Foreclosure Notice and Potential Lawsuit

[Dealer36]

I guess I am really starting to feel the pressure of all of this. I decided to wait an extra month to file a Chapter 13 because it has been a really slow month in the casino business and it will make a potential $150 difference in my payment going by my 6 month average income. It has really been difficult though and it is starting to get to me.

The other day I talked to my vehicle creditor and they told me they were going to repossess since it's been almost 60 days since I made a payment. I even had a lady come to my house last night concerning this. She was really nice (and complimented me on my condo) and I informed her that I was in the process of getting 2 payments pushed to the back of the loan. I wanted to wait until my next meeting with my lawyer until I decided whether to put the car in my chapter 13 or do what I did. I decided on the latter since I knew they would take my car.

Also, yesterday I got a notice that the bank was going to move to foreclosure on my house if I didn't do something by the 16th of December. I believe the chapter 13 will protect me there, yes no?

Today I got a letter from one of my creditors that said "time has run out" and they are going to take legal action. This is what's bothering me...some of you guys may think i'm crazy but I feel horrible. When I got the loan from them I knew I wasn't doing the right thing for my financial situation (robbing Peter to pay Paul) and told the branch manager that I don't need to keep getting loans because I was already stretching it. He was begging me to use a credit card that was offered me and I told him no. He didn't seem to mind my tough financial situation and proceeded to be friendly and tell me about his own financial woes. I never once thought in my mind when I took the money that I would try to "screw them" by filing bankruptcy but later I realized that I couldn't keep doing this. I was trying to pay everything off in 2 years and couldn't even afford food when all my monthly bills were paid. I realized that i'm not superwoman and I couldn't pay these things off in 2 years without half killing myself.

I'm having a lot of anxiety and guilt of letting the gambling get out of control. None of this damage was due to the normal "overshopping" of anything but chasing gambling losses. I want to write them a letter and apologize for what I have done. I have turned great credit into a financial nightmare. Another side of me is mad at the creditors for giving people credit knowing that they don't need it and charging enormous interest rates..on this particluar loan 20 percent but that's probably because my debt/income ratio is high. I used to have close to a 700 credit score, also.

I will be glad to get back to the lawyers office on the 3rd to get the ball rolling on this. This last month has seemed brutal. Thanks for reading my lengthy post and all input would be appreciated.

[SinkingFast]

Instead of writing your Creditors a letter of apology,......... Apply that energy to making You a better You.

Pick up the phone,......... Get a doctor's appointment. There are some fairly good drugs to help with Gambling Addiction.

Get into Therapy. If you have insurance coverage, or your company offers confidential visits, go to a private provider. Otherwise,......... Find a local group to meet with. Get a sponsor. Someone to help you.

This will not only help you with your Ch 13, it'll help you in the eyes of the Court. Trustees like to see that Gamblers are actively participating in some form of treatment.

Hey! It could even be part of your medical expenses toward lowering your Ch 13 payment!

[Flamingo]

I guess I am really starting to feel the pressure of all of this. I decided to wait an extra month to file a Chapter 13 because it has been a really slow month in the casino business and it will make a potential $150 difference in my payment going by my 6 month average income. It has really been difficult though and it is starting to get to me.
The other day I talked to my vehicle creditor and they told me they were going to repossess since it's been almost 60 days since I made a payment. I even had a lady come to my house last night concerning this. She was really nice (and complimented me on my condo) and I informed her that I was in the process of getting 2 payments pushed to the back of the loan. I wanted to wait until my next meeting with my lawyer until I decided whether to put the car in my chapter 13 or do what I did. I decided on the latter since I knew they would take my car.
Also, yesterday I got a notice that the bank was going to move to foreclosure on my house if I didn't do something by the 16th of December. I believe the chapter 13 will protect me there, yes no?
Today I got a letter from one of my creditors that said "time has run out" and they are going to take legal action. This is what's bothering me...some of you guys may think i'm crazy but I feel horrible. When I got the loan from them I knew I wasn't doing the right thing for my financial situation (robbing Peter to pay Paul) and told the branch manager that I don't need to keep getting loans because I was already stretching it. He was begging me to use a credit card that was offered me and I told him no. He didn't seem to mind my tough financial situation and proceeded to be friendly and tell me about his own financial woes. I never once thought in my mind when I took the money that I would try to "screw them" by filing bankruptcy but later I realized that I couldn't keep doing this. I was trying to pay everything off in 2 years and couldn't even afford food when all my monthly bills were paid. I realized that i'm not superwoman and I couldn't pay these things off in 2 years without half killing myself.
I'm having a lot of anxiety and guilt of letting the gambling get out of control. None of this damage was due to the normal "overshopping" of anything but chasing gambling losses. I want to write them a letter and apologize for what I have done. I have turned great credit into a financial nightmare. Another side of me is mad at the creditors for giving people credit knowing that they don't need it and charging enormous interest rates..on this particluar loan 20 percent but that's probably because my debt/income ratio is high. I used to have close to a 700 credit score, also.
I will be glad to get back to the lawyers office on the 3rd to get the ball rolling on this. This last month has seemed brutal. Thanks for reading my lengthy post and all input would be appreciated.

