Has anyone else experienced a calm before the storm?

[Credit Hater]

I was getting collection letters weekly and biweekly for a while....but not a thing for the past month or so. I'm sure its just the calm before the storm since I'll soon hit the 1 year mark since my last CC payment. I just hope I have enough saved for the lawyer fees by the time they strike.

It seems like I read somewhere on here that CC companies can't object to a bk if filed one year after the last cc charge....anyone know if is this true? I can't see them objecting to everyday living expenses and cash advances from one to pay the other. If they do, I have proof of the obvious lack of income for those months to show I was struggling.

[sisterfunkhaus]

It seems like a year is the "magic" number before creditors sue. Has anyone had a different experience? What's the fastest anyone here has been sued? What is the longest it has taken???

I'm thinking they are writing you off and sellling your debt to collection agencies right now maybe????

[FoolAndHisMoney]

I was getting collection letters weekly and biweekly for a while....but not a thing for the past month or so. I'm sure its just the calm before the storm since I'll soon hit the 1 year mark since my last CC payment. I just hope I have enough saved for the lawyer fees by the time they strike.

It seems like I read somewhere on here that CC companies can't object to a bk if filed one year after the last cc charge....anyone know if is this true? I can't see them objecting to everyday living expenses and cash advances from one to pay the other. If they do, I have proof of the obvious lack of income for those months to show I was struggling.

Credit card companies can object to anything they want within any time frame, even a year. The good news is they usually don't for any activity that's a year or older. It's too hard from them to prove fraud for year old charges unless it was for major luxury purchases and you were unemployed at the time of the charges.

BG & CH, I do have to credit you (no pun intended LOL) for doing the right thing for your case and waiting it out as long as you possibly can. With all the research I have done on this I noticed whether it's from other posters, PACER or just a google search, the ones that have the most complicated cases are the ones that can't seem to ride out the storm like you both. Good luck.

I remember reading a case where another old law "gotta file asap" debtor making minimum wage spent 15k on vacations, other luxuries and balance transfers just 1 month before filing. How can you possibly face a trustee to explain this and think that the creditor won't object. The total debts were very, very high and the income was very low. First he shouldn't have abused the system to begin with. Second if he is stupid enough to abuse it he could have waited over a year and still filed under new law. Personnally I'm glad abusers like him get caught. Guess that person and those like him will be working 2 or 3 jobs to pay for these dumbass mistakes.

[anonymuse]

It seems like a year is the "magic" number before creditors sue. Has anyone had a different experience? What's the fastest anyone here has been sued? What is the longest it has taken???

I'm thinking they are writing you off and sellling your debt to collection agencies right now maybe????

I don't think there is any "magic number". Sometimes, I think it has to do with the size of the creditor. If it's a local appliance store (not some big department store), I would think they would more likely fight for the money since to them you're hitting their bottom line more. At big places, you are 0.0000001% of their expenses, where you might be .1% at a more "mom and pop" type of store. Smaller banks--especially credit unions--seem to take action quicker before the big ones.

I went without paying my homeowners fees for over a year before they got a lien on me.

[SinkingFast]

It seems like a year is the "magic" number before creditors sue. Has anyone had a different experience? What's the fastest anyone here has been sued? What is the longest it has taken???

I'm thinking they are writing you off and sellling your debt to collection agencies right now maybe????

One poster a while back was sued by one of their Creditors within 5 months of stopping payments.

We've had 1 of our accts turned over to Collections at the 5 month mark. The letter from the Collections company offered an 80% settlement, cash, lump sum payment, OR ELSE. That letter came the middle of May and gave us 30 days. Which ended yesterday.

There's no rhyme or reason to which Creditors do what. Some people make it a year or more. Others get hit quicker.

[arielle]

I was sued 4 months after my last payment...what an unpleasant "surprise" to be served...

[FoolAndHisMoney]

I was sued 4 months after my last payment...what an unpleasant "surprise" to be served...

If you don't mind me asking how much and who was it that sued, boa, chase, citi, etc.?

Hopefully it all worked out for you.

[SinkingFast]

It was quiet for us the first couple of months, and then the Creditors started calling. Fast and furious. BoA was calling 6, 8, 10 times a day. Sometimes more on the weekends. They were absolutely THE worst about calling.

When we hired our attny, at 4 months of no payments, I started telling Creditors we were gonna file BK. Things got quiet again.

Citi turned our acct over to collections last month. Other than that one letter, now that I think about it, it's been quiet.

I've been so busy the last 3-4 weeks with moving and getting the deal together to sell our house, I hadn't realized it's been quiet. Almost too quiet.

[Credit Hater]

BG & CH, I do have to credit you (no pun intended LOL) for doing the right thing for your case and waiting it out as long as you possibly can. With all the research I have done on this I noticed whether it's from other posters, PACER or just a google search, the ones that have the most complicated cases are the ones that can't seem to ride out the storm like you both. Good luck.

Thanks, I appreciate that

When you give up and have no other choice thats just what happens. Thankfully my caring of credit worthiness dropped along with my credit score. I've battled some pretty bad demons along the way too. Its a roller coaster, but you really do have to just give up caring about what your future credit score may be....worry about that after the bk.

[AMISLANDER]

I stopped paying my cc's back in 2001....

....Citibnk, Mastercard, MBNA, you name it, I had the credit....too much credit but I did also have a big income at the time...I do not have any rhyme or reason as to why they did not come after me hard like others on this board...but maybe when they looked me up...they did see action...I did pay off $900 to Circuit City, I did pay off $2,500 on my Capital one card, I was making house payments, car insurance payments...I don't know...I did pay off a couple of 4runners, a line of credit for $35K...plus $18K to IRS....I really tried...but just ran out of cash due to the stupidity of careless partying....see where it got me? BK...all the way....

I'm sure, they would not have let it slide if I amassed all this kind of debt in the previous two years, say 2004-2006.....

Since I gave up all forms of credit...things just went haywire in the debt world....I can not believe how they will just double your payment if you start missing them now....that is unreal...it makes you just get further in the hole...

I can only tell you my experience....and I filed before anyone sued me over it...thank god...I was lucky...but then, I have the IRS on my *ss...lol

[GoingDown]

Credit card companies can object to anything they want within any time frame, even a year. The good news is they usually don't for any activity that's a year or older. It's too hard from them to prove fraud for year old charges unless it was for major luxury purchases and you were unemployed at the time of the charges.

BG & CH, I do have to credit you (no pun intended LOL) for doing the right thing for your case and waiting it out as long as you possibly can. With all the research I have done on this I noticed whether it's from other posters, PACER or just a google search, the ones that have the most complicated cases are the ones that can't seem to ride out the storm like you both. Good luck.

I remember reading a case where another old law "gotta file asap" debtor making minimum wage spent 15k on vacations, other luxuries and balance transfers just 1 month before filing. How can you possibly face a trustee to explain this and think that the creditor won't object. The total debts were very, very high and the income was very low. First he shouldn't have abused the system to begin with. Second if he is stupid enough to abuse it he could have waited over a year and still filed under new law. Personnally I'm glad abusers like him get caught. Guess that person and those like him will be working 2 or 3 jobs to pay for these dumbass mistakes.

This is what I have noticed, too. The more time you put in between the last credit card charge and the date you file for BK, the better.

If you were unemployed at the time you made some of those charges, it might be good to wait long enough to get beyond the "look back" period before you file BK. From what I have heard, they mainly go back in time only 2 years-- they want 2 years of tax returns, pay check stubs, etc. If you waited 3 years, you would be far past their look back period.