Scared to death,what have I done??

[jscheit@charter]

I am so glad to have found this forum. Here is my story.
I have had cc's for 18 years.no troubles or problems. In the last 1.5 years, slowly but surely, my life has spiraled out of control. What I once had no trouble paying, seemed to jump overnight. I had always pd double or triple the min payments, but had to start paying only the min's. I then noticed my per rates skyrocket. I thought I would try a little gambling online to help pay my cards off.......well I used my cards to fund the gambling, and they doubled. I have 17 cc's, all maxed out......I owe over 130,000.00 in cc debt.
I do not have a problem with gambling, just made some really stupid decisions. I already had way to much debt to pay off before the years worth of gambling. Anyway, I am 42 yrs old, been married for 18 yrs. The debt is mine, and my Husband is pissed, but we will be ok. I thought I could have my Dad, co-sign a loan for me...so I could pay off bills. My dad, (being the wonderful man that he is)......said he would, so I went to the bank. The bank loan officer told me no way.....you have way to much debt, and will never ever be able to climb out without filing for BK. Out of that 130,000.00 debt 35,000.00 of it is in a "Debt Management" Program.....which I must pay 850.00 mnthly...plus all of the other bills. Cannot do it any longer. I am going to stop paying the Debt management co. and my husband told me to stop paying the credit cards..because we do not have any money to live on. I am seeking a lawyer in Eau Claire, Wisconsin.........and am going to try a Chapter 7. I do have a good job......just could never make aenough money to pay this off. Thank you for your support, all of you.......and Merry Christmas

[miss puff]

Hi and welcome jscheit- You have already started the process by meeting with an attorney. Usually they give free 1/2 hour to hour consults. Do you know where you fall on the means test? From what I have read on the board from past filers that have filed over 100g's, they might extend your case a bit or investigate your accounts or something like that. Good luck

[SinkingFast]

Welcome to the Forum, Jscheit.

You've made a good first step. Contacting an attny.

I'd suggest you schedule at least a couple more appts as well. Talk with several attnys to get different perspectives. Also, gives you an opportunity to find the person you'll be most comfortable working with.

Post anytime you want or need to chat or vent. We're all here for you.

[CindyLou]

Your husbsnd is right. Do not pay another penny to your cc or debt management. Us that money to live. You will feel great relief. Keep us posted.

[CATCHMEIFYOUCAN]

jscheit@charter

Scared to death,what have I done??
--------------------------------------------------------------------------
I am so glad to have found this forum. Here is my story.
I have had cc's for 18 years.no troubles or problems. In the last 1.5 years, slowly but surely, my life has spiraled out of control. What I once had no trouble paying, seemed to jump overnight. I had always pd double or triple the min payments, but had to start paying only the min's. I then noticed my per rates skyrocket. I thought I would try a little gambling online to help pay my cards off.......well I used my cards to fund the gambling, and they doubled. I have 17 cc's, all maxed out......I owe over 130,000.00 in cc debt.
I do not have a problem with gambling, just made some really stupid decisions. I already had way to much debt to pay off before the years worth of gambling. Anyway, I am 42 yrs old, been married for 18 yrs. The debt is mine, and my Husband is pissed, but we will be ok. I thought I could have my Dad, co-sign a loan for me...so I could pay off bills. My dad, (being the wonderful man that he is)......said he would, so I went to the bank. The bank loan officer told me no way.....you have way to much debt, and will never ever be able to climb out without filing for BK. Out of that 130,000.00 debt 35,000.00 of it is in a "Debt Management" Program.....which I must pay 850.00 mnthly...plus all of the other bills. Cannot do it any longer. I am going to stop paying the Debt management co. and my husband told me to stop paying the credit cards..because we do not have any money to live on. I am seeking a lawyer in Eau Claire, Wisconsin.........and am going to try a Chapter 7. I do have a good job......just could never make aenough money to pay this off. Thank you for your support, all of you.......and Merry Christmas

Is it too late to get that money out from under the Debt Mgmt Program? When I was a similiar program, they wanted about $1000 a month (I was able to bring it down to $800). They wanted the funds in a "separate," bank account, in which they would automatically deduct the funds when it was nice and ripe negotiate with the creditors. I never got pass the $3500 fee they wanted up front - I got smarter than them and filed Bk. So what I'm saying if you can get the funds out of that account DO SO before they take it! After all your filing Bk ???

Just a thought, Catchmeifyoucan

[SinkingFast]

I think JS meant $35K of the total debt is with a DMP. Not that JS has paid $35K to the DMP. If that's the case, the only money with the DMP agency is payments paid by JS.

How did your Consult go, JS??!!

Let us know how you're doing.

[CATCHMEIFYOUCAN]

Hmmm if the DMPs got it than its GONE, unless they have hung onto without disbursing the money to the creditor(s) than maybe the Trustee can go after it!

Catchmeifyoucan

[jscheit@charter]

Hi you guys, and ty for your input. I actually did not meet with an attorney yet.i ended up having to work, and had to cancel my appt. I am hoping to see him tomorrow. I have 35,000.00 worth of credit card bills at a debt management agency, and no, I am sure i will never get my money back. I just simply cant afford to pay 850.00 mnthly, plus all of my other credit cards. I am so worried.....I am sick to my stomach that I have gotten us into this black hole. I will let you know how the meeting with attorney goes. I dont care about anything, except my home, and my hubby business.......they can have everything else. Again, thanks.

[CATCHMEIFYOUCAN]

Oh, well I think what your saying is the DMP was going to take care of 35g's worth of cc debt at $850 a month. I'm to assume you already paid them some money and it is long gone in their pockets and I guess whatever percentage disbursed among the creditors. Do they take automatic deductions from you bank account? Hope not, if so cut em' off. The DMP I was in wanted $3500 up front than $1000 each month to be put in a separate bank account which they would dip into when they were ready to negotiate with the creditor. I got so far as $500 and than told them, I'm filing for Bk instead, they tried to talk me out of it saying what a huge mistake I was making blah blah blah. Well, we'll see come January 8th than I'm going to shoot that representative and email and tell how WRONG they were.

Crossing my fingers, Catchmeifyoucan

GOOD LUCK !

[avega]

Good thing you got lucky with an honest and ethical loan officer who told you no!! There are many ways around that, and I think that is a huge reason why people end up in these situations.. Imagine if all that unsecured debt was paid in a refi on your homes equity...