I live in Florida and have spoken with a Bankruptcy lawyer about my situation. I had excellent credit prior to a house I had up for sale being on the market for 6 months and tried to sustain two mortgages plus expenses on both houses and a lot of credit card debt, mostly used to fix up both houses.

It’s been since March 2007 that I made my last credit card payments. I took all of the 00 I received as a tax refund and paid it on 5 different cards.
I called the credit card companies and tried to set up a payment plan of some sort because I was drowning. NONE of the 5 would and acted really crappy when asked. The phone calls also bordered on harassment.
So, eating ramen noodles and peanut butter started pissing me off. If they didn’t want to work with me, then I wouldn’t work with them.
I changed my telephone number and stopped paying them.

After speaking with an attorney early this year, he stated that unless I was faced with court papers to appear, to stave off filing for bankruptcy. If I did file, it would be for Chapter 13 he stated.

I wanted a second opinion so here I am. My questions are…

If I do not file, the statue of limitations runs out in less than 2.5 years for the state of Florida. If I am not served a summons, after the SOL runs out, can they still serve me with papers?

If there is no summons or judgment, will the charge off debts stay on my record for 7 years from the last time I paid the credit card company? Or when the debt was sold to a collection agency which I think is usually a year afterwards (they all have been sold).

If the debt is sold again to another collection agency, does my time start over?

On my credit record, will there be an entry for the credit card company debt AND the collection agency?

I simply want to know when the credit card company debt and charge offs will drop from my record if I do not pay them.

Thanks for any help you can provide…

Technorati Tags: bankruptcy lawyer, chapter 13, charge offs, company debt, credit card debt, credit card payments, debts, filing for bankruptcy, harassment, judgment, last time, mortgages, peanut butter, ramen noodles, second opinion, sol, statue of limitations, summons, tax refund, telephone number

I live in Florida and have spoken with a Bankruptcy lawyer about my situation. I had excellent credit prior to a house I had up for sale being on the market for 6 months and tried to sustain two mortgages plus expenses on both houses and a lot of credit card debt, mostly used to fix up both houses.

It’s been since March 2007 that I made my last credit card payments. I took all of the 00 I received as a tax refund and paid it on 5 different cards.
I called the credit card companies and tried to set up a payment plan of some sort because I was drowning. NONE of the 5 would and acted really crappy when asked. The phone calls also bordered on harassment.
So, eating ramen noodles and peanut butter started pissing me off. If they didn’t want to work with me, then I wouldn’t work with them.
I changed my telephone number and stopped paying them.

After speaking with an attorney early this year, he stated that unless I was faced with court papers to appear, to stave off filing for bankruptcy. If I did file, it would be for Chapter 13 he stated.

I wanted a second opinion so here I am. My questions are…

If I do not file, the statue of limitations runs out in less than 2.5 years for the state of Florida. If I am not served a summons, after the SOL runs out, can they still serve me with papers?

If there is no summons or judgment, will the charge off debts stay on my record for 7 years from the last time I paid the credit card company? Or when the debt was sold to a collection agency which I think is usually a year afterwards (they all have been sold).

If the debt is sold again to another collection agency, does my time start over?

On my credit record, will there be an entry for the credit card company debt AND the collection agency?

I simply want to know when the credit card company debt and charge offs will drop from my record if I do not pay them.

Thanks for any help you can provide…
The SOL is 4 years, it will run out in 2.5 years since my last payment is what I was referring to.

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I bought a BMW Z4 2 months ago. I have yet to make my first payment on it after a downpayment of 1500. i don’t have good credit(low 600) and i have a few charge-offs and i applied for more than several cash advances just to pay my bills and i don’t even remember i owe who and who and i never answer the calls from them or from collections. I figure sooner or later i will either file for bankruptcy or let it row for 7 years. I do have a second car(my mom’s car) that’s paid for and in her name that i use. coz my mom got her own camry(also paid for).

I am wondering if i should just keep driving that Z4 for a few months without paying till they eventually repo it. (to make my downpayment 00 worthwhile) and when they sold it and ask for the difference, my payday loans and others will be over 90 days and i will include everything i owe and file for bankruptcy.

or should i keep paying for it even though i might eventually give up the car anyway after one year? my credit is already pretty damaged(low 600).. what should i do?

P.S. if i do decide to just don’t pay.. i can use the money for my horse-riding lessons and other fun stuff..and get my laptop back from my pawn shop which i will do eventually anyway.
For all before you start judging me(and i know you guys will) i owned a biz at the age of 21 and I used to the luxury of things i had money for… and never care much for credit. since i had enough cash. after the biz ran to the ground, i have been trying to figure out my next biz venture. (i hate to work for ppl).

