How long does it take???

[Anonymous]

Anyone with experience in this area - please chime in!

How long do creditors (generally speaking) wait before suing?

DH has bills that he (we) just can't pay - Chase, BofA, etc. He needs to wait about 6 months before filing BK, but I'm nervous about being able to go that long before someone sues him.

Thoughts?

[Anonymous]

Hey Tex,

My understanding is that it depends on how much you owe and what kind of financial state you are in (Ie: if it's worth it to them).

I owe a debt collector $7200 of what was originally owed to BofA. When I couldn't pay BofA they sold it off within 120 days. It has been in collection for almost two years without any further actions being taken.

I hope that helps

[Anonymous]

I think you'll get the best idea of whether or not they're prone to suit if you do a search on the specific creditors.

Personally, I've HEARD that Cap One is suit-happy. I've not heard that about BoA and have no clue about Chase.

(I know you didn't specifically mention Cap One, but thought I'd give that as a f'rinstance)

[Anonymous]

No Crap One, fortunately. The whole thing gives me the Heebie-Jeebies!

[Anonymous]

You know what?? I do now distinctly recall a few people stating that they had $5K (which turned into $10K later) COs with BoA that they were never sued for.

Apparently, though, they did hire extremely obnoxious and harassment-prone CAs to nag for the debt, though.

Chase, I've honestly never heard about. I'll do a search and let you know what I find out, okay?

[Anonymous]

Thanks!!

[Anonymous]

*sigh*

I don't know if this helps, but there's a few sites where consumers have complained that Chase sued them (on amounts ranging from 10K-25K) around the 4 year mark.

Personally, I think most creditors, if they decide to sue, will sue as close to the end of the SoL as they can comfortably manage. It DOES cost them $$ to file suit (obviously, court costs and atty fees), so I think they probably prefer to let the collection agencies harass you first -- since that obviously saves them quite a bit of money.

I hope this helps!! And I honestly wish you nothing but the VERY BEST of luck!!

{{{{Hugs!!}}}}

[Anonymous]

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Wonderin wrote:
*sigh*

I don't know if this helps, but there's a few sites where consumers have complained that Chase sued them (on amounts ranging from 10K-25K) around the 4 year mark.

Personally, I think most creditors, if they decide to sue, will sue as close to the end of the SoL as they can comfortably manage. It DOES cost them $$ to file suit (obviously, court costs and atty fees), so I think they probably prefer to let the collection agencies harass you first -- since that obviously saves them quite a bit of money.

I hope this helps!! And I honestly wish you nothing but the VERY BEST of luck!!

{{{{Hugs!!}}}}

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That's actually *good* news. He's current on everything as of today, so waiting 6 months to file is not 4 years. And his highest balance with Chase is+/- 7K.

Thanks so much for the info ~ very sweet of you to follow up!