New here with questions!

[CCsSuck]

Here is a copy of the FL fact information sheet that you could be required to complete:

I was thinking about this, and the part where it asks if you've given, sold, loaned, or transfered any real or personal property worth more than $100 in the last year, would this include cash or just large things like cars or property and whatnot? And I'm kind of wondering why they'd ask this -- I was under the impression that only a BK trustee could sue to get transfers returned, can a judgment holder sue to get things you may have given away back? Thanks.

[CCsSuck]

The way I understand it, remember, I'm not an attorney, is if you don't send it in then the creditor files a motion to compel. You'll have x amount of time to comply, or appear in court and explain why you shouldn't be held in contempt. If you still ignore, then the judge issues a writ of bodily attachment at which point you sit in jail until you fill out the forms.

I'm just surprised I haven't seen this mentioned before... I mean, it makes perfect sense, but I can't imagine that everyone facing a judgment would be in a rush to tell their creditors, under oath, where to look, lol.

[SunshineGal]

The way I understand it, remember, I'm not an attorney, is if you don't send it in then the creditor files a motion to compel. You'll have x amount of time to comply, or appear in court and explain why you shouldn't be held in contempt. If you still ignore, then the judge issues a writ of bodily attachment at which point you sit in jail until you fill out the forms.

[CCsSuck]

You can pretty much count on the fact it will be part of the wording on the final judgment and you'll have 45 days to return it.

ugh. do most people comply with these? I can't imagine they would if they blow off the entire process, but I'm sure it'd be contempt of court if you don't, which theoretically could lead to jail, no?

[SunshineGal]

You can pretty much count on the fact it will be part of the wording on the final judgment and you'll have 45 days to return it.

[CCsSuck]

Thanks, that was really helpful! How common is it to be forced to fill out the information sheet?

[SunshineGal]

I really don't think you have to worry. Now, if the car was free and clear? Maybe. Then again, your talking a few grand towards a $15,000 judgment so it's probably not even worth the time. This link will tell you the process for placing a lien against personal property.

http://sunbiz.org/jlien_how_to.html

Here is a copy of the FL fact information sheet that you could be required to complete:

http://www.clerk.leon.fl.us/sections/clerk_services/online_forms/general/fact_info.pdf

And finally, this page will tell you what is exempt from creditors.

http://library.findlaw.com/1998/Dec/1/126478.html

[CCsSuck]

Hi Mike,

The process for a creditor to take a car in FL is expensive, and the extra $200 in equity wouldn't be enough to cover expenses. Chances are your car will be safe. The only way a creditor could really go after your friend is if you transfered assets to harm that creditor. This gets beyond my knowledge, but chances are there is nothing to worry about there.

My guess is that once you quit paying BofA you will start getting pretty generous settlement offers.

Good luck and welcome to the forum!

SG

Hey thanks,

Yeah I realize its more or a less an irrational fear, but I'm concerned because I park outside and it is my only means of transportation. Thanks

[SunshineGal]

Hi Mike,

The process for a creditor to take a car in FL is expensive, and the extra $200 in equity wouldn't be enough to cover expenses. Chances are your car will be safe. The only way a creditor could really go after your friend is if you transfered assets to harm that creditor. This gets beyond my knowledge, but chances are there is nothing to worry about there.

My guess is that once you quit paying BofA you will start getting pretty generous settlement offers.

Good luck and welcome to the forum!

SG

[BKlooker]

Well said, stillstandin. You have already gotten some really great advice going here.

The one thing i would note is that if you are in dire straights, you need to just let your friends know about your situation and deal with the possibility that money will be taken back from them and redistributed. You may also be able to pay the trustee directly the difference. So for example, lets pretend you have a situation where you have a car to exempt and a home, and maybe 3K in cash, or a tax refund, or similar. When it comes time for BK, just be honest and tell the trustee what happened. They may ask you to pay them directly what you paid your friend, rather than taking it back from the friend directly.

