Author Topic: Need help delaying creditors so I can file BK  (Read 12097 times)

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Flyingifr

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Re: Need help delaying creditors so I can file BK
« Reply #15 on: January 14, 2015 07:43:41 PM »
Catchup needs to catch up on her education by reading the WHOLE Flyingifr Method. If you are just starting out now it will ALL have some helpful insights and ideas.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

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catchup

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Re: Need help delaying creditors so I can file BK
« Reply #16 on: January 14, 2015 07:49:51 PM »
Yes, the BK would be for the credit cards. By informal BK do you mean just waiting it out and see who sues? CT has a 6 years SOL…thats a long time.

Bruno the JDB Killer

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Re: Need help delaying creditors so I can file BK
« Reply #17 on: January 14, 2015 08:03:20 PM »
Also, CT is VERY creditor friendly. I know, I live in CT. With credit card debt, you are guilty until proven innocent. If these are all original creditors, you'll have 75k in judgments plus legal fees before you can say "what happened?"

Junk debt buyers will back off when faced with private arbitration. They will usually dismiss, then send you a 1099. If this was the case for all these accounts, you'd still have a problem, a tax liability (state and federal) for 75K income, which cannot be discharged in BK.

List the creditors and the amounts. Just round them off. Since this is  recent, I bet they are all original creditors. Arb does not always scare off OCs. Some of them will spend a hundred grand or more chasing a 3K debt just because they can. Others will dismiss and 1099 you. Better you flush it all at once and be done with it.
« Last Edit: January 14, 2015 08:16:57 PM by Brunothe JDBKiller »
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

catchup

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Re: Need help delaying creditors so I can file BK
« Reply #18 on: January 14, 2015 08:12:18 PM »
Here are the accounts. Most of these have been around for the past 6 years that I've been transferring from zero % to another zero % paying only the minimums. My intent all along was that I would find a job in my field and pay all of these off. With the separation now, I don't think at this $$ amount that I would ever be able to survive and pay these off.



Discover   $18,553.00
Barclay   $2,964.00
BankAmerica   $6,300.00
Chase   $11,410.00
Chase   $10,662.00
Citi   $6,803.00
Citi   $6,903.00
Citi   $2,584.00
Emigrant   $8,075.00
USBank   $4,635.00

Bruno the JDB Killer

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Re: Need help delaying creditors so I can file BK
« Reply #19 on: January 14, 2015 08:21:07 PM »
Discover and Citi will arbitrate. Citi spent over 300K chasing a 20K debt with one of our members. 7 OCs in CT? I'd BK. Otherwise, you're asking for it.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

catchup

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Re: Need help delaying creditors so I can file BK
« Reply #20 on: January 14, 2015 08:28:55 PM »
How long do you think I have before they start suing me? Can I ask for VOD's once I'm sued to hold them off?

trueq

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Re: Need help delaying creditors so I can file BK
« Reply #21 on: January 14, 2015 08:32:09 PM »
If Discover even sues.   (which they did not for me).

In my case, Citi did not arbitrate.

If any of them gets serious, 10% usually settles the balance.

$3000 would be able to settle this whole pile in my opinion and that is assuming $30,000 of it get serious enough to sue you AND pursue the arbitration after you MTC arbitration.

Since this would take 1-3 years for any of it to come to fruition, a target savings of $3K to have in reserve to make troublemakers go away would be prudent.

If you don't need it, then you have a nice savings at end of sleighride.

Just how I see it.

I had $750K in credit card debt.    Had to pay 30K back (Judgment, which I would not have got, knowing what I know now).

Rest were beat because they refused arbitration or we settled along the way for walkaway.

So I had a settlement factor of 4%.    It would have been less, had I not been ignorant of SJ process in that first case.


BUT

I picked up 70K  (approx.) from debt collectors along ther way for their violations.   ($40K of which is a judgment that debt collector refuses to pay.)

So have collected 30K....so I call it "even" at this point.

So if you are educated, there is opportunity to facing the debt collection vultures.

