Should I do with $52k in credit card debt?

[tmoney2099]

So I looking into doing chapter 7 my lawyer said it was possible ands started the paper work. Then I doubled my income and now that's not possible. So I'm wondering what I should do now. Some accounts just recently just closed others are 6 months behind. Just looking to see what others would do in this situation? Already paid the lawyer for the BK but haven't filed. I'll list my accounts below. 

Capital One $5304 6 months late

Capital One $6097

Dcu $2978 Current Car loan and bank account through them so really cant default

Target $2287 61-90 days late

Discover $4458 6 months

BOA $669 Closed

Barclays $3284 Closed

Best Buy $5760 Closed

Amazon $7380 Closed

BP $659 Closed 

Sams Club $2550 Closed

Synchrony Home $2949 Closed

Walmart $5867 Closed

Wells Fargo $1783 Closed

[RobertEG]

The first consideration would be whether each debt is still within its statute of limitaions for bringing civil suit seeking a judgment.

A judgment, if obtained, has its own credit report exclusion provisions, and additionally can serve a basis for subsequent steps to attach your assets or garnish you pay.

I would determine, or better yet get the opinion from your attorney, as to the current SOL status under the laws of your state of each debt.

[Shooting-For-800]

I would save CASH and not pay any unsecured cards.

I would negotiate lower balances and interest rates once the settlement offers start coming in.

I would work with those who will work with you.

You should be able to get balances reduced by 20-60% depending on skill level and vendor.

I would use the cash saved to pay off any company that actually files a lawsuit.  Many will not.

How much can you pay per month towards your credit cards?

What is your new income?

Do you have any other debt?

Do you own your house?

Your lawyer can convert to Ch 13 if needed.

Bottom line - I would try to avoid BK if you can.  $52k does not seem like that much total if you doubled a good income and you chip away at it.  You should be able to get that $52k down to $35k or lower if you even have to pay it at all.  You could always just ignore everything that does not go to court and pay off everything that goes to court before the judgement is made.

[tmoney2099]

I have a car payment to Dcu which is $189 I owe about 9k on that. I own my home the mortgage is about $585. I stopped all of the credit card payments outside of the dcu one. I get paid on a bonus structure so it varies but I can bring home after taxes on 40 hours around $900 a week and if I want to be a go getter I can bring home closer to 1400 with ot. I have a judgement against me from a cell phone bill from like 10 years ago that's $1500. I would most likely have to pay that all off. They tried garnishing my wages but I changed jobs. Maybe some medical but it couldn't be that much over 1000. I can easily stock pile the money to pay them off. So should I let the remaining cards just get charged off and closed then wait? The only bank I care about keeping a good relationship with is DCU. I could pay a lot honestly but my thinking was go the route of banking money and see how low can get them to go. What's the time table of them taking legal action? 

[CreditCuriosity]

i would be taking advise from your attorney that you already paid vs. the forum if I were you.  As stated by another and yourself you make probably to much for a chap 7, but chap 13 is an option.  Speak with your attorney about whether he thinks 13 is the best option or settling, etc...  Best of luck to you.  Just my 2 cents

[Shooting-For-800]

I would take as much advice as I could from people who do not have anything to gain or lose.  I have found that many BK attorneys are nothing more than paper pushers who want to do as little as possible.  I was told by 3 different lawyers that I would never qualify for a Ch7 and I filed myself without an attorney and without any major issues.

I am pretty sure that 10 years is too long to collect a judgement and affect your credit. 

Do some research on that before you pay.

I would get those 2 Cap One cards and the Discover paid up to date (over limit and min payments - not $0 balance).  They will sue you.  I would try to keep 1-3 cards that might stay open during and after all the dust has settled.

The simple question is - do you want to be wrapped up in a 5 year payment plan for $1000 per month to pay your creditors 100% of what you owe them.  Or do you want to deal with each one of them one on one basically on your terms.

If you start to deal with them on your own and then have employment issues or whatever, you can do a BK then.  I would not go into a BK until you have argued each account unsuccessfully.  If you made $40k and had $150k in credit cards I would give you different advice.  Since your income double, time is no longer in play.  Use your income and time to your advantage.

Some of the cards will NEVER sue you.  None of your balances are huge; those are usually the ones that see action first.  You will get plenty of notices before they file a lawsuit.  After they file you will get 30-90 days notice for the trial date.  You have plenty of time to pay.  Also, by getting into long term payment plans at low or 0% interest, you buy time and you buy cheaply.  No one is going to file on you if you are making payments.

Ch13 is designed to take ALL of your extra monthly income over your approved budget.  Trustees vary, but it is not an easy solution.  It is possible to pay MORE in a Ch13 than you would have on your own.  CH13 is great for those that are facing forclosure since it stops the process and allows people to catch up on mortgage payments through the plan.  Ch13 can last 5 years! 

I AM NOT AN ATTORNEY.  Do tons of research before making decisions.

[tmoney2099]

So i know he's not an attorney first off. I'm just looking for advice for people who don't have skin in the game. I was thinking of catching up on the capital ones and the discover already looked in that and that's doable. I saw the numbers of a $1000 payment and that turned me off. I get paid on production bonus so if we go down I don't get paid as much. I'm not buying a house or a car anytime soon. If I'm going to have to pay it all back anyway might as well do it on my terms and worst case file later. 

[tmoney2099]

A lot of those cards are with Synchrony though so they could possibly lump those all together that would honestly be my biggest concern about going that route. 

[Brian_Earl_Spilner]

A judgement can be renewed every 10 years until you're judgement-proof, so I would keep an eye our for that. I would also try to salvage what I could from what was still open. Thats what I did when I fell behind on everything. Was able to save 2 cards which kept my average age higher. As for most of them not suing you, in a good economy that would be true, but if the economy takes a downturn, you can expect most to file. 

[juniornj23]

How much is your income I sorry to ask this question but if your income is ok just try to do the. DR makeover .
I'm doing and is work