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I'm currently 9-10 payments behind on my cards. Everything with a balance has been closed. I'm starting to get mail from debt collectors like Midland Credit Management (this one is for JC Penney). Just wondering how long these companies try to chace the debt being it gets turned over to an attorney to file suit? I'm planning to file BK after I have my taxes done in February.
Depends on the balances ... <$1000 probably not worth the time for them to go to court over.
Even if they did file a suit, by the time the paperwork is complete, it takes time for them to serve you, and you typically have 30 days to respond.
@rostrow416 wrote:Depends on the balances ... <$1000 probably not worth the time for them to go to court over.
Even if they did file a suit, by the time the paperwork is complete, it takes time for them to serve you, and you typically have 30 days to respond.
Everything is in the $5000-$15000 range. Two cards are just over that. Those are Cap1 cards.
Cap 1 was first to sue me 13 months from first date of default. I've been following your BK thread and it seems to me you are just stalling. That's a lot of stress to live with and delaying will not help you move on with your life. It will not go away and you've gotten some good advice.
@Anonymous wrote:Cap 1 was first to sue me 13 months from first date of default. I've been following your BK thread and it seems to me you are just stalling. That's a lot of stress to live with and delaying will not help you move on with your life. It will not go away and you've gotten some good advice.
In some ways I have been putting this off. Probably because I don't want to deal with all the paperwork I might have to provide. The bills aren't stressing me at all. I was on a mission to find an attorney a few months ago. I think I know which one I'll go with. Might interview a couple more. I set the time to do it after my 2021 taxes are done because that better represents my current income. And it might be more beneficial to wait after selling one of my cars. I documented where that money went in case they ask.
@Anonymous wrote:Cap 1 was first to sue me 13 months from first date of default. I've been following your BK thread and it seems to me you are just stalling. That's a lot of stress to live with and delaying will not help you move on with your life. It will not go away and you've gotten some good advice.
Completely agree, I stalled - pushed it out as far as I could, waited until Discover filed, had I moved 12 months earlier this would all be behind me now...live and learn
@masscredit wrote:
@Anonymous wrote:Cap 1 was first to sue me 13 months from first date of default. I've been following your BK thread and it seems to me you are just stalling. That's a lot of stress to live with and delaying will not help you move on with your life. It will not go away and you've gotten some good advice.
In some ways I have been putting this off. Probably because I don't want to deal with all the paperwork I might have to provide. The bills aren't stressing me at all. I was on a mission to find an attorney a few months ago. I think I know which one I'll go with. Might interview a couple more. I set the time to do it after my 2021 taxes are done because that better represents my current income. And it might be more beneficial to wait after selling one of my cars. I documented where that money went in case they ask.
did your income drastically change from 2020 to 2021? If not then is there really a benefit to waiting?
I guess you could spend your tax refund on meritorious expenses (household, medical, etc.) and then file the day after you completely spent the refund. Beyond that, there is no reason to stall anymore. You will want to assemble all of your paperwork a month to 6 weeks before filing because it is a lot of work. I agree with the others it seems you are procrastinating. You will feel so much better after filing than you do now. The sooner you file, the sooner you get the bankruptcy to fall off of your credit report in 10 years. The clock doesn't start running until you file and get your discharge. You're just adding extra time to the game clock at this point for very little benefit. You'll wish you filed last year.
@Lurker22 wrote:
@masscredit wrote:
@Anonymous wrote:Cap 1 was first to sue me 13 months from first date of default. I've been following your BK thread and it seems to me you are just stalling. That's a lot of stress to live with and delaying will not help you move on with your life. It will not go away and you've gotten some good advice.
In some ways I have been putting this off. Probably because I don't want to deal with all the paperwork I might have to provide. The bills aren't stressing me at all. I was on a mission to find an attorney a few months ago. I think I know which one I'll go with. Might interview a couple more. I set the time to do it after my 2021 taxes are done because that better represents my current income. And it might be more beneficial to wait after selling one of my cars. I documented where that money went in case they ask.
did your income drastically change from 2020 to 2021? If not then is there really a benefit to waiting?
It's down about 40% from last year. I'm going to meet with one or two more attorneys. That will be one of the questons I'll ask when I see them.
@jmw1 wrote:I guess you could spend your tax refund on meritorious expenses (household, medical, etc.) and then file the day after you completely spent the refund. Beyond that, there is no reason to stall anymore. You will want to assemble all of your paperwork a month to 6 weeks before filing because it is a lot of work. I agree with the others it seems you are procrastinating. You will feel so much better after filing than you do now. The sooner you file, the sooner you get the bankruptcy to fall off of your credit report in 10 years. The clock doesn't start running until you file and get your discharge. You're just adding extra time to the game clock at this point for very little benefit. You'll wish you filed last year.
Nope, no refund for me. I pay quarterly so it's about even. Could go a couple hundred dollars in either direction. I'm wondering how much they will question selling the car. Attorneys told me I'd most likely to be able to keep it and my other car. It used to be worth around what I owe but with the current market, I ended up having an extra $8K after the loan was paid off. That went to finish off dental work that was on hold, pay for my kid's school expenses, some living expenses and Christmas. I would like to get this moving and over with soon. It's not the past due bills that are bothering me. As one attorney said, it doesn't matter if it's $150,000 or 1,500,000. It's just numbers. My thing is I feel like I have an anchor holding me back. I want to start rebuilding my credit and my life. Work has been slow so I have some ideas to increase my income but I don't want to move on those then potentitally cause problems with my BK. You and others are right, I have been prograstinating. I should do it soon.