What do I say to cc when waiting out 90 days to file

[GoingDown]

If you're only 90 days from filing bk, then you really don't have to worry about them filing a lawsuit against you before you file bk. With only one small exception (a tiny Capital One MasterCard with a $600 balance!), I have only been sued once. The rest of my credit cards have never bothered to sue me and I have gone years without making a single payment to them. None of them even call me anymore.

[ready2puke]

I have a few large cc balances. One is about 10 months old, the other two are 4 months old. They are all bal. trans. One attorney told me since they were to pay old debt I didnt need to wait the 90 days. I fired him...but I think I've lost 200. Another attorney told me to wait at least 6 months and try to make min. pymts. Which Im trying to do on the two newest. Not sure if I can since they are large mins. Now this new attorney which Bill told me about. Havent seen him yet, I will tomorrow, but he said the ccs can still object even after 6 months. Which really sucks, because those 3 are the reason Im even filling...
What Im wondering here...they are all bal trans.and if the cc's object to fraud can the Trustee just go back to the cc that they got the transfer from.and collect the money from them? That debt would of been a year old. I've been playing the Bal trans game for a while. Which looked good at first but I dont recommend doing that to anyone...it doesnt work.

[GoingDown]

There are some interesting things to consider about the waiting period based on what you have done. In my case <cough> I did one stupid thing, OK two stupid things but one I didn't know what stupid at the time. And a few other things that are less than stellar.

For the most part I think we all know the general rules for waiting to file after charges were made, cash advances etc.

But lets talk about the real down and dirty stuff. The stuff that you just know is waiting to get objected too.

In my case, I have a few potential problems. I was a small business owner and in trying to save my butt got a couple more cards to move funds around and get more cash. On one card a BoA Visa I had about $9K available and in a moment (OK a month or so) of being pissed at BoA (even after I talked with a BK attorney) I maxed out the card and ended up not in a position to make any payments. Now this just screams objection!!

On another card, I got it was only 3 months old and never used and I used a convince check to pay my taxes in October for 07 to the tune of about $8K. (OK I didn't know that paying your taxes was not dischargeable at that time). And then I went and got a line of credit at the local credit union and used about 2/3 of it and then advanced and left money in the account to make the payments for a period of time. I actually never made a payment, I used the advanced funds to auto withdraw until they ran out. Thats about $9K.

Then I had a couple other cards made some rather large purchases of goods and then never made another payment.

Now in all honesty, I had intended to make payments for 90-120 days on those accounts by moving money around and waiting for a settlement. Well the settlement came but was a fraction of what I was expecting. Ut oh!, then I really did get sick for almost 6 weeks with bronchitis twice. At this point I just said screw it and no I had racked up some medical bills.

Now, I knew if I waited 90 days to file I was sure I was going to get an objection by someone if not a couple creditors, they are all big CC's, Citi, Chase, BoA x2, Amex x2, the list goes on. Totals no including mortgages about $80K and total in indebtedness in around $350K.

So now the plan (if you can call it a plan). I have no assets, no income and due to an injury I am applying to get on SSDI, and just cashed out my state retirement due to a disability. So, I am pretty judgment proof.

So back to the plan, my hope is, the CC's will sell the debts (they are all being charged off this month and next). Once the debts start getting sold around the paper trail starts to get lost. They don't know what you charged or why. They only deal with the totals. At this point I am not really wanting to DV anymore debts. I don't want ABC collections to pull the list of charges and then realize they might not be dischargeable. My hope is to drag this out for about another 6-9 months. In December it will be almost a year of no payments to most creditors. If the accounts get sold then I hope we can break that chain of custody of the records. If I file BK and none of the accounts are with the OC I stand a very good chance that none of them will file an objection to a discharge. Even if an OC gets a judgment, the possibility they will object goes way down.

I figure at worst I might end up with one or two that might object, but if I am on or applying for SSDI they wont ever be able to collect. So from that stand point it puts me back in the drivers seat to settle. If they object I say I am disabled, you can get a judgment, or get it as non-dischargeable but you still wont collect. So how about we settle for $xxx.xx and we are done.

I realize this wont apply to many people, but the point is, time is your friend if you have some things that might be problematic in BK due to your (my stupidity in this case).

That's actually very clever. I'm doing a few similar things myself. It's why I have been waiting for so long to file BK. The more my debts get sold off to junk debt buyers, the less likely anyone will be able to successfully object to my bk discharge because they won't have any documents to substantiate anything.

