to file or not to file

[josephga]

I can't decide if it's time to file or not. My story. I defaulted on 23.000 in credit card debit few years ago after the loss of my job at the time. The started mailing me monthly then about 2 years ago the phone calls started, I put a stop to that with a letter to them stating I was too be contacted by mail only. got a settlement offer I refused. Heard nothing until a week ago. Another settlement offer of 9.000 which I don't have. They currently think I still live at my old address. My mother collects my mail there, Job wise I have created my own cash business. My thoughts are if the sue they have to find me which I'm sure they can just send the paper to my old address. But say for instance if they win in court and i'm sure they will. wouldn't they have to know where you work in order to garnish? another thing 23.000 doesn't seem like much to file over. Another thing They only have 14 months left to do anything b4 statue of limitations runs out. I also have no assets for them to come after...

[AngelinaCatHub]

You have a valid point. Other than your credit which they probably dinged long ago, what do you have to lose? I would be very careful, however, getting sued and a Judgement held against you. It can harm you in untold ways. I know this as a fact. By all means do answer an hearing and attempt to stall. Or perhaps make a double deal by addressing a lower payoff and payments. Of course that would negate your SOL clock. It depends on your timing. 'Hub

[kawh]

I can't decide if it's time to file or not... Job wise I have created my own cash business. My thoughts are if the sue they have to find me which I'm sure they can just send the paper to my old address. But say for instance if they win in court and i'm sure they will. wouldn't they have to know where you work in order to garnish? another thing 23.000 doesn't seem like much to file over. Another thing They only have 14 months left to do anything b4 statue of limitations runs out. I also have no assets for them to come after...

I don't see where you have anything to worry about in the way of judgements, since you are self employed. Even if you are required to file a return, you probably have to pay rather than get a refund, so there's nothing there for them to attach. If you have future plans for owning anything, it would be troublesome, as stated above.

Why would it ever be time to file, in the absence of an actual court date? If you are just seeking reassurance, you have mine that you are going to be ok. I assure you that I would sleep better if I were in your situation. Just continue to monitor the SOL and in Jan, 2014, decide what brand of bubbly you are going to celebrate with. Meanwhile, you always have the failsafe option of filing to prevent a judgement.

[AngelinaCatHub]

I don't see where you have anything to worry about in the way of judgements, since you are self employed. Even if you are required to file a return, you probably have to pay rather than get a refund, so there's nothing there for them to attach. If you have future plans for owning anything, it would be troublesome, as stated above.

Why would it ever be time to file, in the absence of an actual court date? If you are just seeking reassurance, you have mine that you are going to be ok. I assure you that I would sleep better if I were in your situation. Just continue to monitor the SOL and in Jan, 2014, decide what brand of bubbly you are going to celebrate with. Meanwhile, you always have the failsafe option of filing to prevent a judgement.

I agree. 'Hub

[josephga]

I do file a return but being self employed there is nothing left. I think one issue is having to much money in checking that worry's me. I think I should keep no more than it takes to pay rent and major living expenses. I was going to do walmart money card but those are linked to your ss number.

[HHM]

How much uncertainty are you willing to accept.

If you file BK, you bring 100% certainty to the status of these debts and your life going forward. If you don't file, you will always have that sinking feeling that the next shoe will drop. Which life do you really want?

All things being equal, ALWAYS file.

[btbeme]

There are several threads in this forum that discuss the Statute of Limitations. It is a pretty common opinion, usually borne of experience, that the SOL is pretty much a mythical creature.

The biggest problem with the SOL is that, for you to be able to take advantage of it, YOU end up being the responsible party to defend it. If a creditor runs afoul of the SOL, it is up to you to take them to court, provide proof, provide documentation, etc. And, creditors can play all kinds of games in selling the account to a zombie debt collector (or two or three) who will take every opportunity to make life miserable. Don't bet that, on a certain date, a creditor will just "aw shucks" and pull their claim from their computers, call off the debt collectors, and notify the credit reporting agencies of your newly found freedom. Just the opposite - this stuff tends to take on a life of its own.

As HHM says (and others have roundly agreed) the best way to ensure a clear path down the road is a BK. The only other way is to become "judgement proof" for the rest of your life, which is no way to live and also will take some effort to defend when they finally do track you down.

[josephga]

I'm thinking of just doing it in January. My parents normally give me money for Christmas I'm thinking of using that money and just file and get it over with.

[josephga]

I got a letter today from them. Guess they found out where I live. I have 30 days to respond. I'm going to wait until about 5 days b4 and respond and ask for verification of the account being mine. that would buy me another 30 days. Then I'm going to make them a offer which I'm sure they will reject a offer of 5000.00. I figured by the time they get a court date it might be around November.. once I get served I should have enough saved for the bankruptcy

[daveinIL]

I got a letter today from them. Guess they found out where I live. I have 30 days to respond. I'm going to wait until about 5 days b4 and respond and ask for verification of the account being mine. that would buy me another 30 days. Then I'm going to make them a offer which I'm sure they will reject a offer of 5000.00. I figured by the time they get a court date it might be around November.. once I get served I should have enough saved for the bankruptcy

I don't think they really need to know where you live. We were sued by Chase and our "subpoena" was stashed in the bushes next to the porch. Neither my wife nor I signed for it, nor did we see it until three days before the appearance date. Luckily, we were already working with our BK atty and he was able to continue the hearing. I'm not sure if he claimed that we weren't properly notified, or something else.

[Floridagail]

Is it a lawsuit or just a letter? I got so many i just threw in trash for 18mos b4 i finally filed. I bet one creditor refered my debt to at least 6 bill collectors and they all sent letters before , Cap One sued me, noone else ever sued.
My hubby is on 25 mos , he still gets offer letters he ignores. A lawsuit is time to file. It is great to have it over with. I still have his hanging over me, glad when it is over.

[josephga]

Is it a lawsuit or just a letter? I got so many i just threw in trash for 18mos b4 i finally filed. I bet one creditor refered my debt to at least 6 bill collectors and they all sent letters before , Cap One sued me, noone else ever sued.
My hubby is on 25 mos , he still gets offer letters he ignores. A lawsuit is time to file. It is great to have it over with. I still have his hanging over me, glad when it is over.

its the basic offer with 30 days to reply or they may seek a judgement. I got one 2 years ago then nothing. until this month. I think they sold my account it was originally with citi bank..