I read your entire post with interest. Note that can repossess your car at any time and there is nothing you can do to stop it. I had sleepless nights for the month prior to our filing that our vehicles would disappear in the night (We stopped our car payments in 2/02 and filed 4/02, so we were two payments late, Feb. & March, before we filed and we stopped paying on the vehicle at the advice our our attorney when we retained him). We would position our vehicles in our driveway at night so there was no way, short of them tearing down a fence, for them to tow or drive out either vehicle. I also called both banks and told them we retained an attorney and were filing Chapter 13 which the vehicles included and to please not come to reposses the vehicles - they would get their money. They were kind over the phone since we were long term customers with great credit over the years but I still had fear, and were told by others working in the banking industry, they could come at any time. So be prepared and watchful.

The Chapter 13 will protect your house from foreclosure - provide that notice, along with all other information, to your attorney when you go in this week.

We too robbed Peter to pay Paul and that is when we realized it was time to investigate filing Bankruptcy cause there was no way we could continue to do or live like that. The hole just got deeper and the spiral down faster. You do what you have to do to survive but everything must come to an end and it's best not to start that in the first place cause it just makes the debts larger.

Gambling is an addiction which does not go away on its own. Just as with any other addiction, it is all up to you. Blaming others is a crutch many addictive people use to give themselves an excuse for their addiction. Realize you have an addictive personality and that you will need medication and therapy to beat your addiction. If you really want to make a new start and get this all behind you with your bankruptcy, see a physician immediately. Realize you will get through this and there is light at the end of the tunnel but that you cannot start gamling again because it will all go down the drain. I would also suggest joining Gamblers Anonymous because they are of great help. May I give you an example of something to help you through this so you realize what is going on...one of our very good friend's mother is in her mid-80s and recently her husband had to be put in a nursing facility due to Alzeiheimers. They had accumulated over $90,000 in retirment funds and also owned their house, no mortgages. The lived on the interest from the savings, his pensions and both of their SS. It was a large monthly income and they were doing well. He was past military (WWII) and a retired teacher. What our friend's family didn't realize is that she startted going to a local casino (we have gambling in our state) and they were shocked when they reviewed theier parents' finances and saw that she was gambling away over $3500 per month for many years. The retirement nest egg was almost gone and she was gambling away all the incoming checks. She told her family that the casino folks treated her like family and told her that she could tax deduct all her losses on her tax returns. They also would send her trash trinkets in the mail and free food coupons to keep her coming in. Her familiy cannot stop her legally - they talked to an attorney about it; it is her money and if they tried to get power of attorney over her, they would have to have her declared mentally imbalanced. That she is not, just lonely. They have tried to have many friends, doctors and family talk to her but she gambles away, the addiction is so strong. Of course the casino has no responsibility. Look where all her money is going - to them. Please keep all the above in mind as you work your way through your life right now. Get some support, talk to a physician and realize you could be headed that way also in your future years if you don't stop it now. I am wishing you all the luck in the world.

[Dealer36]

Thanks for your insights..really nice.