It is indeed fraud to keep churning at credit cards if you are certain you will eventually BK. Stop paying them so you can save money to file if it's imminent, and get used to living on cash...cause guess what you will be doing AFTER BK??

At the end of the day, it's about your survival. Always remember that. If your friends are true friends, they will understand...how much money are you repaying exactly? If we are talking a small amount, it's likely to be a none-issue anyway. If I were you, I would seek a lawyer. Your case is complicated, and a local lawyer with ample experience would best guide you on how long you should wait to file and help you get all your ducks in a row first.

[CCsSuck]

Hi Mike, and welcome.
Seems like you have already gotten some fantastic advice and info. I wanted to respond though, b/c I read your post and was almost exactly in your predicament minus the mortgage--but I have huge student loans. I didn't find this forum until AFTER I'd filed unfortunately, but I also owed 30K in CC debt, and 15K of that was to B of A.No late payments ever and had a great credit score like many here before filing. Then the economy crashed and my small business took a big fat dive. I owed 12K to another company and they tried to work with me AFTER the filing. I gave my atty their letters and blew them off because that was my only option. Even with no late payments,with the 'credit overhaul' my rates all went up and that was the last straw for me.

I just made the very difficult decision to file and paid my last payments to the CC Co's, then within 5 days (I did time this pretty precisely) my atty sent them all notification letters. I never got one collection call. I know everyone's circumstances are different. For me, I couldn't get past the mental barrier that not paying my bills was acceptable, even in the dire straits that I was in, and I didn't want to give the CC Companies a license to report legitimate late payments, because I knew that I would have a hard time cleaning up my credit report post BK if I had done that. We all have different priorities depending on the circumstances but those were mine. In my case, it didn't pay to stop paying for 6 months, and I decided to cut off my creditor's heads off before they cut mine off, so to speak. Others may have benefited from that strategy depending on their assets and what they needed to secure in the end. I just didn't see any point in giving them legitimate access to add negative info to my CR's.

IMO, 15K is nothing to B of A in a BK case and they won't likely bother with you at all. My atty knew pretty much for sure that neither of my 2 largest CC companies would show at the 341 and they did not. Aside from your mortgage, which is not something I can comment on, and with all the info you gave, you should be able to get thru a Chapter 7 with not too many hassles at all providing you keep getting great advice from the people on this site. Best of luck to you. Good atty is key. Mine took all the weight off my shoulders starting the day I retained her.

Sure is nice to not be getting those 3 CC statements anymore. :-) Best of luck to you.

Thanks for the reply! I agree our circumstances sound pretty different, but there is some commonality there! Basically it boils down to this: If I do decide to go BK, I'd have to wait until mid '12, because of a loan I'm repaying a friend/family member/boss. Unfortunately, I can't go on this way, so I'm concerned on two fronts - 1) The year or so of collections/judgments that await. And 2) Making sure nothing I do now will affect the possibility of a future BK case. It's frustrating to say the least.

I'm not overly concerned about the 341, but I AM concernced about getting sued and the reprocussions prior to BK. 14k may not be much to BofA as far as BK is concerned, but I have no doubt they'll sue me after I stop paying. Sigh.

As for the house, with FL's homestead exemptions, that and my car should survive without a problem as long as they're current, which I sure hope they'll be!

Oh, and I get what you're saying about the personal responsibility part, and while in your case since you were able to pay them off, that was probably a great idea as far as your CR was concerned. Unfortunately, I'm not in that position, so as bad as this sounds, the banks got their bailouts in spite of their incredible greed -- this is my bailout. I didn't think it was a great idea to slash my limits, increase all of my rates by more than double, or shut down cards I was living off of, either -- that was all them.

[AngelinaCat]

Hi Mike:

Welcome to the forum. Since you have multiple questions, I moved your thread into the 'General Bankruptcy Talk' forum.

[tobee43]

Well the thing with their "offers" is that they are using the *new* amount with the penalty interest and all of their fees, so while it may seem like a great deal, its likely not going to save you much in the long run, as far as your *original* amount is concerned.

