Question about chapter 7 bankruptcy filing?
I have ,000 credit card debt and i get lot of calls from collection agencies but i never pick up the phone and ignore the answering machine. I also ignore letters from creditors.
I will be filing chapter 7 bankruptcy within one week. Someone told me that if you ignore collection calls and letters, then they automatically pull the money out of your bank account.
So i withdrew all the money i had in my bank and keep cash at home. Am I over-reacting or do they really pull money out of your account electronically if you ignore their calls?
Posted July 16th, 2010 in Bankruptcy Q and A. Tagged: answering machine, chapter 7 bankruptcy, collection agencies, credit card debt, creditors, filing chapter 7, filing chapter 7 bankruptcy, money.
By themselves, debt collectors have absolutely no legal power over you., they cannot garnish your wages or freeze checking accounts…only a court can authorize this and they’d have to go through the court system to do this.
July 16th, 2010 at 6:04 amYou are not bankrupt! Someone is steering you in the wrong direction. They can only take money from your account if it is the bank you are working with that holds the delinquent accounts. First, SET A BUDGET. You are very irresponsible and need to control your spending needs. The budget will help that. Prioritize your money. Food, shelter, and transportation are first. Transportation does not mean a $500.00 / month car. It means a $500.00 car. If it is that SELL IT, even at a loss. Call the creditors and try to negotiate some type of payment. You do not need to file bankruptcy until you are forced too by someone suing you. That is the only reason period!!!!!!! Go to http://www.daveramsey.com for help. It works and it will give you hope! Do not give any of your banking info to your creditors ever. If they have the info you did right by withdrawing your money from that bank. I will say it again: YOU ARE NOT BANKRUPT!
July 16th, 2010 at 6:04 amIgnoring their calls is fine. Better yet, give them the name of your attorneys office and also give them their phone number. I work at a bankruptcy law firms, and we encourage our clients to do this. One they now your filing, they are alot less likely to garnish you because they know they will just have to reverse it once you file. In order to garnish you, they have to go through a process. They will put a judgement against you, send you notice, and set up a court date which will be at least 20 days or more from when they send you notice. Once you get a judgement, you can respond. But if your filing for Ch 7, you do not have to. If you get a judgement it is best to file before the court date. But your filing in a week, so you really shouldnt worry.
July 16th, 2010 at 6:04 am