dont want to file b7 but if sued will??

What is the name of your state? az hey folks, i have about 40,000
dollars in unsecured debt, cards averaging about 5,000 $$
i havent paid on any of them for almost a year, most have been
charged off and moved to collections. i have gotten lots of request
to settle for alot less for what i owe but cant pay any of them.
i make about $34,000 a year i own no assets or property and iam making my car payment ($327). some of my creditors are
norwest bank, mbna, first usa bank, circuit city, best buy.
wondering if any of them have a reputation for sueing and if they decide to is it true i have 30 dayz to respond and will i still have the option to file chpt 7 and stop them from suing me and will it cost more for attorney fees if they do start a suit or judgment against me. thanks so much

[JETX]

Questions:

1) How can you have $40,000 in debt on credit cards and yet claim you have "no assets or property"? What the hell did you buy with the money you borrowed (stole?)??
2) I see you listed Best Buy and Circuit City on your creditor list. What did you buy (steal?) from them that was critical and essential to your survival??? Sell off the stuff you got on credit and pay at least part of the amount you owe!!

Your 'I got my goodies on YOUR credit and now you want to be paid??" whining only shows your immaturity and lack of responsibility. You make people wish for the return of 'debtor prisons'.

lets see.... you make $34,000 per year, which comes to just over $16.00 per hour!! (a LOT of people who write this forum with REAL problems would love to make that!). And you are STILL $40k in debt. You probably drive a fairly nice car and live in pretty good housing, right??
Give us a break with your 'threats' of bankruptcy. The court would laugh you out of town..... or will definitely impact your 'lifestyle' when you see what your monthly repayment amount would be!!

So, go ahead and file..... BTW, that will cost a $1k plus... up front!

Dbolan25:

I would say that most, if not all, of those major creditors would sue you.

Your options are:
1. Pay the debts.
2. Declare BK and get rid of them.
3. Change your name, get some plastic surgery and move to a new country to escape them.
4. Marry a sugar momma/sugar daddy who wants to pay off your debts for you.

I think you probably already know which solution is the most palatable to you.

Good luck to you with your situation.

Circuit city and best buy are probably Both household bank. They seem to just buy all the store debt. And reprint bills with the store logo on the top. I discharged about 20k with them last year in a chapter 7 (all different cards). Go figure They are offering me a secured card now. I figured I was blacklisted discharging that much from them.

They dont want your stuff. Dont worry about that. Unless you bought a "big ticket" item like a refrigerator or washer dryer in the last few months. The stuff you have is probably worth 10 percent of its value. if that. Even if they reposses your stuff. They cant sell it again or even recondition it. Most electronics is obsolete by the time it leaves the store.

I havent heard of them suing. I got sued by discover and almost got sued by a dental card run by GE capital.

If you dont mind the phone calls. Just skip on them and wait for them to sue. Discover sued me while I was preparing the paperwork. Their lawyer didnt listen to us or my lawyer that the paperwork was being done. They sued and won. (I was stupid and thought my lawyer was gonna make it go away since I was days away from filing anyway.)

But the day I filed. It all went away. Sure I still have a judgement on the books but they are not allowed to enforce it. I guess they just wanted to be first in line if I was forced into a chapter 13.

The way to figure if they are gonna sue is find out what lawyers typically sue in your state. In my state their are only 2 lawyers that sue for the big boys. Therefore if you get a letter from them. They are for real. Most letters you get from lawers never intend on suing you. They just are collectors with a lawyer title.

IMHO. Just get it over with. Especially if you cant find good work. Even if you get a chapter 13 because of your income. It is controlled by the government and not by those credit counselor thieves.

Best of luck to you.

[Ladynred]

Circuit City is FNANB - not Household. BestBuy is backed by Household though.. they've sent mine to 2 CA's already.. the newest is Sherman Acquisitions - and they assigned it to Account Solutions Group. Household also backs Rhodes Furniture.. got that one too. Neither is for much money though.

MBNA may be the first to sue, probably followed by FUSA. I also have those 2 to deal with. MBNA are *******s to deal with and FUSA are scum to start with. Both of mine have gone unpaid for almost a year, so far nothing but BS from collection agencies.

the sad thing is when i had money and was making minumum payments and always on time, none of them would work with me
on lowering the interest rate, mbna had me locked in at like 19.8% and would only lower it like by .5% and first usa wouldntbudge on their 19%. but guess what when they started getting nothing from me , they started sending nice letters saying we are willing to work with you and all these nice messages on my vmail.
oh well and i know iam responsible for this period, no excuse ,bottom line, but these big banks and corporations steal from us all the time. i should have went to school to learn how to be a corporate ceo, oh well!!!

