Credit Card Debt into Collections - Need Advice
Date: Mon, 09/13/2010 - 12:46
- Started a business in Chicago and used credit cards for daily living/start up costs
- company went under and couldn't find work in Dec 09 moved to Florida to live with family
- still out of work and stopped paying CC in Feb of this year with about 80k in debt through AMEX, Chase, BOA, Discover, and 1st National
- was unable to pay the settlement amounts after the 90-120 days but never agreed to them
- now starting to get calls from collection agencies/Law Firm this month
- still out of work and prob not able to pay anything
I do not own a home and have a car payment, cell, insurance which I pay monthly.
Any advice? I am debating filling for bankruptcy or should I go with I have nothing to loose until I get work and am able to settle with them? I have been avoiding the calls to my cell since I don't really have any options.
Honestly, your best and safest bet is Bankruptcy with that amoun
Honestly, your best and safest bet is Bankruptcy with that amount of debt. Even if you have nothing now, they can sue and get a judgement against you and down the road as your trying to get back on your feet again, they may garnish wages and empty any bank accounts. Only way to get rid of that much debt is bankruptcy
I was hoping to be employeed by now and able to settle at the 25
I was hoping to be employeed by now and able to settle at the 25-40% rate but that has not happened and the credit agencies are just starting to call. I have been dodging the calls to my cell since I am not really sure what to do.
Thanks for the advice, anybody else???
bumpski, do credit collectors settle for partial or do they norm
bumpski, do credit collectors settle for partial or do they normally go for the whole amount?
Also, is there anything I should or should not say to them when they call, I just send them to VM.
With 80K in debt, I would be seriously looking at bankruptcy. G
With 80K in debt, I would be seriously looking at bankruptcy. Get a fresh start.
Any advice on finding a good BK Lawyer in the South Florida area
Any advice on finding a good BK Lawyer in the South Florida area?
Talk to friends....everybody knows somebody who filed BK. You w
Talk to friends....everybody knows somebody who filed BK. You want to find one locally.
If you were in the Central FLorida Area I can give you the one
If you were in the Central FLorida Area I can give you the one we used, here in Orlando, K. Hunter Goff, PA. He was good, without him my family would have lost everything.