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    How long before I’m sued?

    I’m preparing to file chapter13. I already have atleast 2 junk debt collectors calling me, cavalry portfolio services and capital management services. I’m 120 days delinquent on a lot of my other debts. I have a 28000 loan with a bank that is 120 days late.

    Im trying to save some money for chapter 13 and put a little in savings for emergencies. I’m wondering how long it wil take before they start suing me. Also, if they do sue, how much time will I have after that?

    #2
    There's no way to tell as each creditor looks at each individual to determine the chances of successfully collecting. While there are some creditors, such as Best Buy's Bass and Associates or Discover Financial Services, it usually takes at least 6 months from the last payment to be sued. At least that is what I can say anecdotally. In the meantime, do not tell any creditor that you "may" or "will' file for bankruptcy, as this will just motivate many of them to "run to the courthouse steps" to get a judgement lien on all your property. (Again, whether they act quickly or not is too fact specific... meaning that it's too much about the individual.)

    If you're going to file in the next 30-60 days, stop paying everything that will be included in the Chapter 13... including a mortgage. if you are renting, do not stop paying that, unless you're trying to break a lease. (Breaking a lease on a rental can become problematic trying to get a new rental, when the Chapter 13 bankruptcy will likely cause most landlords to shy away from renting or leasing a unit to you.)

    Other than that, even if they sued you today, it will be at least 30 days before a judgement.

    Talk to 3-5 Chapter 13 attorneys. Some will let you file with as little as $1,000 for them and the $375 filing fee (I don't know what the filing fee is, just a guess). The attorney will then put the other $2,500-$3,500 in the Chapter 13 plan and it will be paid from... your dipsosable monthly income (DMI)!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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      #3
      You can't take my word as gospel, but Calvary and Capitol Management took months to sue us. I agree do not say you are thinking about bankruptcy. I didn't answer the phone, unplugged the land line and turned off the ringer on my cell.

      I agree see some attorneys. I think we only paid around $1,000 up front on payments and the rest of the fee was placed into the bankruptcy plan.

      My husband and I dragged our feet to file bankruptcy and we were both sued, but the attorney gave me advice on how to get more time, we never got past a pretrial. The 30 days that justbroke mentioned at least in the court we went to, was 30 days to reply to the the court then they set a court date and we went in and then we asked for more time to decide what we were going to do and the creditor gave us info to call and see if we could pay the debt off for less. The attorneys for the creditors were surprisingly nice and sympathetic (trying to get us to pay something vs nothing I guess). I am NOT recommending to drag it out. I say go see Bankruptcy attorneys, find on with a lot of experience in the county you would file and see if it's a good option in your situation and if it is file sooner rather than later.

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        #4
        I am hoping to hold off filing until July or August. Do you think I should stop paying my mortgage now? That’s a little scary, but I would definitely be able to save some money that way. It scares me not to have a safety net for 5 years.

        i believe I did tell cavalry that I was thinking about filing for bankruptcy, but I had not gotten an attorney yet. I had to send them a letter because they were calling me at work and asking to speak to my supervisor. I ended up having to tell my team leader about the situation.

        Comment


          #5
          I never stopped paying my car loans or mortgage before we filed, but stopped all credit cards. An attorney would be the best one to ask.

          If you can pay the mortgage my gut feeling is to keep doing it and justbroke mentioned 30-60 days prior to filing so if you are talking July or August that is LONGER than 30 to 60 days

          Go see some attorneys and find someone who has experience. Don't go with the first attorney see a few and then pick the one that is the best in your opinion.

          I totally understand about not having a safety net. We made it through one year so far and are just starting to save. But then we hadn't had a safety net for years because the credit cards were our "safety net" and that wasn't very safe at all.

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            #6
            Thanks guys for all of the information!

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