Need Help- In Texas
Date: Wed, 01/21/2009 - 10:41
I have about $70,000 in CC debt, most in my name. I am trying to maintain payments on about $15,000 in debt on a few of the cards to keep my business going AND I don't want the biz credit dinged. My husband has 2 cc in his name that are current so his credit is fine.
2-3 months ago I stopped paying on 8 cards = $57,000. I got the calls, etc. I panicked and decided to go with credit counseling (CCCS) and they reduced interests rates, etc. I made my 1st payment last month and the calls stopped.
I now realize that there is no way I can make the monthly payments to CCCS. I could pay half, but obviously that doesn't work. Until I have steadier income I just don't think I can commit to what they want.
I am now considering settlement. But again, I don't feel I can commit to a big amount put aside every month. Some, but not a big amount right now.
I feel kind of stupid because my credit had already suffered after the few months of non-payment. The damage was already done and I was probably closer to companies settling.
I'm wondering if I even need to try settlement though. Someone posted on these forums that since TX does not allow wage garnishment and a home is protected, that one should just ride out things until the SOL is over in 4 years. This sounds a little naive though in that I could get sued.
I am wondering if I should just not pay and try my luck or plan on doing debt settlement. I don't have a lot of $ right now and I would much prefer to try to keep my home and my business.
Any advice? I am feeling sick over this and don't know what to do. (I do not want to declare banruptcy).
YOu may be able to do something on your own. I'd need to unders
YOu may be able to do something on your own. I'd need to understand your situation a little bit better to offer any specific suggestions, though. If you feel comfortable sharing more here, please do, if not, feel free to use the PM function and I'll send you everything I have. I've experienced a lot, credit, collection, etc, so hopefully some of it will be of use to you and others
Yes, with balances that large, the likelihood of getting sued is greater than a 1000 dollar card. I know from experience
Thank you. It's 9 cards with balances avg. $6000 the highest is
Thank you. It's 9 cards with balances avg. $6000 the highest is about $8300. Includes Chase, Am Exp, Travelocity, 1st Omaha. Other contacting the companies to tell them I was entering CCCS, I never did talk to any. I did get letters offering to reduce payments and interest rate, but that seemed like only a temp fix since if I was even one day late on payments, they jacked the rates and fees up again.
My income is 5000-6000 month and that barely covers mortgage, food, and the remaining cc payments, etc. I could squeeze about $500-$700 month to put aside, and more when we get jobs (exactly when that will be ion this economy, I don't know).
Bankruptcy is
Bankruptcy would complicated things with my business and my husband is dead set against it since his credit is good. Even if I filed alone, it could affect him.
Any advice is really appreciated.
