statute of limitations credit card debt limit?
(and he knows it…. like if I find out I don’t need him in a few months, he would lose out on the fees I’d have to pay him to file bankruptcy?)
The information is online, everywhere — just do a search for it!
http://education.cardhub.com/statute-of-limitations-for-credit-card-debt/
If you know you will run out of money in the next few months, should you see an attorney now or wait until you start actually missing payments?
@Huntsman, unfortunately it’s not just a matter of credit card debt, and other options, like a DMP, have been explored and disqualified.
@Wolf – I just checked my library and there’s no books on the subject "asset protection", altho I know they have books on debt etc. Any other suggestions?
Wait, I tried another library and found "Asset Protection for Everyone" (also "Trump University asset protection 101 : tax and legal strategies of the rich" but that’s obviously not for me).
I was looking at consolidating my credit card debt into a newer home loan with New Day Loans. The fees were over ,000 and would leave me in negative equity on my home for years to come. I don’t want to live here another year. I am also planning to file for a divorce as well. I am not behind on any payments for anything, but I make many payments late, but rarely 30 days late. The new credit card bill rules increased my payments so much its killing me.
When is a good time to file bankruptcy?
Shoud I file on everything?
Should I file on just the credit cards?
Should I file before or after filing for divorce? Or shoud I wait until after I get divorced?
Thanks,
I was having over 70000 dollar credit card debt and about 32000 dollars in bank loans. i filed chapter 7 protection and my 102,000 dollar debt was eliminated. What other benefits exist beside elimination of debt?
I received a letter in the mail from an attorney. My lender wants to start the foreclosure proceedings. At the moment, I am 11 months behind on my mortgage. I want to dump the house as I owe 20% more than it is worth. What happens if I file for bankruptcy right away? Does that cover the foreclosure too?? Or would the bank come after me after it sells my condo for the difference? I have a 10,000 in credit card debt and 9000 auto loan. I have been unemployed for quite sometime without having luck finding a job. Even my unemployment has ran out at the moment. I don’t have any assets unless furniture counts? Bankruptcy is a must for me but I cant decide if I should do it before or after the foreclosure
I live in Illinois
My nephew has received a "bail out" from his parents TWO TIMES and he has not learned his lesson!
He applies for a lot of credit, goes on a spending spree, charges 2 or 3 cards to the near max leaving one open then he says that he will pay the cards back "when he gets a job over the summer."
The first time he accumulated ,000 of credit card debt, the second time ,000 of debt!
Now he got a new line of credit and has already accumulated ,500 dollars on it in less than 2 months!
I say that his parents SHOULD NOT pay the balance and let him file for BANKRUPTCY!
How else can he learn his lesson!?
HE IS OBVIOUSLY VERY DANGEROUS WITH CREDIT!
I guess his parents never taught him finance as a kid!
Let this be a lesson to parents everywhere who think that their kids are "too young for money."
He is 19 but I use "teenager" because he still acts like a teen with no sense of money!
First off I am in shape, go to a top university, and have an amazing girlfriend. This is not about me.
How can you teach or punish a teenager infatuated with LIBERAL SPENDING that when you buy on credit its NOT your money?
The teenager has gotten a "bail out" from his parents TWO TIMES and he has not learned his lesson!
He applies for a lot of credit, goes on a spending spree, charges 2 or 3 cards to the near max leaving one open then he says that he will pay the cards back "when he gets a job over the summer."
The first time he accumulated ,000 of credit card debt, the second time ,000 of debt!
Now he got a new line of credit and has already accumulated ,500 dollars on it in less than 2 months!
I say that his parents SHOULD NOT pay the balance and let him file for BANKRUPTCY!
How else can he learn his lesson!?
I guess his parents never taught him finance as a kid!
Let this be a lesson to parents everywhere who think that their kids are "too young to learn about money."
The person is 19 but acts like a 15 year old!!!
How can you teach or punish a teenager infatuated with LIBERAL SPENDING that when you buy on credit its NOT your money?
My nephew has received a "bail out" from his parents TWO TIMES and he has not learned his lesson!
He applies for a lot of credit, goes on a spending spree, charges 2 or 3 cards to the near max leaving one open then he says that he will pay the cards back "when he gets a job over the summer."
The first time he accumulated ,000 of credit card debt, the second time ,000 of debt!
Now he got a new line of credit and has already accumulated ,500 dollars on it in less than 2 months!
I say that his parents SHOULD NOT pay the balance and let him file for BANKRUPTCY!
How else can he learn his lesson!?
I guess his parents never taught him finance as a kid!
Let this be a lesson to parents everywhere who think that their kids are "too young to learn about money."
How can you teach or punish a teenager infatuated with LIBERAL SPENDING that when you buy on credit its NOT your money?
My nephew has received a "bail out" from his parents TWO TIMES and he has not learned his lesson!
He applies for a lot of credit, goes on a spending spree, charges 2 or 3 cards to the near max leaving one open then he says that he will pay the cards back "when he gets a job over the summer."
