Originally posted by drestless
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A rock in a hard place!!! Need advice!!!
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Originally posted by SMinGA View PostBy 'forced' I don't mean that anything will happen overnight. As someone else explained, there are procedures that take time. If you get a notice of a lawsuit you'll have 30-60 days (possibly more) to file. In the meantime, you can meet with a few attorneys to decide who to hire and from there decide how its best for you & your family to proceed.
How long to get served? Very unlikely to happen before 3-6 months of nonpayment. Other than that it is impossible to say as there really does not seem to be a predictable pattern. Some people never get served.
As to withdrawing cash to hide - there is no need to hide things. Trying to do so could cause more harm than good. As I've mentioned in this thread multiple times: your assets really are not in danger. People file ch. 13 because it allows them to save/keep assets. Trying to hide things, especially when you don't need to, could just make a trustee look deeper and could result in fraud allegations.
Atty fees for a ch. 13 will (at best guess) be in the $3000-7500 range. Some require it all upfront, others require some upfront and put some into the plan. It varies from district to district, and of course complicated cases may be in the higher range. A competent atty will anticipate putting more work/time into a complicated case than a basic one so should charge accordingly. If you choose an attorney simply based on price, you may regret it!
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Originally posted by JEM View PostSo far, interest accruing and late fees in the range of $39. We have quite a bit of unsecured debt though, probably nearing the $100K mark when fees are all said and done at the end. Even IF we got pushed into a Ch13, we'd never be anywhere close to a 100% payback, so I'm not too worried about it.
We stopped paying in December, so I'm nervous because we're getting to a critical area. We live in a no garnish state, but I worry about bank accounts though.
What cards did you stop paying since December and how much debt? I would like to have an idea when they might do something with mine if we similar cards... Thanks.
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Originally posted by blockhead View PostWell my balances were high but I got served after 5 mths with Amex (25K) and 6 mths with Citi (48K)
Did you file BK already? What chapter? What's the current progress on it? Thanks.
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Originally posted by pepperoncini View PostI stopped paying Chase in July 2009. They've charged off but I haven't been served yet. Total between two accts is $16K. We're planning our BK13 right now.
Looks like Chase is pretty slow on pursuing on your case.
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In my opinion 'charged off' is primarily an accounting reference for the creditor. At some point they have to admit to low likelihood of the account returning to paid as agreed. They must move the account from their 'accounts receivable' detail to 'bad debt'. Generally, 3-6 months of nonpayment.
It does not change the fact that you still owe the debt - but at that point they normally stop charging late fees (interest likely still accrues) and the account may move from inhouse collections to be handled by 3rd party collection agencies. Some creditors also sell the accounts at this point, meaning you would owe the debt to the new owner.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)
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Originally posted by drestless View PostI assume it's around $39.00 each card per month. Yeah with my unsecured debt and disposable income if I stop credit card payment, I may end up with 100% payback....
What cards did you stop paying since December and how much debt? I would like to have an idea when they might do something with mine if we similar cards... Thanks.
We stopped paying some in Nov. Discover and the store cards were paid in Dec. Nothing after that.
So far--crossing fingers--knocking on wood--and praying---it's only been a lot of phone calls and a lot of nasty grams in the mail.
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Originally posted by SMinGA View PostIn my opinion 'charged off' is primarily an accounting reference for the creditor. At some point they have to admit to low likelihood of the account returning to paid as agreed. They must move the account from their 'accounts receivable' detail to 'bad debt'. Generally, 3-6 months of nonpayment.
It does not change the fact that you still owe the debt - but at that point they normally stop charging late fees (interest likely still accrues) and the account may move from inhouse collections to be handled by 3rd party collection agencies. Some creditors also sell the accounts at this point, meaning you would owe the debt to the new owner.
Yes, everything I've read says that "charge off" is just the action of the creditor taking it off their books so to speak.
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Originally posted by drestless View PostThis is a good insight for my Citi card though my balance is only $2,500 on this one.
Did you file BK already? What chapter? What's the current progress on it? Thanks.
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We stopped making payments on credit cards July/August of 2009. We pretty much had all the usual cards -- Chase, Discover, Citi, etc. Last month (April 2010) we received our first summons from GE Money Bank for a care credit card. It was not our biggest balance, right around 3K. We're planning to file chapter 7 later this month or early June. We needed to wait as long as we could for my husbands OT to fall off the 6 month look-back on income, so we'd be under median on chapter 7, and we just made it!
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Originally posted by SMinGA View PostIn my opinion 'charged off' is primarily an accounting reference for the creditor. At some point they have to admit to low likelihood of the account returning to paid as agreed. They must move the account from their 'accounts receivable' detail to 'bad debt'. Generally, 3-6 months of nonpayment.
It does not change the fact that you still owe the debt - but at that point they normally stop charging late fees (interest likely still accrues) and the account may move from inhouse collections to be handled by 3rd party collection agencies. Some creditors also sell the accounts at this point, meaning you would owe the debt to the new owner.
Originally posted by JEM View PostYes, everything I've read says that "charge off" is just the action of the creditor taking it off their books so to speak.
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Originally posted by JEM View PostSadly, I think we have them all. Chase, Discover, Citi, Amex and a few store cards...Sears, JCP and Target.
We stopped paying some in Nov. Discover and the store cards were paid in Dec. Nothing after that.
So far--crossing fingers--knocking on wood--and praying---it's only been a lot of phone calls and a lot of nasty grams in the mail.
That true. Did you receive any letter stating the the account is being charged off? Did it indicate which agency bought your loan and will be the collector? Thanks.
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Originally posted by dancersmom22 View PostWe stopped making payments on credit cards July/August of 2009. We pretty much had all the usual cards -- Chase, Discover, Citi, etc. Last month (April 2010) we received our first summons from GE Money Bank for a care credit card. It was not our biggest balance, right around 3K. We're planning to file chapter 7 later this month or early June. We needed to wait as long as we could for my husbands OT to fall off the 6 month look-back on income, so we'd be under median on chapter 7, and we just made it!
How can I determin if I can be in the median? What online calculator did you use? Let's say the remaining balance on a car and house have more value than what you owe and submit a Chapter 7 file, will you lose your house and cars eventhough you continue paying them?
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