New to the forum. This is the 1st month that im unable to pay for credit card accounts. Im not sure what to expect. At this time BK is not an option. $300k+ in debt and have made every payment uuntil June 1st. I had every intention on paying it off until now I cant. Anyone with experience here? Companies are Chase, Citi, WaMu, Advanta, Cap One, Discover, US Bank, Bofa. Do they take me to court? File judgements etc? Help me out with some info. please this is new to me.
Yes, like does the poster own a home ? Vehicle? Stocks? When were the last payments? Have they done charge offs, sold, assigned to a JDB? What state does the poster reside in and for how long? All of these are important questions and need to be answered before we can really help. Woofer
Thanks, I own 5 homes. One of which will be sold within 30 days. The rest have no equity. (thats another story) I live in California. Resident of 20+ years. No stocks anymore. Vehicles yes - no equity. Titled ATV vehicles= value $25,000 The last payments were within 30 days. No charge offs or delinquencies yet but preparing as I havent made June payments. I sincerely appreciate your help as I am new to this. Ive had a long streak of misfortunes and its time to face reality. Thank you in advance for any information
You are not going to get sued for at least 6 months if you stop paying. Unfortunately your crditors ar enot going to work with you until you are more than 60 days late IMO. When you are over due th is is when you can negotiate with NO interest or lower interest. You say you are having a home sold soon. Any money to be used for your other debts? I think you should get out a notebook, figure out EXACTLY how much you need to pay a month to keep current and then how much you make. If you cannot make your payments now, and feel that your incolme is not going to get better within the next year, then you may want to cut yor losses now. You can file bankruptcy or you basically can do self bankruptcy which is not paying any of your debts and wait it out and see who sues or not. I had more debt than you about 4 years ago and now NONE, and soon my credit reports wil not have ONE neg on them either. : ) Are you self employed so if sued and a judgement is against you they cannot attach your pay? Again though you have time before they are going to come after you so think things thru. Woofer