Just something to think about.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

catchup

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Re: Need help delaying creditors so I can file BK
« Reply #22 on: January 14, 2015 08:43:09 PM »
Interesting -
I know a lot of CC have taken arbitration out of the mix and that worries me too. At what point do you try to settle for the 10%? I would settle them all now for the 10% if I could and try to declare insolvency for the 1099's.

trueq

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Re: Need help delaying creditors so I can file BK
« Reply #23 on: January 14, 2015 09:13:02 PM »
I started getting 10% (90% discount) offers at 6 months from default.

Not all will offer that before suing.

Although dealing with lawyers is easier than debt collector, most lawyers are empowered to accept 30% at Summons stage.

If sued, getting it to arbitration and before they pay their fees is best time to pinch them for 10%.

If you negotiate before suit, start at 5%, and see what they come back with.   If they say 30% you are in ballpark.   If they come back with 50% wait it out if they sue.   When you force them to arbitration they will come off their horse.

I still think 10% is too high once you force arbitration.   0% is what most DB'rs negotiate at theat stage.

To each his own.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

Flyingifr

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Re: Need help delaying creditors so I can file BK
« Reply #24 on: January 14, 2015 09:20:40 PM »
Catchup -

To answer your persistent question - if you are just starting to skip payments now, you can expect at least 6 months before the first summons arrives, probably more. You can delay that by making one payment in three (pay a creditor one month, skip 2 then repeat) but from what you say you are a BK just waiting to get filed so any payments you make is simply flushing money down the toilet.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

despritfreya

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Re: Need help delaying creditors so I can file BK
« Reply #25 on: January 15, 2015 01:30:15 PM »
I was ok with this thread until, in response to:

Quote
Suing them can be tricky if you are filing BK. The lawsuit becomes part of your assets, and if you win the money goes to the trustee. Make sure your BK lawyer is aware of any violations or potential lawsuits.

I read:

Quote
This is why I suggested waiting until after BK is discharged to pursue lawsuits against them for any potential illegal collection activity. . .

ANY AND ALL assets belong to the trustee and a cause of action for a violation of, say, the FDCPA, that arises before the filing of the bk IS an asset, must be listed on Schedule B, and, if no exemption applies, must be abandoned by the Trustee before OP can even think about pursuing it.

I am also concerned over the comments not to file bk and just deal with the creditors one-on-one either via an attempt to settle or through the arbitration process or otherwise. 

OP owes $75k which is increasing every day.  OP is currently unemployed with a daughter in college.  I would imagine that she has no money to offer in settlement and that her time would be better spent looking for work than playing the stall game in state court or through the arbitration process. 

Unless OP finds a very good paying job and/or wants to use the PI $$ to negotiate a settlement OP will end up in a bk at some point.  Being unemployed OP should easily qualify for a Chapter 7.  Once OP determines her rights to the PI claim she can decide upon the timing of her bk. 

OP, once the timing is right pull that plug and move on with your life.

Des.

Flyingifr

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Re: Need help delaying creditors so I can file BK
« Reply #26 on: January 15, 2015 01:49:24 PM »
I was ok with this thread until, in response to:
 
I read:

ANY AND ALL assets belong to the trustee and a cause of action for a violation of, say, the FDCPA, that arises before the filing of the bk IS an asset, must be listed on Schedule B, and, if no exemption applies, must be abandoned by the Trustee before OP can even think about pursuing it.

I am also concerned over the comments not to file bk and just deal with the creditors one-on-one either via an attempt to settle or through the arbitration process or otherwise. 

OP owes $75k which is increasing every day.  OP is currently unemployed with a daughter in college.  I would imagine that she has no money to offer in settlement and that her time would be better spent looking for work than playing the stall game in state court or through the arbitration process. 

Unless OP finds a very good paying job and/or wants to use the PI $$ to negotiate a settlement OP will end up in a bk at some point.  Being unemployed OP should easily qualify for a Chapter 7.  Once OP determines her rights to the PI claim she can decide upon the timing of her bk. 

OP, once the timing is right pull that plug and move on with your life.

