can't file ch 7

It's hard to offer any advice without knowing the details of your current financial condition. Anyway, you are right that you can't file for another ch7 until the eight years waiting period gets over. Therefore, if you need to file BK before that period ch-13 would be your only available option.

Personally, I would just wait it out. I have not made any payments for a year now. There are so many people defaulting now that they cannot really keep up with everything. You will have to deal with the collection calls, but that is not as bad as it seems. What state are you in? If you do not need to worry about wage garnishment then you have nothing to worry about. I know where I live in Florida, my wages cannot be garnished as a head of household. My wife has no income, so she is covered. We keep our money as cash, and not in the bank. Even if we get sued before we can file, there is not a whole lot that can be done to us.

I live in ohio, There is wage garn. here. I figured worst case if there are cards that won't settle those will be weeded out by next spring or early summer. I will deal with those as needed. And by some chance if I get garnished it would be only for a short time before I can file.

In all honesty, if you are going to file in Dec of 2010, then why bother trying to settle? I am not saying that you should not be responsible for the debts, but if you are going to file bk anyway, then wouldn't the money you spend to settle be wasted? All of the debts would be discharged, so it is money that you could use for other things. Just a thought.

Being that I filed in 2002, and I'm in the same situation 7 yrs later, apparently i'm not at the high end of the financially intellegent. I've paid all my bills on time for the last 7 yrs, But I cannot have credit cards apparently. I'm going to use ch 7 as a backup in case the creditors don't settle. but the more I think about it If I have charge offs {which I know I will} How much more Damaging will a ch. 7 do. My credit will be in the tank either way. I do have some time to weigh my options though.

chances are (not that it couldnt happen) you wont get sued for atleast a year. I have heard of people getting sued before that, but i would think that it would be highly unlikely right now with the way the economy is and like the above post mentioned everyone is defaulting right now im sure that they are having a hard time keeping up.

settlement is not as bad as you think and if you read around settlement is not as bad to your credit than what filing bk is. settlement will tank it completely while you are not paying, but once things are getting paid off through the settlements your credit wont be that bad to repair. about a year after my settlements were all done i was getting offers for cc and loans. my husband even financed a motorcycle at a pretty good rate 2 years out of the program.

and if you do end up getting sued in court its not as bad as you think many of us have been there and its scary but once you get there its not as bad as you think. Either way like you mentioned your credit its tanked either way so it really doesnt matter too much as long as you do something and learn from your mistakes.

good luck to you!

Thanks for the reassurance, I guess I'll deal with whatever situation presents itself down the road. My wife is freaked out, but I told her to look at this board to see all is not lost. Our House and Cars and utilities are all on time, we'll deal with the other stuff.
Thanks again

Capitol One sued me in about 6 months for 4k I defaulted in Nov. Was taken to court in May. they didn't sell the debt they just got a lawyer in my state. I am sure this is not the norm.

Was it 6 months after a charge off or 6 months after you stopped paying?
I have 1 capitol one card for $790.

Thanks

Hmmmm... If you filed in 2002 you would be able to file again in 2007. The law didn't change to 8 years until Oct 2005, before that it was 5.

I was under the impression that I have to wait 8 yrs from 2002 to refile a ch 7. Are BK's prior to the new law exempt from the 8 yr wait?

Six months after I stopped paying

The 8 year wait in the new law took effect on October 17, 2005. Prior to that was the old law.

Chrys

I am also in the same boat. We filed Chapter 7 in 2002 and we worked so hard to improve our credit that we were able to buy the home we always wanted. We made more than enough money to pay all our bills, our credit cards etc. Then 2008 happened, I lost my job twice, once due to medical reasons and than once due to the economy (if I could prove that they let me go because of my newly diagnosed condition I would sue my former employer but they covered their behinds on this). On top of all this my husband's company was bought out and moved to Mass. where we are getting screwed on taxes, gas and tolls, plus his hours were cut by almost 35%. I'm back working again but at a substantial pay cut. I haven't been able to pay my credit cards in 3 months now and am being harrassed to no end. We have no choice now than to file, I just don't know when we will be "allowed" to.
I feel like such a failure to have to do this but there were things that got out of our control and now we are struggling to just hang on. I'm more worried about how the courts will treat us since we are back in this position. I do know that if we are able to file again I will NEVER again do anything on credit. If we don't have the cash then we will do without!!!!