Stopped paying credit cards..

[inpain66]

I stopped paying most of my credit cards and personal loans this month and last month.

How long until it gets really ugly with the creditors? I work for the govt and am afraid they will call me work and family.

I have to stop paying so I can come up with lawyer money and want to know how much time I have....

[Over our heads]

Well, we were in a position that we were able to retain our lawyer before we quit paying. That being said, I fielded calls for a month before I got tired of it and started giving our our lawyers contact.

No one called anywhere but the house, but I am a SAHM, so I always answered. Even if they were asking for my hubby, I verified for them that this was his number, and told them they were welcome to call back when he was home. I refused to give out his work number.

If there is no one home to answer your phone, get a machine to clearly state your name first and last, so they know that they are getting the right person. Eventually they will catch you at home.

[jessegirl]

Usually the calls will start after just a few days after payment is due. BOA started immed. Along with Citi, Amex. Once you retain an attorney you will give them your attorneys phone number and let them deal with the calls.

[TEW]

I stopped paying most of my credit cards and personal loans this month and last month.

How long until it gets really ugly with the creditors? I work for the govt and am afraid they will call me work and family.

I have to stop paying so I can come up with lawyer money and want to know how much time I have....

If you tell them where they can bother you they will call you there. it's only when they can't find you that they start hunting you down.
If you tell them not to call you at work because you may get fire they can not call you there.
If you are filing and you are still paying some CCs you are wasting your money. only pay secured assets that you want to keep. otherwise you are paying debt that is going to be discharged

[texanboy76]

If you tell them where they can bother you they will call you there. it's only when they can't find you that they start hunting you down.
If you tell them not to call you at work because you may get fire they can not call you there.
If you are filing and you are still paying some CCs you are wasting your money. only pay secured assets that you want to keep. otherwise you are paying debt that is going to be discharged

So a quick question on the secured assets you talk about. In my scenario ( a loan through my credit union) comes out of my work check and is joint as my wife was on the loan as well. I want to still have them take out of my check and commit to my obligation since its my company that I work for. I have a car with my wife we are joint on the loan (lexus) that we can still make the payments for along with my car that i'm solo on. So the bottom line is to ONLY keep paying on debt that you don't want discharged (cars,mortgage, etc...)

[Tbornetun]

Yes, exactly true. But don't pay any more to them than what the actual payment is.

[TEW]

You used that word credit union do you have a CC in that credit union if so be careful they can cross collateralize that card to your auto loan. In a most have a thing where all loans become one.

[texanboy76]

You used that word credit union do you have a CC in that credit union if so be careful they can cross collateralize that card to your auto loan. In a most have a thing where all loans become one.

no it's just a signature loan. The loan for my car is at another bank.

[inpain66]

I have an auto loan with credit union as well as cc and another loan. I need my car but the other card and loan is a lot of money.

[debtmonster]

Our lawyer wants a $100 retainer. Once I give her that, we can start forwarding all of the calls and letters to them at that point.

Since you have stopped paying your creditors, you should be able to give your attorney the retainer. Then all you do is answer the phone one time for each creditor and give them the attorney's info. They should not bother you after that.

I get paid on the 15th and that's when I plan on driving back to the attorney to give her the retainer.

[jktrading]

If you are filing and you are still paying some CCs you are wasting your money. only pay secured assets that you want to keep. otherwise you are paying debt that is going to be discharged

My attorney told me to pay another month on some of the cc's I charged up a storm on for my business. I was hoping to save things, but it didn't work. I charged up 20,000 across 3 cc's.

I quit charging 6 months ago, and have been paying on time since. The attorney told me to just make it one more time (7 months) of payments, and called it "insurance." So, in some cases, it may be strategically sound to continue with some payments. Of course, it may not matter either. Decisions, decisions.

[debtmonster]

We cannot go 6 months without using our cards. We need them to live. We can't eat or put gas in them without using them. After we pay all of our creditors and expenses, there's no a single penny left. We have a $2,000 deficit each month. There's tons of stuff I've been NOT PAYING just so that the creditors can get the minimum.

I'm wondering what is going to happen when we stop paying a month or so after we used the cards last?

[ansky0007]

We cannot go 6 months without using our cards. We need them to live. We can't eat or put gas in them without using them. After we pay all of our creditors and expenses, there's no a single penny left. We have a $2,000 deficit each month. There's tons of stuff I've been NOT PAYING just so that the creditors can get the minimum.

I'm wondering what is going to happen when we stop paying a month or so after we used the cards last?

I was running around $3000 behind each month. I followed laywers advice and stopped paying all my cards and one of my cars. The thing is if you cant survive when you are not paying the cards how are you going to survive after you go BK? I am running around even when I am not paying my cards, If you are running negative after you stop paying your cards you are living way above you means and you need to change your lifestyle or you will never find a way out.

[debtmonster]

I was running around $3000 behind each month. I followed laywers advice and stopped paying all my cards and one of my cars. The thing is if you cant survive when you are not paying the cards how are you going to survive after you go BK? I am running around even when I am not paying my cards, If you are running negative after you stop paying your cards you are living way above you means and you need to change your lifestyle or you will never find a way out.

That's what I told my wife and she won't listen to me. We need to give back this house and get a $500-700/mo. apartment. I love the house and everything, but we cannot afford it.

I know we can always get another place. My wife is only 26 years old. This is the first home she has ever owned. I moved to this area thinking that I could get a $40-50k job (eventually.) The town has over 150,000 people in it. I had no idea that this was virtually impossible.

Yes, even after a BK, we still cannot afford to live. Prior to this house, we were living with my wife's parents and giving them $200-300/mo. to help pay the utilities. Now we have this house (which was not expensive compared to every one else) but by the time you figure electric, home repairs and other stuff, it can easily be $1500/mo. The thing is, we could almost be paying that in Ft. Lauderdale or Miami for a 2 bedroom apt. Plus the fact I would have no $10,000/yr. tax deduction from renting.

I pay self-employment taxes and need tax deductions very badly.

That's why I am thinking about divorce if my wife refuses to cooperate. I can't live this lifestyle any longer. If I got divorced and moved out on my own, I would move into some $400-500/mo. efficiency some place or something rock bottom cheap... or a little bit more expensive place, but in a downtown area where I could walk everywhere and not need a car.

Most places that have cheap apartments don't have $40-70k jobs near them... not in Florida anyway. I would love to move north but my wife doesn't want to move. She is the most stubborn, ignorant, hard headed person I have ever met.

[ready2puke]

Debt you can always move in with a roommate that already has a place with furniture and everything.. All you would need is your bedroom stuff that you can purchase at the Salvation Army...That way you can have a decent place