How Long Before.....

[nodollarsnomo]

How long before you filed or even saw a lawyer did you stop paying your cc bills?

Also, I have two cc with the bank that I have my personal checking as well as our business acct. There is no money in the personal acct. but can they try to take money from the business acct. I have used the business acct. to make some of the payments online. Will that mess things up?

Thanks for any help

[jessegirl]

Close out those accounts asap. They might try to take money from the account. Someone else i know will chime in and give you a defiante answer. But i would defiatenly change bank accounts quick...

[jessegirl]

I stopped paying my cc when I went to see my attorney and then filed 3 months later.

[WharffRat]

I stopped paying 5 months before filing and made sure my checking/savings accounts were with a bank I did not have a CC with.

I tired a program to pay off my debt and was forced into BK. After 2 1/2 months of no payments I was getting offers of 40%-60% payoff for my balances. But, I was also getting lawsuit against me too. So the program did not work for me. Also, the 40%-60% reduction in debt was now counted as income. But, I did have all my ducks in a row to get a lawyer and file for BK. I originally was going for a CH 13, But the lawyer said I was a borderline case and we should try for CH 7.

[b_girl]

We saw an attorney then stopped paying the CC afterwards on his advice. We did continue to pay on the secured loans even though it was hard because we knew we wouldn't be filing for a few more months and we weren't ready to face possible foreclosures/repos. I wouldn't wait as long as we did (8 months) because it was enough time for them to be charged off and go to collection....our credit took a huge hit.

[nodollarsnomo]

Another reason I am having such a hard time with this is that my fico is in the mid to high 700's. I have not missed a payment or been late, but it has been an on-going struggle. I don't work and my husband has a small struggling business in home remodeling. Every time the market takes a big dive I know that is one less customer. We may even have a couple of customers that cancel plans and that would mean returning their deposits.

[b_girl]

Then you have to be smart and plan your BK to lessen the credit hit you will take. We had no choice when we filed, so we are in the crapper and can only qualify for small credit cards with fees, whereas others who were able to file more quickly lessened the damage and are getting $1k+ credit cards as well as secured loans right after discharge. What you will need to do will depend on your circumstances but definitely don't let your CCs go to collection/charge off.

[Andyman]

I meet with my attorney today and he suggested I close out my checking at the bank where I also have a HELOC. so, had another bank rep come in and see me today...don't think there will be a problem getting a new checking account. BTW...I haven't paid CC for this month and he said to stop. Am going a Chapter 13. Will be able to keep my biz, my truck and my sailboat as I don't have squat.

[TEW]

I stoped 5 months before i filed I have not changed banks or my checking acounts.
the one bank did try to take payments but they put it back with in hours

[LegalBeagel]

I think you should see a lawyer asap. You may be juggling the business account in a way that will cause you problems with the IRS sooner or later. This is a common problem where people try to do their best to make ends meet, and end up digging themselves further in the hole.

[epiphany]

How long before you filed or even saw a lawyer did you stop paying your cc bills?

Also, I have two cc with the bank that I have my personal checking as well as our business acct. There is no money in the personal acct. but can they try to take money from the business acct. I have used the business acct. to make some of the payments online. Will that mess things up?

Thanks for any help

Close the account if you can and open an account at a new banking institution while you still can. You may not be able to close a credit union account if you owe money there so just get your money out and let them close it.

I stopped paying some bills in Aug 2007 and by December I stopped paying all of them. Went to see a lawyer in January, 2008 and didn't file until Aug 1.

If your online payments were ONE TIME payments, they should not mess you up at all.

Good luck,
ep

[epiphany]

Another reason I am having such a hard time with this is that my fico is in the mid to high 700's. I have not missed a payment or been late, but it has been an on-going struggle. I don't work and my husband has a small struggling business in home remodeling. Every time the market takes a big dive I know that is one less customer. We may even have a couple of customers that cancel plans and that would mean returning their deposits.

Forget about your credit score for now if you seriously need to BK. That does not determine your worth. It's just a friggin' number and there is life without credit. There will be plenty of time LATER to work on your credit score. Take care of yourself first.

ep

[JRScott]

I had not paid on my credit cards for almost 2 years when I talked to the lawyer, and we filed in about 6 weeks after the initial contact .

[WharffRat]

I may not be the norm..

But, I really don't care what my credit score is...

I have been living on income only since Early 2007.

I know what it is (552)

But, never plan on getting a CC or vehicle loan again.

[Mi Bankruptcy]

We stopped paying after we met with our attorney. We have not filed as of yet. We will actually file next week( Oct). We have already paid off our attorney. We stopped paying in July 08. We have continued to pay on our home and cars( secured debt).