Arbitration Award and Chapter 13

[quietsound]

What is the name of your state? Virginia

I'm very upset! Chase Bank did this Arbitration thing and I didn't understand my rights and instead of finding out I ignored it and now they slapped an award for chase. Now they can take that and get a judgement in my local court. I had no idea they could do such a thing!

HOw can something like this be legal? Seems like it's a sneeky thing to do and I feel they do it because normal people don't know what they are talking about.

Anyway, I live in virginia and want to do a chapter 13 bankruptcy ...my husband does not owe the debt to this, as a matter of fact I owe most of the debt in my name, our house is owned jointly and titled correctly. What are the chances of them putting a lien on our house or making us sell it when we both own it and he doesn't owe it.

Also, after judgement is entered, will a chapter 13 stop them from garnishing or levying bank accounts and liens**************..will old judgements be allowed to be in the chapter 13.

I owe like 80k of credit card debt of which $19k is joint debt.

What options do I have to protect, house, accounts, and paycheck

 

[SkankCheese]

How is it legal??
Well lets see.. they gave you notification and time to respond and, by your own admission, you ignored it.
So what part is illegal?

 

[quietsound]

Thanks for your smart remark answer****************************......that's exactly what I was hoping for as a response to my trouble.

 

[SkankCheese]

You asked how it was legal, I'm asking you why you think it's illegal... or even remotely sneaky. Someone sends you a document, or informs you that they plan to take a certain action against you, and instead of having the mind about you to figure out exactly what they're talking about- you thought the best course of action would be to ignore it?

So yeah- I really don't feel sympathetic with your 'trouble'. Someone should be along shortly to help with the Chapter 13 questions.

 

[quietsound]

Well yes since i spent $1600 with a debt settlement company who was suppose to be handling this, YES, I was under the impression that it WAS handled. Now i'm in worse trouble than I was if I had left it to myself to work out on my own.

 

[Ladynred]

And that is EXACTLY the problem with these debt settlement companies, they take your money but can NOT do anything to stop lawsuits and arbitrations. Arbitration is a kangaroo court, but regrettably it's legal. It is 99% against the consumer.

Bankruptcy will make all judgments null and void and will stop garnishments and all other execution actions to collect on it.

With 80K in debt, bankrutpcy is probably your best answer because the debt settlement company can't and won't stop lawsuits. In fact, they are probably what caused the arbitration in the first place if the debt wasn't already way past due. Be on the lookout for other lawsuits to come.

 

[quietsound]

You know, I turned in this settlement company to the bbb and consumer affairs...the very sad part of this whole thing is that people out there do NOT know this information. They put their trust in this kind of service thinking that everything is going to be ok and they think that this is the best alternative when really it's the worst alternative.

This company had no problem taking my 4 easy payments of $400 for their "service fee" up front. Again, this is my bad!

I want to thank you for responding to this thread and for taking the time to help me.

 

[Ladynred]

Unfortunately, these companies advertise like mad and make it sound as if they ARE there to help the consumer when the only ones they are really helping is themselves - to your money.

People don't understand enough about the credit/collections game as it is so they don't understand what can/will happen when the DS company says that you stop paying all your creditors for xx months while you pay THEM $$ that collects in an account until there's enough to make a settlement. They certainly won't tell people that not paying your creditors can get you sued or, like you, sent to arbitration and that the company can do NOTHING to stop it.

Most of these companies are nothing but scams in the end. The people who wind up with these places, as well as 'debt management' or 'credit counseling' services are probably already prime candidates for bankruptcy. People are trying to find some other answer.. and wind up in bankruptycy court anyway after they're hit with multiple lawsuits and/or arbitrations.

 

[quietsound]

I know that this arbitration board does not overturn appeals**************...does anyone know what kind of appeal I can file with them in order to help to prolong this so that I can do what I need to do.

When this goes to my local court house can I appeal this or can I get this continued.

 

[Ladynred]

I don't know that you CAN appeal an arbitration with the NAF. They are so far in the pockets of the creditors it's almost impossible for a conusmer to get anything like a fair deal with them.

If they do take the award to your local court for confirmation as a judgment, you should be notified and yes, you can appeal.