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Thread: GMAC charge off

  1. #1
    xhardc0rex is offline Senior Member
    Join Date
    Apr 2002
    Posts
    128
    Hi everyone I just received my Transunion file today. My GMAC auto loan is showing a profit and loss writeoff. Closed 03/2002, Charged off as bad debt. Current balance $0.

    If I'm doing the BK in October and GMAC is contacting me for payment what should I do at this point? I wish to file earlier but I did a large cash advance last year and waiting for 12 months to pass. Thank you for any help you can give.

    Robert

    TU score: +541
    =======
    Empowering others through facts is a gracious gift. People who use fear only care about manipulation and power.

  2.  
  3. #2
    erik776 is offline Senior Member
    Join Date
    Apr 2002
    Posts
    754

    Re: GMAC charge off

    It sounds like you should do nothing. If they decide to file a judgment against you could send them a letter stating you are considering filing bankruptcy. If you don't have a job you may be judgment proof.

    The larger issue is why are you going to file BK. If you list you debt, maybe somebody can offer an alternative.
    Erik.

  4. #3
    xhardc0rex is offline Senior Member
    Join Date
    Apr 2002
    Posts
    128

    Re: GMAC charge off

    Erik:

    OK it's time for me to give you the specifics on my debt.

    BofA = $6,455
    Citi = $4,552
    MBNA = $1,900
    #Nextcard = $2,870
    *GMAC = $2,782

    Total unsecured = $18,615

    Student Loan Services = $1,200
    Sallie Mae = $7,980


    Total yearly income after fed/SSI taxes = $16,000

    Any comments? Quite a bit more to this story of course.


    # under FDIC protection
    * Has already written off debt, contacted me for payment

    Yes I live in the state of Florida, home of wage garnishment :(

    Robert
    =======
    Empowering others through facts is a gracious gift. People who use fear only care about manipulation and power.

  5. #4
    erik776 is offline Senior Member
    Join Date
    Apr 2002
    Posts
    754

    Re: GMAC charge off

    So GMAC is going to come after you for $2,782. If you definitely are going to file a BK, in you case it will probably be CH 7 liquidation, you can send them a letter directly threatening to file a BK if they go after you in court to get a judgment. You have 5 months to go and all you need to do is stall for time. Worst case, you either have your wages garnished for a couple of months or file for BK early.

    Be sure to get a good attorney. Generally this will cost $900 to $1,000.

    If you want a good book on chapter 7 BK, check this out.

    http://www.nolo.com/lawstore/product...1B76AD0792C01A
    Erik.

  6. #5
    xhardc0rex is offline Senior Member
    Join Date
    Apr 2002
    Posts
    128

    Re: GMAC charge off

    Thank you for the help Erik. I will also contact mother and see what she has to say about GMAC considering they tried to give her a hard time about her debt. As you can see I have other debts and stopped paying Nextcard about 45 days ago. When I called to see about paying them, and buying me some time till I file a few months from now, the supe Patrick was umm...drunk. He sounded as they he had just waken up. It's good to know that atleast one of my creditors is having as bad a time as me :)

    Robert
    "20 cents on the dollar...10 cents on the dollar...SOLD! to the cc company stupid enough to bid on NextCard's assets"
    =======
    Empowering others through facts is a gracious gift. People who use fear only care about manipulation and power.

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