need advice

[Anonymous]

i just came across the forum when i look up my scores. i have been reading here and you people seem very smart about credit.   here is my story
5 years ago i had good credit and job. i became permently disabled and now recieve 1100 a month income, not very much.  i have 9 cc that went into collections .it went there around 2004, .i just could not pay since i lost my job. 

i owe something like 18000 on these cc that went into ca.  i get phone calls all day and letters everyweek.  i thought that i just wait until they fall off around 2011 or should i file bk now ?

since i get social-security disabilty and no assets .i should just wait and let time pass or should i file.

my fico score is 550 and i still have 4 cc in good standing
any advice , thanks  

[Anonymous]

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steveiva33 wrote:

i just came across the forum when i look up my scores. i have been reading here and you people seem very smart about credit.   here is my story
5 years ago i had good credit and job. i became permently disabled and now recieve 1100 a month income, not very much.  i have 9 cc that went into collections .it went there around 2004, .i just could not pay since i lost my job. 

i owe something like 18000 on these cc that went into ca.  i get phone calls all day and letters everyweek.  i thought that i just wait until they fall off around 2011 or should i file bk now ?

since i get social-security disabilty and no assets .i should just wait and let time pass or should i file.

my fico score is 550 and i still have 4 cc in good standing
any advice , thanks  

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You can always send a cease and desist letter andrequest that they only contact you in writing.  Make sure to send it in a receiptable manner such as a fax that has the reurn receipt function or CMRR.

That being said, check out the BK forum for information on the ramificatios and get advice from an attorney.  I'm not even sure that the can sue you only receiving  SSDI.

[Anonymous]

You need to determine the SOL for your state first.  After SOL has passed they can call and write all they want - they can't sue is the big thing.

Second, 2011 is another 4 years - can you survive with your credit in the toilet until then - keeping all you present account current?

Are you willing to have your credit in the toilet after 2011 from a BK?

Can you get any financial help from family to make a settlement offer with a PFD?

[Anonymous]

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steveiva33 wrote:

i just came across the forum when i look up my scores. i have been reading here and you people seem very smart about credit.   here is my story
5 years ago i had good credit and job. i became permently disabled and now recieve 1100 a month income, not very much.  i have 9 cc that went into collections .it went there around 2004, .i just could not pay since i lost my job. 

i owe something like 18000 on these cc that went into ca.  i get phone calls all day and letters everyweek.  i thought that i just wait until they fall off around 2011 or should i file bk now ?

since i get social-security disabilty and no assets .i should just wait and let time pass or should i file.

my fico score is 550 and i still have 4 cc in good standing
any advice , thanks  

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What state are you in??  do you know your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

More detailed

http://www.fair-debt-collection.com/SOL-by-State.html#7

Look at your TU and EX CR    it will tell you when they should drop.  You say it went to collections in 2004   but what is DOFD ( it will show under OC)

Never be late on those 4 open CC  also try and kep total UTIL under 10%

They ca sue (if not past SOL) BUT  they can not attach SSD money!

[Anonymous]

thanks for answering,

i am in ky and the SOL is 5 yrs.

i knew that ssdi is jugement proof, but i heard that some CA will still freeze my checking acct. if they sue and get a judgement. i dont want that to happened. thats the reason i wanted to BK  ,just to make sure that a bad CA wont try that.

i quess i could wait it out a few more years.  i currently have
chase -750 limit,  bal-200
bp gas card -700 limit, bal 400
orchard