I have been lurking on here for several months, and am hoping to file Ch. 7 in September. A bit about what I owe and the status:
I am about to go 90 past due with Navy Federal. I finally was in touch with the supervisor that sends their accounts out to local counsel. She was very nice...quite revealing actually. We spoke on how if I were in TX or FL, she might not pursue as hard, but that in NY, they go full throttle. She told me that when the account gets sent out to the attorney, 33% gets added to total for legal fees, which represents what they pay outside counsel at the onset of the case (I think thats a bunch of BS....them paying it up front, but who knows).
I did not reveal to her that I would be filing a 7. In our conversation though...she explains to me that they will try to garnish and levy,...., neither of which matter as I have no w-2 job or property to levy, but then says....even if I declare bankruptcy, that they will show up at the 341 (well she said bk hearing....not 341) and contest. She said she has personally gone...which I think is a lie, but who knows....I figure they would send counsel and not the collections supervisor in "pre legal". I think she was really grasping, and we were having a nice conversation, so I played along, but I'd really love to hear from people who have dealt with Navy Federal during the end game stages pre BK and during BK in re: the above and following issues.
What I am trying to do is forestall them from filing suit until I file Ch7. One reason is that I don't want my name floating in my local court system, for personal reasons. Second, I also co-signed an auto loan for my GF with NFCU, she is a member as well, and they are threatening cross-collateralization. They claim I am primary, but from what I can remember, I just co-signed, and the title is in her name. She makes payments as agreed. The car is probably within a few K either way of being even with what is owed on it. I really need to keep her in the car. What I am hoping is that once I go BK, that I come off the liability and she can just continue to pay as agreed. Anyone with thoughts here?
They offered me the 1/2 price payments on all of my trade lines for a year and / or a one month extension, but both require that I setup post dated payments on an outside checking account, which I refused to do. I do not want them to know where I will be doing my banking going forward (local bank). So without setting these payments, they basically say they will forward to local legal counsel for suit. I could setup the payments, on an account with no $ in it, but I find that to be unethical, and again, for personal reasons, can't do that.
I would love feedback from fellow NFCU members. I know my membership with them is over...they have a memory....kind of sad to see that go, they have some great products, and lent me a lot of money over the years, but there are other banks out there!
- Amex CC - 40K - Sent to local counsel for suit, in 30 day DV window.
- Amex CC - 2.4K - DV'd CA, sent back to Amex, got the "we'll issue you an optima if you pay this"
- Chase CC - 16K - finally told them going to file Ch7, they have been leaving me alone
- Navy Federal CC - 50K read below
- Navy Federal Loans - 11K & 10K read below
- MB Financial - 625/mo lease, 18 months to go, current, dont care if i have to rid of the car b/c the payment is pretty high.
- Monster student loans from multiple post grad degrees, in deferrment, they'll be with me forever and thats fine with me.
I am about to go 90 past due with Navy Federal. I finally was in touch with the supervisor that sends their accounts out to local counsel. She was very nice...quite revealing actually. We spoke on how if I were in TX or FL, she might not pursue as hard, but that in NY, they go full throttle. She told me that when the account gets sent out to the attorney, 33% gets added to total for legal fees, which represents what they pay outside counsel at the onset of the case (I think thats a bunch of BS....them paying it up front, but who knows).
I did not reveal to her that I would be filing a 7. In our conversation though...she explains to me that they will try to garnish and levy,...., neither of which matter as I have no w-2 job or property to levy, but then says....even if I declare bankruptcy, that they will show up at the 341 (well she said bk hearing....not 341) and contest. She said she has personally gone...which I think is a lie, but who knows....I figure they would send counsel and not the collections supervisor in "pre legal". I think she was really grasping, and we were having a nice conversation, so I played along, but I'd really love to hear from people who have dealt with Navy Federal during the end game stages pre BK and during BK in re: the above and following issues.
What I am trying to do is forestall them from filing suit until I file Ch7. One reason is that I don't want my name floating in my local court system, for personal reasons. Second, I also co-signed an auto loan for my GF with NFCU, she is a member as well, and they are threatening cross-collateralization. They claim I am primary, but from what I can remember, I just co-signed, and the title is in her name. She makes payments as agreed. The car is probably within a few K either way of being even with what is owed on it. I really need to keep her in the car. What I am hoping is that once I go BK, that I come off the liability and she can just continue to pay as agreed. Anyone with thoughts here?
They offered me the 1/2 price payments on all of my trade lines for a year and / or a one month extension, but both require that I setup post dated payments on an outside checking account, which I refused to do. I do not want them to know where I will be doing my banking going forward (local bank). So without setting these payments, they basically say they will forward to local legal counsel for suit. I could setup the payments, on an account with no $ in it, but I find that to be unethical, and again, for personal reasons, can't do that.
I would love feedback from fellow NFCU members. I know my membership with them is over...they have a memory....kind of sad to see that go, they have some great products, and lent me a lot of money over the years, but there are other banks out there!
Bankruptcy Wizard
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