How much it cost credit card companies (the lawyers) to file suit? When the cc companies issue the 1099 (if they settle) I thought they get a 35% tax break or something like that I read? Wouldn't it be in their best interest to take a settlement rather than some one filing BK? Isn't something better than nothing?
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$235 to file in a california court. A lot of the major CC companies have attorneys on staff. see it's all part of the game. jack up you interest rate, charge extra fees etc. until you owe double what you owed when you stopped paying. Then they offer you 50 % to settle.in the end they win because they write off all their costs, against their earnings (profit/Loss). They dont care about you. your just another name in a sea of defaulters. best to plan your BK and file, and be done with it.Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7 -
Most major corporations have inhouse General Counsel with a team of lawyers who can practice in all states or they obtain outside counsel in states in which they need representation. The General Counsel and attorney team are on the payroll so all that is involved are the fees to file. You will be pursued as to what you owe until you either pay, have a judgment filed against you, settle or file BK including that creditor in your filing. Uncollectable debt is written off by the creditor but we all must know that all the dumped debt just increases taxes, fees and costs of things for us all._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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