I filed for bankruptcy on April 14, 2005. I made charges on a credit card up until Feb of 2005. I was also making payments. My ex husband ran up a cc that was also in my name the year before. He ran it up to 11,000 and then stopped making payments on it. He kept telling me for a whole year he had all intentions of paying it. Then in Feb of 2005 he informed me he was filing bankrupt and it would be best for me to follow. The problem is I figured if I was going to ruin my credit I would let my cc that I had been using go also. When I made all the charges I wasn't getting child support ( now it's being garnished ) and I had all intentions of paying back every penny. Now my credit is ruined and my cc is still trying to get over 7,000 from me. Does anyone know the chances of me not having to pay that much. Any info would be greatly appreciated.
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You can try negotiating with the credit card company (or their attorney). Has the credit card company appeared in your BK, have they or are they threatening to file an objection to the discharge of their debt. -
I received a letter in the mail today from their attorney objecting to dischargeability of indebtedness.Comment
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I would have your atty file a motion to convert it to a ch13. They usually cannot dispute these CC charges in a 13. You will have to pay back your disposable income for 3 to 5 years depending upon your non-exempt assets. Hopefully it isn't too late.
Did you even use a lawyer? He or She should have told you to wait at least until early October and they would have had a tough time proving you had no intentions of paying them.
Good luck!Last edited by hhou812hh; 08-04-2005, 07:46 PM.Comment
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One more note..
They will probably be willing to negotiate with you since this whole process is very expensive. They general don't dispute most bk cases because even if they think they are in the right, it will cost them thousands for their own legal services and they have to pay your legal fees if they were to lose. They won't pay 20k to get back 10k so they just let most of this go and double everyone elses fees to get back what they lost. That's why the "credit card scam" is so expensive for us consumers. I would call (or have a lawyer) call this atty on the letter and see what they are willing to do.
Good luck again!Comment
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Since it has already gone to "objection to discharge", it becomes a negotiation. Basically, you agree to pay back some of what is owed by making monthly payments. Here is a pointer for you, there will be the total amount you owe, and then there is the "disputed" amount. It may be the case that not all the charges on your account are objectionable.
You can generally negotiate to payback 50% of the disputed amount and pay that back over 6-24 months depending on the amount owed at zero percent interest.
The downside is, if you default on the repayment plan, then the entire balance (the total disputed amount) becomes due and becomes a judgment against you. So when negotiating the payments, you need to be realistic.Comment
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