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

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Bruno the JDB Killer

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Re: Need help delaying creditors so I can file BK
« Reply #60 on: March 22, 2015 06:38:07 PM »
There is no real answer to your question. They don't sell every delinquent account. When they do, they may wait or may not wait at all.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

trueq

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Re: Need help delaying creditors so I can file BK
« Reply #61 on: March 22, 2015 08:39:50 PM »
I'm the one who originally started the post about delaying BK. You all have me thinking long and hard about this. My accounts are still with the OC and they call and send me UPS letters (Citi) saying they can't get in touch with me. I do have a lawyer on retainer and I'm still filling out the paperwork required. My questions is when do they hand off your account to JDB/CA so I can DV and elect arbitration? Chase has been pretty quiet, Discover Card calls at least 5 times a day (Google Voice account), BA once a day and Chase hardly ever anymore.

If you are only in this stage...that is nothing...the wading pool.

Just send letters to tell them to stop calling.

Then the nonsense will sort out.

My guess is: maybe...big maybe...2 of them will eventually sue.

Just force arbitration.    Let them sort out the procedural hurdle.

even if one of them gets past the arbitration...you can always negotiate a settlement BEFORE confirmation in court as a judgement.    However, even if they sue today.   You are still 16-24 months from that point.   could you save up during that time for that unlikely scenario?   Absolutely.

Unless they are total pricks, it never needs to get that far.   If you actually get to discovery stage in arbitration, (which happens only 1 time in 100 forced cases to arbitration.) bet you can still settle for 30% to make it go away.

The other thing you may be overlooking here is:  JDB fun.    When these accounts get sold, JDBs constantly violate you.   Makes for some could pocket cash down the road when you sue them for FDCPA violation.   (JDB's hardly ever arbitrate, even less than OC's.)

I made about 80K suing debt collectors  (Unfortunately 40K of that is a judgment a deadbeat debt collector will not pay up!).

....but you have to realize I encountered about 150 debt collectors across 45 accounts along the way...so I dealt in volume on FDCPA violation.

You are at about 2% of the challenges I endured.

It would not be out of realm of possibility on 4-5 accounts to make about 4-5K on FDCPA debt collection violations depending on the bad actors you run into.

Just food for thought.

It does take work.   BK ch.7 is easy way out.   BK Ch. 13 would be foolish in my opinion over these unsecured accounts....Ch.13 should only be utilized to save your house/other asset if that is behind or nearing foreclosure.
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.

numbersguy

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Re: Need help delaying creditors so I can file BK
« Reply #62 on: March 23, 2015 04:39:40 PM »
Filing a BK doesn't necessarily strip a lien. Depending upon the state, if the lien resulted from certain actions, e.g., fraud, injury resulting from a motor vehicle accident, etc., the lien remains. As far as the "typical" type of lien as a result of a creditor judgment, again, it may not be stipped automatically.

In NY, for example, you would have to file a specific technical motion (I don't recall the code section) that is not normally a part of a "standard" BK filing/proceedings. So if you are looking to strip a lien from RE via bankruptcy, make sure your attorney is aware of the lien.

catchup

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Re: Need help delaying creditors so I can file BK
« Reply #63 on: November 14, 2015 07:23:14 PM »
Just a quick update. I dropped all of the papers off at the attorneys last week. The phone calls and emails haven't really been too harsh. I set up a google voice account and told them all calls are inconvenient and their caller ID was being recorded as proof they received the  message. Said I have an attorney representing me and they will receive information directly from him. That was about six months ago and I've received a few emails asking them to contact me, and have received offers of settlement but no lawsuits or collectors yet. Everything is still with OC. It's been a year since any payments were made. Fortunately, during this time my first mortgage company did a mortgage modification for me and I'm awaiting info now on the HELOC modification. If all goes well, I'll file BK next month, be able to afford my house payments and will be on a clean slate by the beginning of next year.
« Last Edit: November 14, 2015 07:43:48 PM by catchup »