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    #1

    Why we AREN'T Filing!

    Cat whisperer here,
    Well, we WERE going to file this past Monday but something kept gnawing at us. For those of the faith, we say it was God. Anyhow, we are the ones that have an SCorp that hasn't done well, over $70,000 in credit card debt, and a bank that was suing us for the balance due on a repossessed trailer. The court gave us continuances until we could file bankruptcy. THEN - our landlord informed us that we either have to buy the house we are renting or we would have to find somewhere else to live. We KNOW that after filing bankruptcy and with 2 pets we could kiss off renting anywhere. After a little checking, we determined that our credit card are almost all at the statute of limitations and will come off our credit report. So, other than the judgment the bank has against us, our credit report will not show the credit card people NEXT YEAR! Today we negotiated to pay $75 to the bully bank, and cancelled all plans to file bankruptcy. We figure it is still a bit of a gamble but in 1 year compared to 10 our credit will look better to buy the house we're in. We negotiated a semi-fair buying price and, in a weird way, have gotten a fresh start WITHOUT filing. There is still the risk that the bully credit card collection agencies will pursue us but in March of 2007 most of the credit cards should be off our records.
    We knew we were in real danger of filing pro se having an S Corp and some recent payments to people we borrowed money from and potential income would have made this a bankruptcy nightmare. So, for $75 sanity tax, we avoided bankruptcy - hopefully for good, and can possibly buy a home next year.

    WISH US WELL!!!!
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    #2
    what about if the cc companies sell the debt, then it can go on and on, can't it? i mean, if they sell it to xyz collection agency, don't they then have 7 more years to report it? i could be way off, that's just how i always understood it.
    Monica
    planning to file Ch. 7 - soon!

    Comment

      #3
      Originally posted by monlyba
      what about if the cc companies sell the debt, then it can go on and on, can't it? i mean, if they sell it to xyz collection agency, don't they then have 7 more years to report it? i could be way off, that's just how i always understood it.
      The way I understood the laws it was 7 years from the date of your last payment. So even if the credit card companies sell the debt the collection agen cies are still on the same seven year limit. If however they made a payment to the card companies now the 7 year limit starts all over again.

      Comment

        #4
        The 7 years a credit card can stay on your report is from the date of last activity. So if you make a payment, the 7 years starts again. (i'll try to find the link on that to make sure that I am remembering correctly)

        That is different than the statute of limitations on collecting a debt. One is goverened by federal law, the other by state law adn can vary a great deal.

        Comment

          #5
          Originally posted by alh
          The 7 years a credit card can stay on your report is from the date of last activity. So if you make a payment, the 7 years starts again. (i'll try to find the link on that to make sure that I am remembering correctly)

          That is different than the statute of limitations on collecting a debt. One is goverened by federal law, the other by state law adn can vary a great deal.
          We believe that is correct, the item can stay on your credit report for 7 years from the date of last payment. Our credit report even shows the date it is expected to come OFF the credit report. If they sell it, I don't think it can stay on. That is how old our credit card debt is - most will be 6 years on 3/2007 which is the statute of limitations and from what we have been told they legally cannot collect on the debt. And, yes, YRUSODUMB, they are bully banks - the credit card companies have forced many into bankruptcy or other dire straits because of excessive fees and finance charges. Yes, we haven't paid but many have faced problems beyond their control. The lawyer for the bank even said they are big business and don't care about little people who have faced life struggles - they want their money and don't care.

          Comment

            #6
            you have over 70 grand of cc debt that is close to 7 years old and no judgements (except the trailer)? is all of this debt original creditor? the landlord told you that you have to buy or move, but gives you 1 year to make the purchase? cat, could you give us some details?

            Comment

              #7
              Originally posted by catwhisperer
              .......The lawyer for the bank even said they are big business and don't care about little people who have faced life struggles - they want their money and don't care.
              Isn't that the truth. They have no idea what it's like for us when something bad happens. It's an absolute friggin' shame that a bank/lender/lawyer would say something like this. Talk about making you feel aweful. I hate to ramble off topic here, but why can't these scumsuckers have some friggin' compasion?
              Bankruptcy History:
              Chapter 7 filed - 10/12/2005 - Asset
              Discharged - 02/16/2006
              Case Closed - 11/08/2007

              A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

              All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

              Comment

                #8
                Compassion and money DON'T MIX - UNLESS - YOUR DONATING IT TOO A GOOD CAUSE......................
                Minny

                "It's amazing the paths that our feet sometimes follow in life".

                My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                Comment

                  #9
                  Good Luck, Cat!! I hope it all works out for you!!

                  If not, you've researched and you're ready for your alternative!! Plan BK.
                  Filed Ch 7 - 09/06
                  Discharged - 12/2006
                  Officially Declared No Asset - 03/2007
                  Closed - 04/2007

                  I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                  Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                  Comment

                    #10
                    Originally posted by djk
                    you have over 70 grand of cc debt that is close to 7 years old and no judgements (except the trailer)? is all of this debt original creditor? the landlord told you that you have to buy or move, but gives you 1 year to make the purchase? cat, could you give us some details?
                    Yes, but the original amount "borrowed" is probably $30,000, the $70,000 is after the junk debt collector companies purchased the accounts. The original credit card companies have already written them off. The last payment on most of them was March 2000 some 2001. So, 6 years in our state makes it March 2007 for statute of limitations.
                    As for the landlord - it is my BROTHER!!! He either wants the house sold or we need to commit to buying it. He stands to gain significantly from it either way because of the incredible increase in values of homes where we live. To answer your question, it appears that all of the credit card debt has been written off by the original credit card company and it is people like NCO Financial and other debt collectors that now hold the "ticket".

                    Comment

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