The prospect of the calls kind of scares me a bit. I've read quite a few stories and it doesn't sound very fun at all! I was thinking when that starts to send them a letter citing the FDCPA and asking them only to communicate with me in writing. The only holdback to that is what if that causes them to speed up their process? Obviously, the longer it takes them to get a judgment the better. But I think what's left of my sanity is more important to me than having them blow up my phone all the time, lol.

I wonder if the 10% offer was because it was a business card and they knew they'd get screwed in the end?

we attempted that with certified letters to each and every creditor...forget it...they didn't care and called night and day. our atty took a list of our creditors and wrote each of them a letter advising them to contact the firm directly......THAT didn't even help!! these collectors are now ruthless.

the best thing to do is block them, turn off your ringer, don't answer the, phone. a few will respect the fact you are filing bk, but until they are notified by the courts the stay will not be in effect and they will continue to attempt to collect their monies.

it's a tough go, but, once you understand the psychology of it, you'll understand they can't do a thing to u, other than sue you and by that time, it will be most likely you'll have filed and they will be SOOL!

[CCsSuck]

You'll be surprised how the offers you get from your creditors will improve once you stop paying them, at least for the first 6 months or so.

Annoying however are the incessant calls to "help" you because you must have "forgot" your blood sucking payment for the month.

BofA actually called once and offered to settle a business card for 10%, but I knew I was going to file anyway, so I blew it off.

Well the thing with their "offers" is that they are using the *new* amount with the penalty interest and all of their fees, so while it may seem like a great deal, its likely not going to save you much in the long run, as far as your *original* amount is concerned.

The prospect of the calls kind of scares me a bit. I've read quite a few stories and it doesn't sound very fun at all! I was thinking when that starts to send them a letter citing the FDCPA and asking them only to communicate with me in writing. The only holdback to that is what if that causes them to speed up their process? Obviously, the longer it takes them to get a judgment the better. But I think what's left of my sanity is more important to me than having them blow up my phone all the time, lol.

I wonder if the 10% offer was because it was a business card and they knew they'd get screwed in the end?

[stillstandin]

Hi Mike, and welcome.
Seems like you have already gotten some fantastic advice and info. I wanted to respond though, b/c I read your post and was almost exactly in your predicament minus the mortgage--but I have huge student loans. I didn't find this forum until AFTER I'd filed unfortunately, but I also owed 30K in CC debt, and 15K of that was to B of A.No late payments ever and had a great credit score like many here before filing. Then the economy crashed and my small business took a big fat dive. I owed 12K to another company and they tried to work with me AFTER the filing. I gave my atty their letters and blew them off because that was my only option. Even with no late payments,with the 'credit overhaul' my rates all went up and that was the last straw for me.

I just made the very difficult decision to file and paid my last payments to the CC Co's, then within 5 days (I did time this pretty precisely) my atty sent them all notification letters. I never got one collection call. I know everyone's circumstances are different. For me, I couldn't get past the mental barrier that not paying my bills was acceptable, even in the dire straits that I was in, and I didn't want to give the CC Companies a license to report legitimate late payments, because I knew that I would have a hard time cleaning up my credit report post BK if I had done that. We all have different priorities depending on the circumstances but those were mine. In my case, it didn't pay to stop paying for 6 months, and I decided to cut off my creditor's heads off before they cut mine off, so to speak. Others may have benefited from that strategy depending on their assets and what they needed to secure in the end. I just didn't see any point in giving them legitimate access to add negative info to my CR's.

IMO, 15K is nothing to B of A in a BK case and they won't likely bother with you at all. My atty knew pretty much for sure that neither of my 2 largest CC companies would show at the 341 and they did not. Aside from your mortgage, which is not something I can comment on, and with all the info you gave, you should be able to get thru a Chapter 7 with not too many hassles at all providing you keep getting great advice from the people on this site. Best of luck to you. Good atty is key. Mine took all the weight off my shoulders starting the day I retained her.

Sure is nice to not be getting those 3 CC statements anymore. :-) Best of luck to you.