You are probably aware that I am working through a huge debt crisis. All my comments related to wage garnishment are only to share that if it comes to that in my case, I can live with it. The real problem is that it screws everything else up. I now have 50% of my cerditors and a collection agency working with me. They are all bright enough to see that if they push me into a BK 13, they will be lucky to get pennies on the dollar. After the means test, schedules' I and J, and in a state with reasonable Trustees, I would more than likely be paying back less than 30% on unsecured. I'd prefer not to file, so I'm proposing to pay back all my creditors, but the terms have to be rewritten and reasonable. I'm not attempting to hide or "not pay my debts," but if push come to shove, I'll just let them all fight over who will be first to the trough for garnishment. I know that it is inevitable that some of my accounts will move on to collections, but I am building a solid track record with OC's related to my willingness to "pay what I can." The local judge in my very economically depressed county looks upon this very favorably. I've since learned that should I receive another summons, that I should answer it and show up with my written proposals and proof of certified mail sent out. More than one attorney has told me that she (the judge) gets very upset when a creditor or collection agency sues a debtor when the debtor is clearly proposing a good faith plan that is as good or better than what creditors/collection agencies would get in a BK 13. I take it you have some experience in the collection business, Collectman. And while I realize that a good collection agency would like to have their money asap, it stuns me that they are willing to throw money out to chase a debt that they may not collect on for years. Why is it so hard for a collection agency to sit down with a debtor and write out a 3 - 5 year plan? What are your thoughts on this?
I, personally, dont want to have to deal with you for 3-5 years. No offense but I have better things to do than to make sure all of your payments will clear and if a payment comes back I have to chase you down. Or if you are mailing in payments I have to check each month to make sure the payment has been sent. It's an utter waste of my time to have to deal with it. I'd rather sue it, if you file banko then you do. It wont mean anything to me in the long run, just another account I dont have to worry about calling the account ever again. Usually the people that are on the verge of banko, and keep saying, "I'm going to file if you dont quit calling" or something to that affect, will never do it unless they are pushed into it, by a lawsuit. To them I accomodate as much as possible. Get off your duff and do something about it. Not directing that towards you personally.
logger1, Although he is from the other side, collectman does speak the truth. You are talking to a machine. The machine does not have feelings only an objective. That objective is to get as much money paid to them at one time and then move on to the next debt. I am sure the CA or the OC for that matter could care less that you are "trying". They just want the money and they want it now. The CA's are always on the offensive, until they screw up and then they just sell it to someone else and let them have a go at it. You are smart to play to the judge's way of seeing things. Keep that up in case you have to file and you should survive it. Good luck!
Good-faith efforts -bahhh. I filed ch 7 a long time ago when I was up to my neck in payments. For me it was almost as traumatic as a death in the family. My honor, my reputation, blah, blah, blah. For the creditors, they couldn't have cared less. None of them even showed up to court. Credit damage? pretty severe, but in 2 years, I bought a house, in 4 yrs, I was getting credit card offers in the mail (that weren't secured cards) and in 10 years, (after the BK7 fell off) I had an 800+ credit rating. Three years ago, I suffered a bit of a setback and I got a little over my head but I was not going to file bankruptcy again. No way! I was going to do the "honorable" thing and keep my obligations. Nevertheless, I still missed a couple of payments but got caught back up after a couple of months. What was my reward for this integrity? I got hit with late charges, 30% default interest rate, big nose-dive to my credit score (back to near-BK7 levels) AND I still have to pay all the credit card bills. So, who's the chump? If they're going to reward your honor and integrity by doubling your finance rate, making it all-but-impossible to ever recover, the message they are sending is: you can be a chump and bend over while we stick it to you (what they really hope and what makes it the $22 BILLION industry it is), or you can bail on it. There's really no other viable option. (Then the CC companies lobby to make bankruptcy harder to file just to make sure you have only one option). You can't refinance for a better rate because by the time need to refinance, your credit rating has gone into the toilet. You can't deal with them, because they have no incentive to change the terms. So there you go. If you think you have a problem, file CH7. Don't futz around. Dump the bastards and get on with your life. Sure, you won't be able to get credit for a while (a very SHORT while) but you'll have cash in your pocket which is worth MUCH more than any ol' stupid credit card.
alas, I can only dream of a chapter 7! I am out-right chapter 13 material. Therefore, either folks work with me, or i live an incredibly comfortable life on the ungarnished 75% of take-home pay. I have zero, nothing, nada, zip assets. I can "retire" and begin to take my pension benefits (all exempt) in five years. I could then, theoretically, find a reasonable job far under my state's median income (means test) and then declare chapter 7 BK. The thought has occurred to me. I didn't write the laws! In the meantime, those who wish to belly-up to the bar will get a dollar or two. I'm not out to "cheat or defraud" anyone, but I will pay myself first. I do respect Collectman's thoughts and will hopefully find them useful down the road when I hear from one of his kind. I have learned that for a small amount in my county, I can easily file motions to stall a legal proceeding for years. In the words of Cap'n Bush, "Bring em on." The diffference is that due to some excellent posts throughout this board, I can "declare victory" early. LOL
Thats not totally accurate, I do have a heart. I work out arrangements all day every day. Some are good for me most are good for the debtor for payback. I've been wrote up over taking a payment that is ''too low'' for the company. I've been wrote up over taking a settlement that I shouldn't have. I did it because I felt that they could afford that by everything they told me. Were they lying? Sometimes yes, sometimes no.
So he does have a heart. Good for you collectman. You always sound as if you didn't care about the "deadbeats". Life does happen to people and if you help them get through it you might just get help if Life ever happens to you someday. Keep up the good work!
When people only ask, how do I delete this without paying it, it annoys me. I didnt come up with the definition of deadbeat, but it's fairly fitting, and if you were in my chair reading this with the experience that I have, you would tend to agree. It may not be a perfect term, but fitting to some.
