Judgements filed by creditors.

[BOA]

I have pretty much determined that I need to wait and file under the new law. I have too many loans, balance transfers, credit card usage, and cash advances from around June although many are from before that. I have legitimate expenses that are forcing me into BK. However when they review my bank statements they will see that I had money, and was regularly drawing it out. I have only been paying one of my credit cards the full minimum payment. I have been going belly-up for a couple of months now but am not completely broke yet. So I figure I need to wait until I am flat out busted and then some.

I filled out the Form7 dot com and listed my home here (owned outright but I don't live in the US)and my car thats owned by the foreign lender. Everthing is owned jointly with my wife and my wifes mother is co-signer on the car loan. I listed what little I own in the US as well. Plus the little bit I own here. How can they know anything about mylife here unless I tell them?

I have job but I only make 1100-1250 per month and I support my wife, child and a second child who does not live with me but he gets a monthly payment as well.

Here's my question:

I am mainly worried about the creditors getting judgements against me.

There has been no sheriffs show up yet at my Mom's or anything to my knowledge, with a summons, But I don't stay there and am living with my wife and baby in another country.

What can of worms am I opening up here by running from my problems and avoid the creditors?

Should I contact them and try to work something out. I was going to mail each a letter explaining the situation? I balked at the post office though.

I always figured that I am operating from a position of strength the less information I give them.

[Blue_Tech]

In my personal experience, it goes like this...

1. Become delinquent on the debt.

2. Collection actions are taken.

3. Lawyer of collection agency or original creditor sues you for debt relief.

4. You may receive letter of suit, your response is not required by law.

5. If you did not respond to letter of suit, on the court date, the judge will make a default judgement against you for the amount owed plus court costs.

6. Local sherriff may deliver the judgement to you. He is not there to arrest you, but to guarantee the documents delivery.

7. Depending on local laws, the creditors successful judgement against you has opened up other avenues for debt collection.

8. Depending on local laws, any open bank accounts can be set-off (emptied without your permission to pay the debt). If you've gotten this far, get your accounts down to near zero and try to use mainly cash. If you have direct deposit, get it stopped. Dont close the accounts, it can look suspicious.

9. Depending on local laws, your wages can be garnished, usually up to 25%.

If the circumstances are right, and you keep your paperwork proper, all of the above can usually be taken care of through bankruptcy.

HOWEVER, I am NOT a lawyer. I highly recommend consulting one in your area. Most lawyers offer a free first consultation.

[BOA]

Thanks for the response Blue Tech

I am just going to push ahead with getting my bank acct emptied. I don't think I'm broke enough yet to go for it. I'm not so worried about the local laws but eventually I will have to face the music. So if they get judgements against me, which they will ,BKK should pretty much take care of things though, provided my paperwork is in order, good.

[StaciMM]

Since you have a unique situation involving assets in another country, legal advice is really needed! You might ultimately decide to file on your own, but if I were you, I'd schedule quite a few free consultations before actually filing. Since you KNOW you'll be filing after the laws change, wait though until perhaps Dec. or later and start the consultations then. My guess is the attorneys who handle BK's after 10-17 will be busy the first month or so with trying to figure everything out, so giving them time to settle may allow them to give better feedback regarding the new laws.