Huge Credit Card Debt

Couple of options -

1. some people just "disappear" go low profile and wait for the fury to die down, the accounts to charge off, etc, then later start disputing. LK used this tactic, then caught them breaking the law, sued and got everything deleted. I wouldn't do this, but lots of people seem to be successful with it.

2. go see a bk lawyer.

credit counseling will leave you worse off IMHO. If you think you want to bk, do it NOW. the law is changing as we type.

 

I agree with Breeze. If you want to go the BK route, do it quickly. From what I am reading, the laws may not be changing for the better for the debtor.

Do not consider credit counseling. From what you described, it doesn't sound like you would be a good candidate anyway. You are going to be dealing with lots of negative issues down the line.

I would either try the "lay low" approach or file for BK if there was no other option.

GOod luck to you. If there is anything we can do to help, just post! There are lots of experts here that can give you lots of good advice.

Lisa

 

I dont like the Credit Counseling approach. They told me to go BK. Big help they were.

Most important is to TAKE CARE OF YORSELF!

Dont confuse who you are with what you owe.

Its rough at first but there is life after financial disaster.

 

if you are working, dont try and pay these bills. u are too far behind. dont let them scare u either. they have laws to abide by. start a file, and keep each mailing or communication u get from them. if it has been over 180 days since u paid 1 of these people, paying wont make much difference. by law they cant continue to charge interest and penalties after this point. read all the advice u are getting. these guys really know whats up

 

yep, this will be your credit bible. Take notes, document, and believe. u know the story of the 3 pigs. all the wolf can do is huff and puff. print out copy of FDRCA and FCRA. know your enemy!

 

I have assumed this was a credit card debt, is it?
Is it 1 or several?
What State are you in ? Some States have additional protection against creditors.
Breath deep-relax, lots of people here to help. You may find out that this turn in your life which seems so bad now, may lead to new opportunities and a brighter future.One thing is for sure,once you start taking control of your life away from the collection agents, you will find you can exercise that same self empowerment in other aspects of your life.

 

IS this correct or not?

 

Don't be tempted by credit counseling companies.

Just picture yourself as the Titanic and CCCS as the iceberg.

Even though I am not trying to persuade you in the direction of chap 7, if you do go ahead with it, that great weight will be lifted, you won't feel depressed 24/7 and you will be able to start rebuilding your credit fairly quickly.

You can have pretty decent credit again within just a few years.

 

Well said Why Chat. This is so true.

 

Ahhh yes! No longer a victim. What a feeling.

 

I guess the decision to file bk or not depends on the amount of assests you hold (and want to protect).