And the part about not Disputing the Validity is very clever. All that most junk debt buyers get is a short stream of info about each account. They have no idea that you made huge balance transfers or huge cash advances, etc. And if you don't dispute the validity, they don't bother to get that info from the original creditor. At first I was disputing the validity with each new collection agency and junk debt buyer, but not anymore. I just send them a cease and desist communication letter, and they stop calling me, and that's all I care about anyways. I also tell them I'm judgment proof, and so they don't bother suing me. I just need a two more creditors to sell off my debts to new junk debt buyers, and I'm all set to file BK. It has been years since either of them has received any payments from me, so I think they are about to sell them off to junk debt buyers soon.

[treehugger1]

Reasonable plan, however, CrapitalOne sent me to a CA, then after I DV'd and sent C&D they sent to a local attorney. I have no choice but to DV this, but I suspect a lawsuit is on the horizon. No big deal as all they can get is 25% of disposable income which I currently can afford, but they might have to wait in line for that. I still have not filed, but "working things out," is not on all my creditors' radars. It could be that once I retire and am well below the median income, a BK 7 might be in the future. In the meantime, all one can do is use their best logic.

I agree that after a while, a DV is probably not helpful. A cease-and-desist communication letter always seems to be in my best interest. "do whatever you intend to do, just don't call me."

The news article (posted on this board) about "older" Americans filing for BK after they retire and are older does not even come close to what I suspect will really occur in the next 5 - 15 years. Many folks will retire in the next few years with pensions/IRA withdrawls that are less than 50% of their post-retirement salary. Why on earth would one to carry all their debt to the grave? Why not be debt-free your last years and enjoy life? One probably paid off their CC's many times over given the intertest rates during their lifetimes.

[ready2puke]

Looks like Im gonna have to get a thicker skin and soon !!!!!

[No Gravy]

So now the plan (if you can call it a plan). I have no assets, no income and due to an injury I am applying to get on SSDI, and just cashed out my state retirement due to a disability. So, I am pretty judgment proof.

So back to the plan, my hope is, the CC's will sell the debts (they are all being charged off this month and next). Once the debts start getting sold around the paper trail starts to get lost. They don't know what you charged or why. They only deal with the totals. At this point I am not really wanting to DV anymore debts. I don't want ABC collections to pull the list of charges and then realize they might not be dischargeable. My hope is to drag this out for about another 6-9 months. In December it will be almost a year of no payments to most creditors. If the accounts get sold then I hope we can break that chain of custody of the records. If I file BK and none of the accounts are with the OC I stand a very good chance that none of them will file an objection to a discharge. Even if an OC gets a judgment, the possibility they will object goes way down.

That seems like an amazingly well-thought out plan (yes, I'd call it a plan!).

I figure at worst I might end up with one or two that might object, but if I am on or applying for SSDI they wont ever be able to collect. So from that stand point it puts me back in the drivers seat to settle. If they object I say I am disabled, you can get a judgment, or get it as non-dischargeable but you still wont collect. So how about we settle for $xxx.xx and we are done.

I realize this wont apply to many people, but the point is, time is your friend if you have some things that might be problematic in BK due to your (my stupidity in this case).

I'm not trying to 'blow sunshine up your skirt" (not that you wear a skirt! lol), but quite often sh*t happens, and we do the best we can under the circumstances.

I've seen quite a few posters in here who are waiting to file, and I've always wondered why. I know that each case and set of circumstances is different, I've just wondered if there was a strategy that I might not know of, that might benefit me in my situation. Glad you shared your reasonings here.

[No Gravy]

A cease-and-desist communication letter always seems to be in my best interest. "do whatever you intend to do, just don't call me."

I am of the same mindset. Currently I have no income that could be attached, my house is in foreclosure and I'm upside down 100k+ in the mortgage, and my car is a 93 SUV, which I paid $2,500 for in 2005, and no assets even close to allowable limits.

Many folks will retire in the next few years with pensions/IRA withdrawls that are less than 50% of their post-retirement salary. Why on earth would one to carry all their debt to the grave? Why not be debt-free your last years and enjoy life? One probably paid off their CC's many times over given the intertest rates during their lifetimes.

100% in agreement with this.

[treehugger1]

LOL, I'll repost here in a few weeks as I just DV'd my first collection account now in the hands of a legal firm. Although, I did take the time to google the legal firm and discover that they have a couple of lawsuits pending against them in federal court and a couple fo suits pending in upper Oregon courts. I noted the name of the attorney who is suing this collection lawfirm just in case they "get out of hand."

I have no idea what I'm doing, but I'm doing something.