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Posts: 1,507
Registered: ‎07-24-2011
Re: Bk question
[ Edited ]

Justin93 wrote:

Okay thanks for the information! One last question... I work for a bank and have a CC through them. I was hoping not the file on them because they are my employer and just pay that card off over the next 6 months. My question is what are the chances of them closing that card if I do not write off that debt? Or should I just swipe the whole slate clean?





When filing you MUST list all of your creditors.  Then you can choose which accounts you want to reaffirm.  If your employer lets you reaffirm is up to them.  Paying your employer's cc instead of the all the other cc's is favoritism and is frowned upon...some creditors have been required to return all monies received within 90 days (not exactly sure of the time frame) of the bk filing.  So you can't play one creditor against another by purposely choosing which creditor you favor to pay over another.


As someone has already stated, if your intent is to truly file, then it makes no sense to pay another dime to any creditor.  It sounds like to me though, whether you make that decision now or much later, the end result will be that you will have to file.  I do not encourage anyone to file, as I have been through a bk myself, but if you're just prolonging the inevitable then it is best to cross the line now instead of later.  


Many people, including myself had fought that same feeling you are having right now, but afterwards are wondering what the heck took so long to actually make the move.  For me, one of THE hardest steps was to admit that I was in over my head, and no matter what arrangements I made with my creditors, that there was no way on God's green earth that I would be out of debt in the next 10 years.  I couldn't vision myself living so stressed out, penny pinching, not being able to eat anything other than rice and beans, no vacations, and no money to pay one cent more than what I was already paying.  Couldn't live with that so I made the decision that this was my only way out.  That was 6 years ago because I filed a chp 13 that took 5 years to complete.  


All was not bad during those years....I experienced both highs and lows, but I made it through it and I'm just fine.  So I wish you luck in whatever decision you make.

Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014