My ship is starting to sink - Plan b ?

[paradiddle]

Time to implement Plan B.

I have approx 63k in BOA cc debt in my name. My wife is ok and pays hers every month. We have always had seperate BOA bank and cc accounts except savings is shared. The only other debt we have is 1st and 2nd on house. We have applied for renog on rate with WAMU/Chase We have 6% on 1st and variable on 2nd (3-4% currently). We are upside down approx $50k.

I went to a BK lawyer about 9 months ago to prep for plan b. He didn't think BK was the way to go at the time as I told him about possible insurance settlement $$$. Now I have my doubts about the case. I have run out of $$$ to pay the CC bills.

It seems silly to pay 1 or may be 2 CC if they are with same bank. I could get into a plan with them but in the end I may have to bail anyway. So why not bail now? plan b........

Should I talk to the CC or blow them off?

I am going to open another bank account to put my $$$ in so that BOA won't just pull $$$ out.

[JRScott]

You certainly need to move your accounts to a bank where you have no debt. If your wife has been an authorized user on these accounts it might be a good idea to move her accounts as well especially if she's ever paid for one of your cards with her account.

Stop paying the CC after moving your money. Take care of your necessities

[paradiddle]

You certainly need to move your accounts to a bank where you have no debt. If your wife has been an authorized user on these accounts it might be a good idea to move her accounts as well especially if she's ever paid for one of your cards with her account.

Stop paying the CC after moving your money. Take care of your necessities

She hasn't been authorized user on any CC I had or vice versa. She has never paid for me etc.

I guess the plan would be for me to get off the shared savings, put minimal amount in my chk acct. and open an account at a new bank.

down the road I should plan for a BK for that CC debt and mortgage. I would think I would end up in a chap. 13 repay.

Time to go back to the BK atty also.

I should also mention we have no plans on moving and can afford the house without the CC debt.

[DeadManCrawling]

Florida is a very unique state in BK.

I would encourage you to read up on the homestead exemption (unlimited), the ability to evade creditors legally by funding the homestead, and protecting virtually anything as long as it is titled by Tenancy By The Entireties.

Each of these is an intricate matter, but with some planning, makes Florida perhaps the friendliest debtor state in the nation.

Consult an attorney before you spend another dollar on unsecured debt. You may be throwing money away.

I know. I did throw money away that could have been saved.

Best luck,

-dmc

[paradiddle]

Cccs

Can anypone reccommend a consumer credit counseling to intervene?


Is this the best route at the moment to get a dialogue going?

[frogger]

Can anypone reccommend a consumer credit counseling to intervene?


Is this the best route at the moment to get a dialogue going?

Listen to what dmc is saying in the post above yours. That's the best advice you're to get.

[paradiddle]

Ok, Ok - I guess I always want to solve my own problems but I might end up messing it up worse.

I made another appointment with a new lawyer for next week. He has great Internet reviews. Is also sending me a 23 page questionnaire via e-mail so that he can review. He sounds thorough. ( I am in a new location)

I will update with his review.

**********************

PLAN A

My previous lawyer had advised me last year. I was looking at recieving a settlement (that now looks very shaky). He didn't believe I was a Chap 7 candidate but may be 13 if down the road I had problems. He told about about Tenancy and that I always should put all vehicles in both names so that they can't be taken if only one goes bankrupt. He also said it may not be possible to convert the vehicles at this point because it could be viewed as fraud unless I had 9 months or more up front time. (should have done it last year). But he also said you can sell for a fair value even up to BK but who knows that you may be a degenerate gambler and spent all the $$$ in Vegas. No one can track that. In other words take the cash and don't put it in the bank.

He had advised for me to stop paying CC to force them to be open to settlement ( if I was to recieve a lump sum settlement ). They would take 30% all day long if you had the cash. I guess I would be open to a 1099 on that but it would still save a ton. Especially if I got no or little negatives on the credit report.

But that was plan a............

What happens now? What are my options?

That settlement looms and I don't want lose it in BK if it does come. ( waiting to go to court ).

Does any know what BOA does now a days in the phases of not paying?

Maybe I still avoid for 3- 6 months so I just get late pays on Credit report to see what happens.