The first time he accumulated ,000 of credit card debt, the second time ,000 of debt!
Now he got a new line of credit and has already accumulated ,500 dollars on it in less than 2 months!
I say that his parents SHOULD NOT pay the balance and let him file for BANKRUPTCY!
How else can he learn his lesson!?
HE IS OBVIOUSLY VERY DANGEROUS WITH CREDIT!
I guess his parents never taught him finance as a kid!
Let this be a lesson to parents everywhere who think that their kids are "too young to learn about money."
I am filing for bankruptcy and was taken to court for about 1400.00 in credit card debt about a year and a half ago. I currently pay on it monthly as instructed by the court. Would this go with all of my other credit card debt when I file? Or will I have to continue to pay on it until its paid in full since it was taken to court?
I am claiming bankruptcy for my credit card debt of 7,500 dollars. I am a stay at home mom now with no income. They are starting to sue me. My name is on my boyfriends checking account so I can pay the bills, buy diapers ect. He shares access to his money with me, we live together with our 1 year old daughter.
I do have a personal savings account. For years, it has had 4k in it.. in case of an emergency. When i discussed this with my attorney, he said the bank accounts never get checked. They look at my income for the past few years, which is tiny or none, and go off the bills and how much is coming in (which is negative after his pay and what money goes out for bills). He said with such a lower end case like this, with my boyfriends small income, they wont even bother to check bank accounts or savings accounts. Originally, I had thought to close my savings, and move it to another bank. He said nothing will happen and they wont check it, but if it puts me at ease, I should move it to a different bank. Any opinions? and is he correct, that no one will actually care enough to check our bank accounts>?
I want to file Chapter 7 bankruptcy without a lawyer in illinois. Has anyone ever done this in illinois, if so how successful was it. I have no property or assests just credit card debt and a about to be wage garnishment.
I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. I have put in another $ 50k in upgrades and remodel. Fast forward to 2009, laid off, no income I resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. I’m up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. Year and a half later, house is in foreclosure; credit card at max limit. No job, no car (sold it to pay credit card debt), ..and now living like a deadbeat.
Credit card companies still call and say "hello". Same story told to them over and over, no income, no job, no money etc. They "understand". Then they sell the debt to collection agency, same thing again. I told them my story..and they don’t care. "When are you gona pay?" I say with what? I can sell my t-shirt and underwear, but that might be worth 25 cents. What good will it do? So now, they are suing me in court. Went there and told the same story…judgment for the plaintiff. Okay, now they want to garnish my wage…but I don’t got no job. They want to freeze my bank acct…I have none. They want to..probably kick my ass..that they can definitely do..but that would hurt them, because if I get hurt and sue, they probably owe me money.
So here is my dilema, should I file Bankruptcy ..as there are other creditor waiting in line to sue me. Or should I go to court and and plea guilty but have no way to pay?
Yeah, I know..I’m a deadbeat, but I don’t blame my misfortune on no one except myself. Lost my life savings and people are laughing at me. What a cruel world this is. To file BK or not to file BK? If I do, I will have a fresh start says a friend. If I don’t, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years…meaning that I can call the credit reporting agency to remove it, but they have a right and probably will repost my balance…as nothing had been collected. Is this true? I thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? Please help. Thanks in advance.
I’m filing chapter 7 bankruptcy and the BK attorney tells me that my questionnaire looks good, and I pass the means test so things should go fairly smooth. A collection firm is presently suing me for credit card debt and I expect they will have a judgment soon. I’ve been told that my bankruptcy will "take care" of the judgment. But what exactly does "take care of" mean in this case? Does the bankruptcy simply relieve a need to pay on the judgment? Or does it also erase the existence of the judgment from my credit record? If not then can I take some follow up action to erase it myself?
I got hit by serious of unfortunate circumstances…the remedy looks so painfull and unpleasant.
Lost my job, after few months of job search and many rejections…decided to try stock trading …and make money.
Did not know it is a HELL on earth…it is a live tourture…scarey-roller-coaster with the Devil having the remote-control. Both my money and myself burnd alive by the CRUEL market….
50% of the money (0k) burned in the stock market was maxed from credit cards. Since I do not have a job (do not know if i could get one at all) there is no way I could re-pay it.
I used to believe that buncruptcy is an econmical-death-sentence….but this time arround, found myself against the wall…do not know if I have any other options.
Is bankruptcy or debt-settlement the best option to resolve credit card debt stresss Or are there any alternative solutions?
I have never done this before but there is no way I will ever be able to pay the credit card debt that I got myself into when I turned 18. Do they still do chapter 7’s????
i had ,000 credit card debt and ,000 medical bills. They were unsecured debts and i filed chapter 7 protection. Now who will cover my ,000 bills? will BOFA, citi, wells fargo etc etc write it as loss or will they increase interest rates on those who pay bills on time or will government give them bail out?
Also my ,000 emergency surgery bill — who will pay that now? hospital depends on patient bill payment to pay the employees. Does that mean some employees will be laid off because i didn’t pay?
