How long after stopping CC payments before they take action?

[SMinGA]

Filing against you just because you're going to file bankruptcy? Its counter-productive. From the time they file - it would probably take at least 2-3 months before they could get a judgment and collect a dime from you thru a garnishment or bank levy. And when you file BK - it stops them in their tracks. Any money they have paid (filing fees, atty costs, etc.) is lost. These are businesses we are talking about - they know how to assess risk and don't like tossing money out the window.

I'd even go so far as to tell them WHY you're behind. Its a simple math equation right - income dropped. Expenses increased. Show that you don't have anything worth going after.

Since you're not even 3-6 months past due right now, the odds of anything happening against you is pretty negligible at the moment. Worst case scenario: if they file against you, use your time wisely. There will be a date for you to answer, probably within 30 days, at the last possible minute, file an answer. That should get a court hearing scheduled out 3-6 weeks later. (If you file an answer right away, the court hearing would probably happen sooner.) That alone should buy you ~2 to 2 1/2 months.

You think it's okay to let them know bankruptcy is in the future? Don't want them to rush us into having to file sooner. We just can't possibly do it before that date. If we do, we stand a good chance of being forced into a 13, and I don't want to miss a 7 by just a matter of a couple of months. If paying those two payments now guarantees we aren't forced to file sooner, it's worth it in the long run. Of course, don't want to be throwing money out the window either. It's about $2000 and certainly don't have it to blow right now.

[ssmdem]

No direct experience - but have heard that the smaller balances are often more likely to file suit. Something about how its less expensive to file small claims?

I can understand wanting to keep those calls going to family & friends. It probably would not hurt to occasionally talk to them and just say you'll ultimately be filing bankruptcy. My standard: I'm x months behind on my mortgage, first priorities are putting food on the table and keeping a roof over my head. No one EVER has tried to collect after that. They generally apologize!

That lets them know 2 things: there is no money to be had from you, and nothing to be gained by way of property. (Filing against you costs money, they're only likely to do that if they think it will benefit them in the form of payment or attaching to property. But with how most are upside down these days - the latter is not a great gamble anymore.)

You think it's okay to let them know bankruptcy is in the future? Don't want them to rush us into having to file sooner. We just can't possibly do it before that date. If we do, we stand a good chance of being forced into a 13, and I don't want to miss a 7 by just a matter of a couple of months. If paying those two payments now guarantees we aren't forced to file sooner, it's worth it in the long run. Of course, don't want to be throwing money out the window either. It's about $2000 and certainly don't have it to blow right now.

[SMinGA]

No direct experience - but have heard that the smaller balances are often more likely to file suit. Something about how its less expensive to file small claims?

I can understand wanting to keep those calls from going to family & friends. It probably would not hurt to occasionally talk to them and just say you're trying to work things out, but may ultimately have to file bankruptcy. My standard: I'm x months behind on my mortgage, first priorities are putting food on the table and keeping a roof over my head. No one EVER has tried to collect after that. They generally apologize!

That lets them know 2 things: there is no money to be had from you, and nothing to be gained by way of property. (Filing against you costs money, they're only likely to do that if they think it will benefit them in the form of payment or attaching to property. But with how most are upside down these days - the latter is not a great gamble anymore.)

Nothing wrong with making it obvious: there is nothing to be gained from you...

[ssmdem]

So, do you think I'm safe? My last payment was May 10th. Our filing date is December 8th, as that is the absolute earliest we can file. Can I ride this out? Or should I bring the payments current again right now - right now I only owe two payments on each and a $39 late fee on both. Both accounts still have the original interest rates on them at the moment and haven't been jacked up.

[blockhead]

Yep, in my case I got sued by Citi for 50K 6 mths after non payment. I own a property - so I guess they figured they could get a lien on it. All it did was force me into filing. What they will do in your case, who knows. There are people who have never been sued with high balances and people who have been sued for a few thousand. If you get a letter from a law firm in your home state, that's usually the prelude for them to sue, if they do anything that is.

[ssmdem]

My last payment to either card was in May. I have a $27k balance with Chase and a $25K balance with Citibank.

Citibank calls pretty much about 8-10 times a day. Sometimes we answer, sometimes we don't. So far, they've been polite with no issues.

Chase hasn't called in almost 3 weeks. That makes me nervous - though when I look online, the account still shows open and active - just with no available balance. So, I'm guessing it hasn't been charged off yet ????

We hoped to file bankrupcty in August or September, but now it's going to be December -- which is a definite. Can we make it until December without getting sued? Even better, can we make it until December without them selling it to a collection agency?

My attorney actually told me yesterday to quit answering the calls. Even suggested changing my number. Said it's not going to make a difference one way or the other. However, I don't want them to start bothering friends and family. I don't mind answering occasionally - not a big deal - hoping by getting a response from me occasionally that they will let it slide longer - who knows. I just use my standard line - lost job, trying to keep mortgage paid, and until that's current will not be able to pay anything towards credit cards.

So anyone have an experience with either of these two companies or these balances?