Technorati Tags: bankruptcy, bmw, bmw z4, camry, cash advances, charge offs, collections, downpayment, fun stuff, horse riding lessons, laptop, mom, money, pawn shop, payday loans, ppl, second car

I was divorced last fall, in Texas, where I still reside. My attorney refused to ask my x for disclosure, so I did not know that my x had ,000 in credit card debt. The divorce papers say she’s liable for debts she incurred from the day I walked out on her, and for all debts that are in her name, which these 3 revolving accounts are. But, she hasn’t paid and yesterday, after getting turned down for credit, I checked my credit online and found out that two of her credit card companies have put charge-offs on my credit, a third one is about to, because she’s 190 days past due on it, and she never paid the phone bill so Embarq has put a charge-off on my credit, too, for 0, which is the least of my worries, but my credit score is barely over 400 now. Everything else on my credit shows "paid on time/as agreed". I’ve never made a late payment on anything my whole life.

I’m considering bankruptcy, but I own two homes (one is a rent house, both are mobile homes). The industry I work in is winding down and I had planned on moving into the landlord business. I’d planned to purchase an RV park, not only as a new career, but as my only retirement income, as well. I’ll be 50 years old in a few months. I don’t have years left over to build more credit.
Suing my x for whatever she owes me will not do any good, because she refuses to work, doesn’t have a job skill and will surely never pay me once I win in court.
My income is excellent, and I may make too much for Chapter 7. Also, one of my homes is in a mobile home park inside a city limits. My main home sits on 2 acres in a subdivision, outside of city limits. I’m concerned that if I file bankruptcy, I won’t be able to keep both houses. I also have two cars. One is a junker that my X trashed and gave back to me while the divorce was still pending. I owe less than ,000 on it. The other car is very nice, only 2 years old, and I owe a lot on it. I’m paying on all this, on time. My only concern is losing my homes and the good car.
Personally, I have no other bills besides the two house payments and the two car payments & their insurance. I have no revolving accounts.
Given my plans for retirement and my unsteady job security right now, which do you think I should do, file or consolidate just her bad bills and pay them off over time?

Technorati Tags: bankruptcy, chapter 7, charge offs, credit card debt, credit score, debts, divorce papers, embarq, home park, junker, landlord, mobile home park, mobile homes, retirement income, revolving accounts, rv park, trashed, two cars, whole life, worries

I know my best option is to talk to an attorney, but I’d like to get some pre-attorney advice on here before hand.

The big question is, should I file for bankruptcy? I am only in my early 20’s, and I made some mistakes when I was in my teens. Without getting in to the story, what I will say is that, all of my credit cards were charged off, and sent to third party collection agencies. I owe about ,000 all together.

I was told that a charge off looks horrible on your credit account, and the only way to recover from a charge off is to wait the seven years for it to wash off your report. How do seven charge offs look compared to a bankruptcy? I am still struggling to pay them off, and my monthly income is sufficient to live off of and pay things such as rent, food, utilities, and for my dependents. There is legitimately no money left over to even think about negotiating the money. I know I owe it, and I’m not denying that, but I’m trying to figure out my options from here.

What are the benefits from filing for bankruptcy VS waiting it out and paying them off later down the road?

Technorati Tags: attorney advice, charge offs, collection agencies, credit cards, dependents, filing for bankruptcy, money, seven years, should i file for bankruptcy, third party

O.k. I filed bankrupcty 2 months ago and I checked my credit online. All my credit cards say "BANKRUPTCY CHAPTER 7, XPN: Account closed at grantors request" But my auto loan says its still open and has 2 charge offs maybe its from the loan and then when they repoed my car. At the bottom of it, it says "Comments: XPN: Amt Past Due Value is Charge Off Amt" Does this mean im done with them or are they going to try and make me pay it. Also they wrote Was "Derogatory". under payment history. Help me out please.

Technorati Tags: auto loan, bankruptcy chapter 7, charge offs, credit cards, payment history, xpn

I have about k in credit card debt. I just recently have been having trouble keeping up with payments due to job and economy. I spoke with the creditors to make arrangements to pay lower amounts and close out the accounts. Over 0 a month just in paying those back. Now am being sued by a former employer for charge offs (commission job). I cannot afford an attorney for a civil suit (don’t know what to do about that either) and two if I lose I can’t afford to pay more than I already am (more than the 0 i’m already paying). Do I wait until after the lawsuit to file BK? Or should I start the process now? Not sure how civil suits can be handled and if you can file BK on a judgment like that. Please help as I am in over my head and am scared I won’t be able to survive if majority of my paycheck goes to creditors and lawsuit judgment. Thank you!

Technorati Tags: bk, charge offs, civil suit, civil suits, commission job, credit card debt, creditors, economy, judgment, paycheck

I have three charge offs on credit report, and several collection items I would like to take care of. Would bankruptcy be a better alternative?

Technorati Tags: bankruptcy, charge offs, credit report