If bankruptcy is in the near future,what do you do when multiple creditors keep calling?
I have not filled yet, but with the creditors on a daily call me schedule. What should I say to delay them. I have not told any of them I was going to file. Only that I have hard times dues to my unemployment in Dec 08. I have no money to make payments to them.
Hang up each time or don’t answer the "unavailable" caller ID’s. It will take 6 months to a year to stop receiving them everyday, but it will slow down. If you do file for bankruptcy, you better file for the chapter that allows you to delete all debts and balances without a payback. Do not file for bankruptcy. The reason behind this is that it would be better for you to work out a balance payoff with your creditors at a lower amount than owed anytime rather than file for bankruptcy. The only thing you would have to do is workout with your creditor an accepted smaller balance to payoff and cancel your bad cards. Work this out with who your accounts are with originally, not a third party. This is much better than filing a bankruptcy to do the same thing. The bankrupty stays on record for 10 years. Your seperate payoffs would be removed after 5. And, do not get a so called "debt management" company to do this for you. The creditors you have now will work out a better deal with you and charge you no fees like the others ("debt management") would.
June 23rd, 2010 at 4:37 pmIf you have secured debts, they are going to take a priority in bankruptcy. Usually the unsecured creditors get nothing. So, telling the creditors your going to file (whom I’m assuming are unsecured) is only going to make them more desperate. You should just avoid them until you are ready to file. However, if filing is not in the immediate future for you, you can get them to stop contacting you by demanding, in writing, that they stop contacting you, except to tell you that collection efforts have ended or that they will sue you. That right to end contact is in federal law, under the Fair Debt Collection Practices Act.
June 23rd, 2010 at 4:37 pmThey are going to keep calling until you actually file for bankruptcy.
June 23rd, 2010 at 4:37 pmIf you do file bankruptcy, my advice is it file a chapter 7, NOT a 13.
Chapter 13 requires you to make payments on all your debts and it still stays on your credit report for ten years and you usually have to pay the bills you owe in installments that last for 3 years. A chapter 7 lets you have your bankruptcy final and you can start rebuilding your credit sooner, with out having to pay for 3 years on old debts. That is just my personal experience.