[JETX]

You seem to take the position that these 'big, bad, mean' companies are at fault, when that is clearly NOT the case.

1) You accepted the interest rates when you wanted THEIR money.
2) Your own post tells that you were doomed from the start.... "when i had money and was making minumum payments". You will NEVER, EVER get ahead by making minimum payments.
3) You still seem to refuse to understand how this 'system' works....
You approach a business, or friend or whatever and ask if you can use THEIR money to purchase something that YOU want. After filling out an application, they agree to make funds available to you..... for you to use, or not use, as you need (that is called a credit card). You then, take that little piece of plastic and purchase the goodies you want..... using THEIR money. You then pay them back the money you BORROWED with interest that YOU agreed to. Now that you have the goodies YOU wanted, you refuse to pay them back. Do you see the fundamental problem here???

Now, I could understand if you had some unforeseen, unavoidable, catastrophic 'happening' that affected your ability to repay.... and caused you to exhaust your savings (remember the old rule.... always keep enough funds in savings to last you SIX months without income!). And then, after using up the savings, you still were unable to meet your obligation, you were forced, as a last resort, to have to use the 'escape card' that society has provided (called bankruptcy), but that is NOT what happened to you.

In your case, you went out and REQUESTED far more credit than you should ever have done.... then max'd out all the cards..... and now whine and cry, "Woe is me... those bad men want their money back!". Sorry, I have ZERO sympathy for you!! (Yes, I realize that the creditors have made it far to easy to get credit, but no one twisted your arm to force you to take them up on their offer..... did they?? The fact that YOU chose to do so is yours).

Lets reverse the roles.... lets say that you loaned me $40,000 on a repayment plan. When payment time comes around, I tell you, "Uh, sorry, can't pay". This continues for several months..... without end. Are you a happy-camper?? Of course not. You would be mad as hell..... I used your money, got all the goodies I wanted.... and now could care less if you ever see a dime. Still happy? Why not??

BTW, do you know who will pay for your stupid and uneducated lack of credit-sense??? Yep, the rest of us will pay so that you can keep your 'goodies' without paying for them. And guess what?? Unless you get some smarts, I predict that you will be right back where you are now within THREE years!!

The liberals have won!! They have managed to create a massive group of lowest-common-denominator educated people without ANY tools to help them realize what life is TRULY about. What has happened to the 'my word is my bond', 'I am responsible for my actions', I AM ACCOUNTABLE citizens that founded this country????
I guess they are all at the mall, shopping with their credit cards!!

And he yells out..... "Remember, only YOU can prevent credit abuse!" as he steps from the soapbox.

[Ladynred]

Whoa.. major rant from JetX !

I only have one comment on your tirade, JetX (I'm still not used to the new moniker).

The 'big bad mean banks/companies' are not at fault ? Well.. maybe not to the greater extent, but some of their practices over the past 10 years or so of extending credit to anyone and everyone is clearly in question. Yea.. they're only out to make a profit.. its business.. but its obviously BAD business because now lots of those people, who in the bad old days of credit would have been DENIED, are carrying so much credit card debt that they can't make it. Is it their fault for running it up.. sure, but if the banks hadn't given it away in a greed frenzy, the problem would be far, far less than it is now. In this way, the banks now crying about people filing for bankruptcy have made their own beds !!!

Certainly there are frauds out there.. and irresponsible people who abuse the system intentionally. That happens in EVERY sector of business. In all of this, NOWHERE is there ANY kind of credit 'education' for consumers. Consumers learn when its too late, the hard way, and the banks are not helping with some of their horrid practices (jacking interest rates at will, ridiculous fees, etc.). The FICO system is a joke, but we're all slaves to it and penalized by it daily. If the big banks and credit issuers want some reform, other than making the consumer suffer with that horrible BK reform bill, then THEY should be doing something to EDUCATE the public about how the system works. They have billions of dollars.. they can afford it. Credit education should be a mandatory course in High School before the kids go off to college where credit cards are literally thrown at these credit-ignorant kids and at 18,19,20, they end up in bankruptcy or with trashed credit ! Mommy and Daddy aren't going to educate them.. most of THEM don't know 'the system' either !

Who reads that miniscule print on their credit agreements in total ?? If they DO read it, how much of that legal/finacial-ese do you think most people actually UNDERSTAND ??? I'm an educated individual, with lots of business experience and *I* can't understand the convoluted crap in those agreements. By the time you plow thru that stuff, with a magnifying glass, you don't know if you've got a credit account or a jail cell waiting for you ! Its horrible the kinds of stuff they put in those agreements, and that point was brought out recently on 60 Minutes (or one of those shows).

