06-20-2012 09:17 AM
Thanks for taking time to read this. I read the guidlines for this particular board and it seems to be the right place to post. I am neck deep in debt and I don't know what to do next. I have 10 CCs between 6 CCCs. I have been unemployed for an extended period and have no income. Im searching for work, but I don't know if it will be a month or 6 months before I will have a paycheck.
All the CCs are scheduled for CO starting at the end of this week going thru the end of July. Total CC debt is about $56k. I am also in installment agreements with state and fed taxes, which I have been paying on schedule. I have made a payment or 2 on each of the cards over the last 6 months trying to push off the CO date. CITI is scheduled to CO (2 cards) this week. Should I make a payment to push it off another month? Im living off an non-retirement investment account that is currently down to about 12k. IF I go the CO route, will CITI sue and how long will it take them? CHASE is up next with the same question.
I'm aware that bankruptcy is a very real possibility. Im trying to figure out if I should consider filing very soon, wait until the threat of a suit, or just not pay due to the fact that my investment is my only real asset, which is getting smaller by the day as I withdraw to pay regular expenses. I rent and own an old vehicle, no boats or nice cars or anything.
Please someone with some experience give me a bit of direction here, I need to make the CITI decision within a day.
06-20-2012 09:41 AM
I am not sure how long it takes for a CC company to file a suit. I went over a year without paying Bank of America CC with over 30K balance and it was never mentioned of being sued but I am sure it would have happened eventually.
06-20-2012 09:52 AM
ok BOA is another one of the companies I owe.
I wish I was in a position to offer a settlement. Id like to make this right in some manner but its looking more unlikely.
Anyone have experience with CITI or CHASE? Im pretty sure this is all leading to a CO sooner than later, im wondering if I should just stop the sporadic payments and let it CO.
I just cant get sued immediately and that is what im primarily concerned about.
06-20-2012 09:53 AM
Aso Comet21, did BOA sell the debt or keep it in house? Im wondering the same for CITI and CHASE if anyone knows. Im just trying to prepare the worst if it comes to that.
06-20-2012 10:38 AM
They sold it after CO. To a law firm/collection agency. It was with them for probably 6-8 months before we filed CH. 7.
06-20-2012 12:35 PM
06-20-2012 02:10 PM
I agree with emptypockets, you need to speak with an attorney.
With the limited info above, I'd estimate that 56k+ in debt is reasonable to take bankrupcy over in many circumstances, but of course we don't know all your circumstances. How badly will BK affect your ability to get hired in your particular field? Is it possible you can expect to find a job soon that will pay you 20-30k/year above what you can live off of, in other words if you can budget to live off of 30k and find a job for 50-60k and pay back in 2-3 years. IDK, alot of personal info to think about that only you would have access to and maybe can share with an attorney.
06-21-2012 05:43 AM
Does anyone have any feedback on how long it might take CHASE to take any legal action after a CO? Ive confirmed Im safe with CITI for awhile. My CHASE balances total about 10k and they know I have no income or assets.
06-21-2012 08:00 AM
Im living off an non-retirement investment account that is currently down to about 12k.
I think you'd be better off at using this to survive, rather than to be worrying about debt. You NEED an attorney at this point.
And if BK becomes an option, you are going to need part of that 12K to file.
Out of curiousity, how did you get up to 56K?
Follow my financial journey: http://www.frugalrican.com
06-28-2012 05:35 PM
I had 3 chase cards ,Discover, BOA, CItbank and did not pay for 26mos, before finally filing bkptcy. They never did sue me. Cap One sued me after 18mos. My partner has not paid any of his Chase cards, 6 others in 24 mos. No lawsuits for him yet either. You are just throwing away money once your late the damage is done to your cr report. We are waiting for retirement to file his bankruptcy. You may not get sued.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.