This is my first post and Just after reading a few of the threads on here it seems there is a very large pool of excellent information here and I want to thank everyone in advance. Long story short, Due to me not having a Job for about a year and Family money problems and a good part of my own doing ( Money mismanagment and just plain wrong choices ) My wife and I are in debt about 75K to 4 credits cards ( AMEX 33k , BofA MC 30K and BofA Amex 12k and CapOne 3k). I am now working a decent Job, but we had to sell our condo and I am only going to come away with about 5k from that, We moved in with my in laws to save some money but we also just had a daughter. While it is a decent Job I am not making that much money. my last payment to any of these credit cards was about 3 months ago. I have been getting letters from all of them and they have been calling my mom's house trying to get a hold of me. I talked to a Debt Consol place but after reading through this forum found that is probably one of the worst Ideas. I have talked to a lawyer about filing BK and that is what I would use the 5k for because thats about what it would cost. I have gotten a couple of letters from BofA saying they would settle for 70% but, even that I cannot afford. What are my options and what are my chances of being sued and how soon would they possibly sue? I work for a Government Contractor and don't want to do anything that may mess this job up. I could possibly borrow 20k from my mom but I don't know that I could settle with all of the CC with that, and I don't want to be in Debt in more directions than I already am.
You can try to work something out with the ccs by trying to plead hardship you know what you can afford just see if you can work something out.In the meantime you need to talk with a bk lawyer to see what options you have.
If you have a security clearance, talk to your security officer before pursuing bankruptcy. In some cases it's OK, in some not. You might try contacting the executive offices of the creditors involved, explain your situation, and tell them that you really want to pay this, but you need some help from them. They may give you a lower rate for a year or something. If they believe you are sincere, they may work with you. Explain that as you get back on your feet, you will be better able to pay them, but for now you just need a helping hand.