The bankruptcy lawyer wasn’t interested in answering such questions
I’ve searched 19 pages of answers, did not find anything. My wife & I have jobs. We have 2 kids. Wife has amassed lots of medical bills, due to 4 hospitalizations. Had Credit-card debt also, but not enormous. We have not paid hardly ANY medical bills in about a year, and no payment on credit-cards in that same time. We had retained an attorney, because we wanted to file for bankruptcy. Now…almost 1 year later, (still have not used c.cards, or paid med bills) we want to include the house in the bankruptcy. (Unfortunately!) I’ve just re-financed several months ago, and can afford the mortgage…however, our home is 20 years old, in need of many repairs, (roof, siding, windows) and insurance is not covering some damage we have to our house….Our mortgage is not quite 1 month late. Any advice? We just want to "let it go", take the hit, and downsize to a town home. In the months ahead… I know we need to SAVE $$$$ When should the lender be notified…if at all? WHAT NEXT?
ok, My mother in law only makes 8100 a year. She earns this money from a death pension from when her husband died. She owns her home which is woth nothing, owns a car prolly worh about 1500. She owes about 20k in credit card debt. She uses it to buy food and medication because of her diabetes and is left with nothing every month. She spends about 400 a month on these three cards. So it’s just a viscious cycle of making the credit payments so she can buy her meds and food and pay her electricity.
To be honest, I don’t even know if it would be worth her filing bankruptcy or just stop paying the bills. I told her to stop paying them starting January, because she just can’t afford it.
I guess bottom line, can she stop paying her bills right now for a couple of months if we have to find an attorney to file or should she just stop paying them and dealing with the collection calls? I was gong to do a cease and desist letter to the three companies so they wont call or bother her. She just cana’t make it. She’s not going to sell her house, she’s 62 so a lien or judgement on house wouldnt matter, and she meets the means test.
Her three cards equal about 20k in debt. And they havne’ t been used for luxary items of course.
But is it true that they could not garnish her bank account or death benefit pension?
Please any information would be helpful. She cant make it and it’s hard for her.
Thanks in advance
**** Extra details. The Death annuity is a civil service retirement thing. He died when he was 35 and it that is the amount of what his ritirement would have been at 35. so that is what she gets and has for the last 35 years. She’s not a smart woman and doesn’t thnk of counseling hense why I’m asking you guys.
Reading FTC, it says retiremenet is not garnishable, and survivor annuity. But don’t know if it’s one or the other. Its just his retirement that he would have gotten at that age when he died.
So…..should she even file? Is it garnishable? She can’t take it out fo the bank…it comes from the US Treasurey.
I have about 25k in credit card debt. Use to be about 9500 but after 10 years they are all judgments and with all the interest and fees its about 25k now. About a year and a half ago i had a really nice job was making decent money. I saved about 9000$ so i can try to pay my debt off. Originally on average i owed about 2500 to each of the credit cards i had. I got all my info together and called each of them to try to set up a plan so i could pay them off. Right now discover says i owe about 7k originally 3k, and city says i owe 6.5k originally 2.4k, washington is now about 4.5k originally 1.8k those 3 are my highest and all three wouldn’t agree for nothing lower then what they say i owe. all others agreed to a very nice settlement. I offered discover 4.5k , city 4k, and Washington about 2.5k to settle. Washington accepted 3k. but city and discover gave me a no and said that if i didn’t have the full amount they would just garnish my checks till its paid in full. At the time i was off work because my back started to give in. I had the doctor take some x rays and she told me that i had to take physical therapy for my back and should stay away from heavy lifting. Which means i cant do my job no more. So now i am unemployed and well luckily i still had that 9k i saved. Well now i am just fed up with them. I already ran out of money and my brothers and sisters are supporting me and i want to just file for bankruptcy and go to school and get my self a degree in business. Does anyone have any advise you can give me. Thanks in advance.
I also forgot to put this in. My brother was going to help me before when i was working he was willing to put in about 3k on top of my 9k so i could get out of debt. But now hes also low on funds and well i just decided to file for bankruptcy and hes willing to help me pay a lawyer for the process.
Also I am not really worried about the credit score part, i have 6 sisters and 3 brothers and well i learned my lesson and i made sure they learned from my mistakes and they are really thankful for my advise about credit cards lol and bank loans. They all have almost perfect credit scores and i had a big hand in getting them there. My sister offered me a position in a business she is opening and all i have to do is go to school for the position. She was actually the one that tried to negotiate with the credit card company’s on my behalf and she just told me to file since they wont accept a settlement.
I just want to see how many options are available for a situation like this. So i am open for any suggestions, advise, ect… from respectful people who can understand the situation. If you want to criticize, go right ahead too lol I want to here all your opinions.
The funniest part about this is they all want to settle now that i have no money. LOL I just think thats really funny.
hehe ya i already knew about that but i am safe from that too because my sister owns about 3 businesses and she is willing to offer me a marketing position. I am really good at it too i have been helping her with allot so i just want to get a degree in that field and go work for her.