The system sucks -- you're guilty until YOU prove YOURSELF innocent and these credit issuers lay all kinds of landmines in their precious 'agreements'.. and then they turn around on a regular basis and change them in such a way that, in some cases, they're violating your rights and most people never know it !

All of that crap should be written out in plain English, not mile-long finance/legal-speak paragraphs that would confuse Einstein !

My point, in case you missed it, is that the banks and credit issuers are NOT blameless in this mess. The consumer isn't either, but the consumer, for the most part, is clueless and the banks like to keep it that way. Why else would they pitch a major fit over some proposed state laws that said they would be required to tell people that paying only the minimum payments on a $5000 debt would take you FORTY YEARS to pay off ?? Its true, but they don't want you to know that !!! The proposal was rejected because the banks said it amounted to telling people that having an account with them is a bad thing ! Well.. IT IS !!

You can sit there and say 'pay your bill off every month its the only way to be responsible'. BUT, people who DO manage to do that are labeled as 'freeloaders' and the banks have devised methods and .. gasp.. FEES.. to impose on 'freeloaders' to PENALIZE them for using credit responsibly !! Gee. golly.. they don't make any money on finance charges when you do that so lets make make them pay for that anyway !! On top of that, since your balance to debt ratio is way down by paying that way, your FICO score won't go up and you end up being denied credit at some point ! What is wrong with this picture ???? You're damned if you do and damned if you don't, you CAN'T win with the system as it exists today.

People need to learn, yes, but the banks need to be brought up short for some of their border-line practices.

Now.. I'll get down off my (bleeding heart liberal) soapbox

[JETX]

Ladynred:
With all due respect, your argument sounds very familiar.
Have you heard of the overweight man in New York who has sued the 'big bad' fast food restaurants for his weight problem.... saying that it is THEIR fault for making their foods available to him.

Have you heard of the lady in AZ who sued 'big bad' McDonalds because it was their fault that they sold her hot coffee.... and she spilled it (BTW, her judgment was reduced substantially by the courts).

Have you heard of the lawsuits being filed against gun manufacturers because 'someone' wouldn't have been shot if those 'big bad companies' just hadn't made those guns.

Have you heard of the lawsuits who have literally destroyed 'normal' people because some quack hypnotherapist happened to conjure up some alleged past abuses against a 'victim'??

Have you heard of the person who blamed that 'big bad' employer because they didn't give him a job?? (I got a great chuckle the other day.... I was in a local McDonalds and the black manager was having quite a discussion with a black kid who was claiming that since he had applied for a job, they HAD to hire him.... and if they didn't, it was because he was black. And this was a black-owned, black-managed, 98% black-employee restaurant!!)

Have you heard of the great physicians who have been forced out of practice (and jeopardizing medical care for all) because some 'ambulance chaser' said that SOMEONE had to be blamed for that birth defect, and those lawsuits have increased medical insurance premiums??

The common denominator to all of the above is that we have become a society of victims. No one wants to accept that THEY are often responsible for what has 'beset' them.... or that it was just 'bad luck' that it happened. Life is funny that way.... no one knows what will happen tomorrow. That is why we have insurance and (supposedly) a 'rainy-day' fund to help bridge us over those 'rocks' that life puts in our paths.

Lets be very clear.... yes, the 'big bad credit companies' are irresponsible in offering the credit to all-comers************** but WE are responsible for accepting and using that credit offered!! And WE are each responsible for the bills that WE incur when WE pull that piece of plastic out of the pocket!! Until you can show me that the 'big bad credit company' was twisting your arm when you reached back to pull that credit card out of your wallet or purse.... WE cannot blame anyone else!!

As for the 'good credit' free-loaders and fees.... I don't own a credit card with an interest rate higher than 9.9%.... and one of my cards is at prime plus ZERO!!! Seems to me that they reward those with good credit.

(SCREEEEECH.... sound of soapbox being pushed across the floor and back into the corner!)

[Ladynred]

Ok, JetX... lets see.. (screeeechhh.. pulls the soapbox out of the corner)

Yes, I've heard of the woman who sued MickeyD's over the coffee..

Yes, I've heard of the one about the guns...

The others I hadn't heard about specifically. The coffee, the fat man, the anti-gun people .. I personally feel they're utterly ridiculous.

I hadn't heard of the others, specifically..
Blaming an employer for not hiring them ?? Geez... The McD's thing you mentioned would have made me laugh as well.

A hypnotherapist planting false 'memories' .. yikes...

I agree the medical suing going on is way out of control and forcing good docs out of practice .. look at the walkout staged recently.. its scarey for sure.

I agree with you on many points. We *have* become a society of victims.. and thin-skinned whiners I might add. All this 'politically correct' BS going around makes me want to gag in a lot of cases.. its absurd. All the litigation flying around is costing us all in many ways.. its absurd, everyone's sue-happy !! I also think most of it is stupid and unnecessary.

