure what's coming.

Just remember. They won't come to your door, they can't eat you, and they are just going to bark, bark, bark like a yapping little mouse dog.

Toughen your skin, make the business decision that is best for you and yours, and to haydes with those that call.

Good luck!

[Pandora]

agree with the little green guy - dont let it stress you out to the point that you're afraid to pick up the phone or anything else, BK isnt the end of the world.

Take care of your family first - credit card payments can wait.

[IamOld]

I cannot echo frogger & pandora enough. What pushed us to BK was that one creditor didn't work with our credit counseling place. Here is the thing...even WITH the credit counseling 6% interest on all cards over five years...no way...it would have been...well...no way.

Listen to frogger and the others.

The bloodsuckers will try your patience, your resolve, your nerves, your gut. BUT they've got their pound of flesh, now it's time to set yourself free. (sorry for the melodramatic language :-)

[Pandora]

The bloodsuckers will try your patience, your resolve, your nerves, your gut.

Only if you let them my dear... only if you let them

[IamOld]

only if you let them my dear... Only if you let them

very true!!!

[lotsahats]

Thanks, everybody! I actually think I can have a little fun with this. I've been Googling funny ways to respond to their calls.

The credit cards were there when we needed them, but at what cost? Stephen King could probably write a novel about a personified Credit Card Monster.

[frogger]

Thanks, everybody! I actually think I can have a little fun with this. I've been Googling funny ways to respond to their calls.

The best way to respond is about once a month, answer the phone and acknowledge that they have the correct person, the correct phone number, the correct address. By doing this, they have no legitimate reason to "skip trace" you, contacting family, friends, work, etc.

Don't let them talk you into anything.

You just don't have the money at this time and if your situation changes, you will let them know.

When you get that attorney paid, your situation will change indeed!

[Diesel73L]

The best way to respond is about once a month, answer the phone and acknowledge that they have the correct person, the correct phone number, the correct address. By doing this, they have no legitimate reason to "skip trace" you, contacting family, friends, work, etc.

Very helpful information-thank you. So my wife and I are planning on filing a little over a year from now-should we go ahead and change our numbers now to GV, delete any work numbers they might have, and hope that the GV number is the one that get passed on to the collections department and then the agencies?

[frogger]

Very helpful information-thank you. So my wife and I are planning on filing a little over a year from now-should we go ahead and change our numbers now to GV, delete any work numbers they might have, and hope that the GV number is the one that get passed on to the collections department and then the agencies?

Yes!

[Pandora]

reminds me of a Craig Campbell song...

*Phone rings*

Hello.... who’s askin’?
A bill collector? Well.. he ain’t here
Ah hell... I guess you got me
Well, mister... let me make this perfectly clear


When I get it - you’ll get it
Times are tough - get in line and wait
When I get it - you’ll get it
And that’s all you’re gettin’ today

Funny song...

[drowning123]

You guys crack me up.

[keepsmiling]

I <3 GV
Yes they will call the very first day of missed payment. But with GV it won't matter!!! Woot!!! Wish I had done it beforehand!
Also make sure your number isn't on Facebook
Lots of shoulders here to cry on, that's why we are here.
And btw you sound like me. We live a very modest lifestyle but here we are anyway. Too much free money thrown at us, too much spent on health ins, too few real estate closings in the crappy economy . I haven't had a new pair of glasses in 5 years and need bifocals desperately
As shark says, Good luck to us all.

[JackBondLove]

In the overall scheme of things, $14K is not really that much. I filed for 10X that (all unsecured)! Your credit is ruined no matter how much you default on. If you have little assets, then they can't get anything from you. With that said, if you have disposable income (i.e, aside from unsecured debt service), the sooner you file BK, the sooner your BK estate will be established, and the sooner that disposable income can go to savings, rather than to the BK estate.

[lotsahats]

Well, I just "updated" my phone number.