Category: Bankruptcy

I have nothing to give them

I have nothing to give them. I could start making payments, but they wouldn t be much, no more then a $100/month at the very most. Even that would be really hard to for us right now. If I could pay them, I would. But, living expenses come first and right now we are barely doing that. I guess I just figured I would have more time to pull something together. I hear how a lot of people don’t end up with judgements for a few years after you stop paying and here it is only 5-6 months for us and our state has a 6 year sol. So, I figured we would have some time to pull the money together.

One of my former creditors started court proceedings against me for less that $10k. That’s when I decided to do a chapter 7. So, some of these collectors WILL go after you no matter what. As Herlean said below, some are just to mean to work with!!

It is entirely up to the creditor and/or collection agency they hire & instruct. A lot of creditors have gotten much more agressive at collecting the money owed and a lot less “understanding”. Keep us updated. All they can do is sue you and get a judgment. Then they have to go through other things to try to garnish etc. They may put a lien on a home but that just means if you sell it they get their money. One of my former creditors started court proceedings against me for less that $10k. That’s when I decided to do a chapter 7. So, some of these collectors WILL go after you no matter what. As was said below, some are just to mean to work with!!

Is that how they would go about vehicles too? We have two vehicles not paid off and far from it. So, if they took them, by the time the money went to those we have the loans with, their would be nothing left in money except maybe a couple hundred, if that. Also, I don’t work, but my husband does and the credit card company threatening us the card is only in my name. When you say garnishing, can they garnish bank accounts? We don’t have much in our bank accounts, but my husband does have direct deposit(required for his job) into accounts that are in both of our names since I write our bills and need access to signing checks.

If you don’t pay your payments, they repossess your cars. At lest you may try to get a payday loan from one of established websites and pay your bills. If you file chapter 13, they are included in the plan – and the balance you owe is reduced to actual blue book.

What payments? If you are referring to the car payments themselves, those are up to current and have always been. The payments not being made are credit card payments solely. Home and everything else as far as cars and living expense like utilities, etc… are all up to current.

I got a letter from US Bank the other day

I got a letter from US Bank the other day, this is the same company who called my inlaws looking for us. Anyhow, our account is 5-6 months delinquent and I got a letter the other day stating they are currently in the process of searching and verifying any property that is owned by me.

The search may include, but not limited to, automobiles, business assets, home, and land. They say the information will be compiled and retained to aid in future collections procedures against the account. They go on to say that when this search is complete and all property is verified, they will consider forwarding this account to their legal department for disposition.

Has anyone had dealings with US Bank and being delinquent with payment? I’m a bit freaked here. I don’t have the money to pay them and we do have a home and two vehicles, all of which we are making payments on and none of which are even remotely paid off. Other than that, we have nothing. Anyone have any advice on what I should do concerning this? I’m hoping they are just trying to scare me, but I’m also scared that they are close to sueing me.

How much do you owe them? If it is not much, it may be a scare tactic. Most (not all) won’t sue for smaller amounts, due to the cost of court.

It’s a little over $10,000

They may actually take you to court for that amount. The main thing they want is an actual JUDGMENT AGAINST YOU. It is more than a little agreement. If a judge rules against you, on your credit report for the next 7-10 years, maybe more, it will state under this debt that a judgment was made against you in a court of law.

I don’t know what to suggest other than trying to get them to take a lesser amount. Would that help at this point? Some creditors are just plain mean, stubborn and malicious. They refuse to work with you.

I have worked with CCCS in the past

I have worked with CCCS in the past, and their program seemed too expensive for us too, however that was because we already had too much debt. I ended up having to get a part-time job to supplement our income for a little while.

You might want to try something like http://www.prosper.com/ I read about it in the November issue of Reader’s Digest. Don’t give up hope! I’ve been in touch with people who have had debt above $100,000.00 and with a well designed commitment to reducing their debt, have moved forward. Bankruptcy would be a very last option and debt consolidation is right above that. Check out Dave Ramsey on the web. His teachings really helped me get my finances under control.

Thank you for all of the replys. I am searching the archives, it almost seems the more I read and research the more confused I get! LOL A couple of weeks ago I thought our only options were bk or cccs and now I see there are many more. I do believe I have decided not to use a debt settlement plan or CCCS though.

It is a long and I am sure boring story to how we got here but we have nothing to sell. We already sold our house a couple of years ago (at a loss) and have no assets at this time. I would rather not file bk if we can at all avoid it but I may consult with an attorney anyway. This is not new debt its the same balances we have been carrying around for several years makng minimum payments and not getting anywhere. I decided to try CCCS a couple of months ago and stopped making payments on my credit cards then. Now I have decided not to use CCCS and am 2-3 months behind on all of them and am sorry I quit making the payments.

I am working a full time and a part time job. My husband is supposed to be getting transferred to a different dept in the next couple of weeks which SHOULD give him a decent raise.

I guess my original problem was that I was never able to pay enough to get the principals down and now I am behind. So I am trying to figure out if I should call them now and try to make an agreement to get back on track or wait a few months and save all of my money to try to make a settlement. I can just barely afford to make the minimum payments there is no way to pay extra. Ideally I would love to settle half (to make it more managable) and then pay the rest off but not sure if that would work. The cards I have are MBNA, Chase, Capital One, Household and Providian (now washington mutual). Thanks!

Bankruptcy terms help please

I received a letter from my attorney stating that: It is ordered that the abandonment of property and report of no distribution are approved, the trustee is discharged from and relieved of his/her trust, the sureties on the trustees bond are released from further liability in the case, and the case is closed. Anyways, I was wondering what this meant?

Can you tell me if you filed for 13 or 7? Discharged as a bankrupt – in Canada it means the ordeal of bankruptcy proceedings are at an official end. It sounds like you filed a Chapter 7. The term abandonment of property and report of no distribution is approved means that you have no assets to have distributed to your creditors. The trustee is requesting the he/she be released from your case and it be closed. Have you already received your discharge notice? Your case isn’t discharged until you receive that.