Yes.. WE are responsible when we pull that plastic out to use it, I do not argue with that at all. I just happen to think that some education on 'the system' and the CONSEQUENCES of using that plastic should be out there.. and maybe even mandatory. The credit/banking industry doesn't make it easy to learn this kind of thing either, probably because if people KNEW how things REALLY are they would not take a credit card ! On some level, *most* people know that simply paying the minimums on a balance will take a while to pay off the account. However, as I said before, the credit issuers don't want you to know HOW LONG it will take nor how MUCH it will REALLY cost you to pay down a balance. I mean.. FORTY YEARS to pay off $5000 ?? What a racket, and you end up ACTUALLY paying 10 X (or more) the $5000 in that forty years. Who in their right mind would want to use a credit card if you can't pay if off completely every month or 2-3 months max ?

The 'savings for a rainy day' .. well, I USED to have a savings account.. but that disappeared with the first layoff several years ago and after I had to take a job at a 40% pay cut, it has been nearly impossible for me to save anything like 6 months worth of expenses since. It took me 5 years to begin to see the light at the end of the tunnel from the 40% pay cut when I was laid off AGAIN. I remember when banks gave you 5% or more on a savings account, now you're lucky if you can get 2% .. and most aren't even that ! What's the point ? Forget the bank, I'll put it in a mattress and save the service charges.

As for the 'freeloaders' .. well.. I can only say you're lucky. My mother, who is now 84 years old, has had AAA credit her entire life (well.. at least as long as there's been a 'system' in place.. lol). She ALWAYS paid off every credit card she had every month, at the most she let something go as far as 3 months .. EVER. I don't think she ever had more than 3 or 4 credit cards at one time either. On the ones that she always paid off monthly, they started CHARGING her higher interest and tacked on some fees.. and she was NEVER late with a payment (my mother grew up in the depression and was educated as a bookkeeper). When she inquired about the higher interest and fees, they told her it was because she paid her bill in full every month and didn't carry a balance !!! She was being punished for using credit responsibly !! I'm sorry.. that's bass-ackwards and utterly wrong. Why should someone be penalized for not allowing the credit issuer to make money on finance charges month after month ??? I know of others, my Mom is not the only one this has happened to.

The system is flawed and it does punish people .. good and bad. Yes, people are responsible for their actions .. especially for spilling coffee (duuh..gee.. its hot !) or buying junk fast food (huh, calories and fat grams ??? ) AND their use of the grand plastic. I still say that if the credit issuers are going to whine and bitch about bankruptcies then they should be doing something on the FRONT end to stem the bad tide - like revealing THE TRUTH about how things are done and what happens if you can't pay your bills.. or even when you DO pay. But they won't do that, they might not make that extra BILLION in finance charges next year.

I'm not really disagreeing with you.. I just happen to think that something more needs to be done to educate consumers.

(bump... kicks off the soapbox)

[JETX]

I agree that part of the problem is consumer ignorance... but who has the 'responsibility' to educate them??? My wife is a business educator and I argue constantly that our high school education system MUST include a class on the realities of life.... how to balance a checkbook, what insurance does and doesn't do... how to read and understand a contract, lease, insurance policy, etc.
But the liberals are only concerned with giving Johnny/Becky a passing grade for 'trying, really, really hard'!!

And we cannot expect society to bear the responsibility for teaching about credit.... and its problems. Look at the number of college freshmen who get their first card and then max it out in the first month (like my son did!). Face it, the current generation "Y" only wants to HAVE.... and they want to have it NOW!! They do not want to wait until they can save for it and pay cash. They want it NOW!!! So, should the rest of us (society) have to pay for their immaturity, ignorance and being spoiled?? Personally, I am getting damn tired of paying off other peoples debts (in higher prices, taxes for courts, etc.).

[Ladynred]

Agreed

Education is a 'thing' with me I guess.. probably because my Mom served on the board of education for 10 years in the town where I grew up and she was prez for 2-3 years as well. My older brother also served on the board, so for a while there were 2 family members on the board I grew up hearing a LOT about our education system and 'just passing' is NOT the way it should be.

As bad is this may sound, and as bad as our economy is now, sometimes I think we need another 'great depression' to snap people back into the REAL world and make people realize that 'gotta have it now' is NOT important in the grand scheme of life. That was a bad time for the country, no question, but sometimes I think we have to be hit over the head with such a baseball bat to bring us back to what's important and to do a re-set on our values.

[JETX]

Damn, somebody stole the soapbox!!

[nailtech]

[JETX]

Nailtech, thank you for editing/deleting your last post on this thread.

I was pretty peeved when I saw it and do appreciate your editing.