We are still trying to decide if BK is the best thing in our situation. We have been to 2 attorney's and they both say YES, CH 7. But we really were trying to avoid filing. Had hopes of DH getting a better paying job. The last we used our credit cards was Nov. 2001. At that time DH was out of work for a little over a year. (lost his job in June, but we continued to pay until it was just too much of a burden(Nov)). He did work some, but nothing was permanent. So, during that time we couldn't afford any payments on the cards after Nov. Also at that time the cards were only about $8000. They ALL charged them off then the following June-August. DH just did get a job then that July, (2002). But the pay was less than his old job, and by this point the cards, (due to fees and interest), were up to $13000. And the interest rates up from mid teens to almost 30. We just could not afford to start repayment at what each of the collection agencies wanted. Only one of them has sued so far. Back in 2003, I think. Anyway, my husband really wants to buy a house, and I say we are still not ready, regardless of our old debt. So I told him to go talk to a Mortgage broker and that would prove which of us was right. Well, I didn't want our credit pulled because I have no intention of buying a house right now. But we were very honest and told the man EVERYTHING. He said that with the judgement, no way, but since that is mine, he suggested my DH buy by himself. Then he said that as long as we get new credit and pay good for 6 months to a year, he could get us financing. And he said DO NOT FILE BK. He said if we were going through all that right now, he would agree that we should. But he said the debt is old and they won't care.
I am REALLY afraid to trust that advice. I am afraid that we still might get sued in the future for some if not all of the rest of these. I am worried about wage garnishment, or bank account garnishment. My DH is too. But he wants me to consider the Mortgage Brokers advice. The mortgage broker thinks that since they haven't sued yet, they won't. I don't trust that.
So, what do you think? Just because the debts are old.... does that mean we should just live with the constant collections calls and letters? Is it true that they are not likely to sue since they haven't yet?
Thanks if anyone has any facts to offer or advice from experience.... Or if you are in collections and know how this works, etc...
Thanks.
I am REALLY afraid to trust that advice. I am afraid that we still might get sued in the future for some if not all of the rest of these. I am worried about wage garnishment, or bank account garnishment. My DH is too. But he wants me to consider the Mortgage Brokers advice. The mortgage broker thinks that since they haven't sued yet, they won't. I don't trust that.
So, what do you think? Just because the debts are old.... does that mean we should just live with the constant collections calls and letters? Is it true that they are not likely to sue since they haven't yet?
Thanks if anyone has any facts to offer or advice from experience.... Or if you are in collections and know how this works, etc...
Thanks.
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