Author Topic: Where to start?  (Read 874 times)

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sticksandstones

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Where to start?
« on: March 13, 2017 04:00:06 PM »
Im new here and need some sound advice. I was in an accident and will never be able to work again. Im on disability as of now and i know that money is protected. I have  8 cards with total balance of around 20k. Ive already had to let a few go because i just cant afford the min. payment anymore. I know what will happen as far as charging off in 180 days and so forth but need suggestions on maybe contacting creditors to see if they will work with me. Ive read into debt settlements after a couple months of being behind. i really dont wont to file bk..My only assest was a house giving to me almost 3 years ago by my father,which i decided to give it to my mother over 2 years ago. So really nothing in my name worth anything. Can these creditors go back almost 3 years and lien a house thats no longer in my name. Just dont want to drag my mother into this ..Anyway thanks for all help..

nooneuknow

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Re: Where to start?
« Reply #1 on: March 13, 2017 06:40:21 PM »
No.

BrokeBob

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Re: Where to start?
« Reply #2 on: March 13, 2017 09:15:09 PM »
Several bits of advice.

1.  Look up the thread on making yourself judgment proof.  There is a VERY strong chance that your creditors will never see a dime, as long as you do everything the right way.  Go through it very carefully, ask questions when you are finished.

2.  Filing BK in your situation might not be a bad idea. No assets, no job, disabled.  It is possible you could simply walk away from everything.  HOWEVER, this may not yet be the time.  I have no idea if you are up to fighting the creditors in court or arbitration.  You might talk to a BK attorney. 

The reason -- suppose they get a judgment on you.  The judgment lasts a long time.  In some states 10 years, renewable for another 10 years.

Suppose, God forbid, something happens to your mother 19 years from now, and the house goes back into your name.  If they have an active judgment on you, any assets you get from your mother at that time might be vulnerable. 

sticksandstones

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Re: Where to start?
« Reply #3 on: March 13, 2017 09:20:55 PM »
thanks all. i will read into this and ask questions if need be. I already let creditone bank go and ill never have that card again.they will not work with you at all.If i could get someone to speak english that might help.

BrokeBob

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Re: Where to start?
« Reply #4 on: March 13, 2017 09:40:11 PM »
I understand.

At least the non-English speaking customer service people aren't as nasty as some of the Americans.

But it doesn't help when you are actually trying to work something out. 

sticksandstones

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Re: Where to start?
« Reply #5 on: March 13, 2017 10:06:58 PM »
 i know you right. my main concern was the house i quit claimed to my mother. I have read about  getting rid of property to hide assets and they could reverse it. This was not what happened but i dont trust them.

BrokeBob

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Re: Where to start?
« Reply #6 on: March 13, 2017 10:46:18 PM »
A lot of bankruptcy lawyers do free consultations. 

I would strongly recommend talking to a good BK lawyer about this concern, and your other options.

Most of the time, this is to prevent someone from transferring assets right before filing BK.  If you transferred the asset a few years ago, that is completely different kettle of fish.

Also, in some states, some or all of the value of the home is protected anyway.  Depends on the state.  Florida is the most friendly towards homeowners, to the point where sometimes very rich people will use all their money to buy a mansion in Florida before filing BK. 

Bruno the JDB Killer

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Re: Where to start?
« Reply #7 on: March 14, 2017 12:38:39 PM »
I would say you're safe on the fraudulent conveyance. They have to prove intent, etc. No way did you anticipate becoming disabled and unable to pay debts. That's the reason, not a fraud scheme.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

sticksandstones

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Re: Where to start?
« Reply #8 on: March 14, 2017 02:08:26 PM »
thanks.. i have a question about creditone bank ,which im like 2 months behind or so. I called them and tried to work out something .All they said was talk to credit counselor and give me a number. I dont want to go this route. So any advice on how to deal with them.

Bruno the JDB Killer

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Re: Where to start?
« Reply #9 on: March 14, 2017 04:23:11 PM »
Unless you want to go through this eight times, I suggest BK. With being disabled, it should sail right through, then you don't have to worry about it any more.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

 

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