Amex

[mrsdrmcghee]

All cleared up
Message Edited by mrsdrmcghee on 04-27-2008 11:04 PM

Message Edited by mrsdrmcghee on 04-27-2008 11:05 PM

[Anonymous]

before you decide to do anything, I'm not going to advise one way or another about BK, but the first thing you should is not ignore Amex or whoever you transferred the balance too.   Call them and explain your situation, ignoring them will only put it on the fast track to a CA and with that sizeable amount a lawsuit is imminent.    Call them and see if you can work something out in form of a payment plan.

2.   Don't use your other cards, put them away or cut them up, you can't afford the temptation to use them.   Also I know this is desperate times so please don't feel so desperate as to use internet/payday loans as well.  They can be awfully tempting when things are tough but it will make things much tougher real fast, I mean real fast.

If you decide not to claim BK

3.   Can you get yourself a parttime job?    Until your husband finds work in his field he may have to bite the bullet and get himself a less desirable job until something better comes along.   You need money to come in and a lot of times what gets in the way of that is pride.   Nothing to be ashamed of an honest job, even if that means working at a department store, grocery store even McDonalds if that means some income coming in.  Even two jobs if neccesarry.

Now if you are going to claim BK,  the time is probably now since no one is working and might be able to qualify for Cht. 7.   But don't go that route until you understand all the ramifications and everything that comes with BK.    Before you decide to make such huge decision on that you need to sit down with you and your husband and discuss every angle, every possiblility.  BK may be a quick fix to the debt problem but if will stay with you for a long time.   So don't rush into it.

Good luck and keep us posted

Message Edited by Boswd on 11-29-2007 10:44 AM

[Ausfarm]

I would imagine your mother-in-law is still going to be on the hook --even if you do file for bankruptcy.  The situation is complicated by the fact that it's a corporate card not a personal consumer card.  The 2 different card types have different rules.  You need to speak w/  bankruptcy attorney ASAP.  Given your financial situation you could try calling a legal aide clinic or something in your area. 

[jackg]

Please explain "transfer out of the amex"? Who do you owe $60,000 to? Amex or a different creditor? You have the answer to the question "Who is liable?" If the $60k is owed to Amex then your mother- in- laws business is liable.

If you have incurred debt through any of your credit cards or lines of credit then logically you are liable.

You should not feel lost, what you need to do is take all the emotions out of it and look at the facts. If you can do that then the task at hand will seem easier to understand and once that happens you can decide what actions need to take place and when.

Good Luck

Don't let the situation control you, you must control the situation.