Reaffirming unsecured debt

[happydays]

Lawyer called to tell me that one of my cc companies sent a reaffirmation letter to pay 30% of the debt I owe. I filed for bk on October 14th and had my 341 meeting November 14th, last day for objections is January 13th. The CC company mentions in the letter that a $4000 cash advanced was made between February 8th to May 8th, when in fact the transaction was a balance transfer that was done sometime in December of 04. They further say that if I disagree with their offer to send them all the documents necessary including cc statements, paystubs(which there are non) and tax returns for the last 3 years for them to review. My wife is currently disabled, I'm retired on SS and we have very limited income for our living expenses.

Any advice on whether to reaffirm or not to reaffirm and what would be the consequences if I don't reaffirm. Can this Jeopardise the outcome of the BK.

Any advise would be appreciated.

Thanks

[originalhealer]

I'm sure that your attorney will tell you this anyway, but DO NOT reaffirm. They are just trying scare tactics on you, trying to pressure you to reaffirm so they will get some money. Because they know that when the bankruptcy goes through, they won't get a dime. Good luck.

[bkfiler]

well, its not always that easy by any stretch of the imaginataion. if a cc company is asking for money then they think they have a chance and will most likey fight you in court if they have to.

fighting in court costs you extra money to pay your attorney and then you will owe more. this is the case even if you never end up going to court. say for example you end up agreeing to some amount before it gets to trial. this is almost always, always the case. but you still owe the attorney something. just some info for you to know.

usually, everything gets settled before trial. lots get dealt with right off the bat like in the situation you are in. they usually settle, depending, for 50% and that can be on payments with no interest even, but not always. its a fight. you are going to have to play the game unfairly like they do.

personally, i told my attorney ahead of time the if any single one of those suckers call her that she is to tell them to go to hell, come back, and then go to hell again. ok having said that, we both knew that was the first line of defense to set the stage for a much lower payback plan, m.a.y.b.e.

you have to get them down as small as possible. make them think you are so bad off it aint gonna happen now matter how much you really would like to pay them in full plus extra cuz you appreciate their helping you into such a dandy situation

you following all this? start with this tactic and work with your attorney. they usually know best. did you get an attorney that will fight hard or usually just settle? some attorneys pass cases onto other friends that do that kind of work.

also to add into the thread some info about picking an attorney. remember that just like filing pro-se you will also be targeted for repayment harassment more often then you would non-pro-se if you pick an attorney that is known for being a wussy. they have lists and know who fights and know who doesnt.

keep us informed so we can learn more about your process! good luck and you will do great!

[down @ out]

Have to agree. tell these leaches to eat well you know and die. At the end of the day if your intent was to repay the bill they will have to prove it was not.

My case is in nevada and I saw some cases where folks were taking cash advances in the last 2 weeks before filing and claiming they were gambling hoping to hit a big jackpot and pay the bill back. From what I can see the trustees were going along.

I could be wrong here but it seems to me if you intent was honorable they can go to hell.

Let them file their complaint and burn them up with so much discovery they will go nuts. Also make it clear even if they win which is unlikely they will get nothing.

Those bums are just trying to suck you dry and the attorney of theirs is probably walking away with 50% of what they get for just trying to mess with you.

Good luck

[StaciMM]

Worst case scenario, if the transfers/advances were made close to filing, you would have to repay the amount of those transfers/advances. If that did happen, it would not impact the rest of the card balance or your other accounts. Even if there was something in May, it isn't certain the trustee would rule on their behalf. The older the transactions, the less likely you'll have an issue.

[mystery]

why would you reaffirm anything you don't intend to keep, especially an unsecured credit card you don't intend to keep. Your attorney should know to tell them "to go to hell" Unless I'm missing something, which I may be, your attorney shouldn't even be bothering you with this, unless you told him/her that you may reaffirm some debts. Unless it's your house or car you have to have, screw it, move on, and dump it all on their laps. Think Donald Trump style, no mercy, move on!!!!

[StaciMM]

The creditor is threatening to file an objection to a balance transfer. (In the hopes that they can get a voluntary payment arrangement.) This isn't unusual for questionable transaction. If you're pretty sure that an objection would not be granted, don't worry about it.

[bkfiler]

just to be clear... a creditor calling you is no laughing matter.

well, let me say that you should laugh at them on the phone to set the stage, but...

when they do call, which they dont call very often at all and i mean almost never percentage wise, they really do want to take it all the way. its not just a ploy. they credit card companies pay their attorneys to look at cases, each one and make decisions. if they call then they did additional research into your case and wont go away at all. you can almost count on that.

you will have to deal with them. you will beat them i guarntee that. and what i mean by this is that you will end up paying them less then you took so dont worry too much about it. after all you owed it before so worst case is you still owe them now but at a lower amount. no problems, dont worry. just play the game to win and follow advice from your attorney (assuming he/she is a fighter).

[FoolAndHisMoney]

The credit card company is looking for your statements? I can't imagine why they need your copies when they should have all this at their finger tips. Usually the US Trustee would request these things, but can't imagine why the creditor would want it. As for the pay stubs and tax returns they probably want to see your financial condition when you did the balance transfer, but they can get this from the court. I also don't understand why they are doing this over a balance transfer. A $4000 luxury purchase or a $4000 cash advance is one thing, but a balance transfer six months before filing sounds pretty hard for them to prove fraud. It also sounds like with your financial income situation your pretty much judgement proof. They can't garnish your SS checks (unless it's a US backed student loan as per the supreme court). Sound like scare tactic. If you feel that they cannot prove any kind of fraud then I'd say tell them to go to hell!

Good luck!