Des.

The answer may be to sue the creditors FIRST and use whatever you get to pay the BK lawyer.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Bruno the JDB Killer

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Re: Need help delaying creditors so I can file BK
« Reply #27 on: January 15, 2015 03:32:39 PM »
So far it looks like all she is getting is the standard in house collection calls, which are not subject to the FDCPA. Even if they violate revocation of prior consent and call her cell, it is doubtful they will rack up 150 calls at 500 each to wipe out the debt. Possible, but unlikely. They are getting wise to the TCPA being used as a defensive tactic.

If the OP wants to fight in court against 7 OCs, she will be very busy defending 7 law suits and won't have time to look for a job. They will sue under account stated and our wonderful judges will rubber stamp an MSJ in a heartbeat. MSJ requires an opposition, or it will be granted without objection. Otherwise you go to court 7 times for oral argument.

They simply ask you if it was your account. If you say yes, you just lost on liability. Then they schedule a hearing in damages to determine how much you owe. The banks will come to court with their custodian of records, enter some credit card statements into evidence, and you're done unless you have some evidence of mistake or ID theft.

Anything included in their MSJ or your opposition will not be arguable since it was decided against you.

I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

fisthardcheese

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Re: Need help delaying creditors so I can file BK
« Reply #28 on: January 15, 2015 03:39:07 PM »
I was ok with this thread until, in response to:
 
I read:

ANY AND ALL assets belong to the trustee and a cause of action for a violation of, say, the FDCPA, that arises before the filing of the bk IS an asset, must be listed on Schedule B, and, if no exemption applies, must be abandoned by the Trustee before OP can even think about pursuing it.

I am also concerned over the comments not to file bk and just deal with the creditors one-on-one either via an attempt to settle or through the arbitration process or otherwise. 

OP owes $75k which is increasing every day.  OP is currently unemployed with a daughter in college.  I would imagine that she has no money to offer in settlement and that her time would be better spent looking for work than playing the stall game in state court or through the arbitration process. 

Unless OP finds a very good paying job and/or wants to use the PI $$ to negotiate a settlement OP will end up in a bk at some point.  Being unemployed OP should easily qualify for a Chapter 7.  Once OP determines her rights to the PI claim she can decide upon the timing of her bk. 

OP, once the timing is right pull that plug and move on with your life.

Des.

I was mistaken when saying sue for violations after BK, which was immediately corrected by another member who explained why.

The rest of this thread are simply suggestions and ideas that are all at OP's option and discretion.  Your solution is BK, and that is a fine suggestion, but it is not the only one available. OP will take all of the information, suggestions and personal experience from the members here and make her own choice.  That is why she came here.

I did a BK 10 years ago, but from what I have learned since, most of it from the great people on this board, I may use the other tactics discussed here if something were to happen again that put me into a drowning amount of debt.  The answer of which route to go is a personal one and different for everyone depending on their ability, their level of understanding, and their ability to deal with nasty lawyers and CAs among other things.
« Last Edit: January 15, 2015 04:32:07 PM by fisthardcheese »
11 Arb Settlements (9 AAA, 2 JAMS)
3 JDB Suits Dismissed With Prejudice (2 pro-se, 1 consumer atty)
3 TCPA Settlements (2 pro-se, 1 consumer atty)
2 FCRA Settlements (consumer atty)
1 FDCPA Settlement (w consumer atty)
1 Small Claims Win (pro-se; Landlord/state consumer law violations)
1 State UDAP Settlement (ITS)
1 Federal PTC Settlement (before hearing; pro-se)

Bruno the JDB Killer

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Re: Need help delaying creditors so I can file BK
« Reply #29 on: January 15, 2015 03:48:15 PM »
Also consider 75K at 29.9% accelerated interest for about a year. That's another 22K and they WILL let it run up. then they'll take their time suing, and by the time the cases are finalized there will be pre judgment interest at about 9%, which adds another 18-20K. Now she owes 117K with interest running post judgment at 9% or about 10K per year. And don't forget all the costs and attorney fees.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.