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Re: Oh boy, got a BIG prob!


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Posted by Tac (172.146.130.169) on January 04, 2003 at 00:44:41:

In Reply to: Re: Oh boy, got a BIG prob! posted by Linda on January 03, 2003 at 02:55:42:

You should seek the advice of an experienced Bankruptcy Attorney and go over your options with him.

I am not saying to file for BK but, this may be a way you can keep your home if the sharks come biting so to speak.

Linda is correct in that you have nothing to worry about yet, Charge-off is a way the creditor handles accounts in house and for tax write off purposes. This also means it will most definetly be transfered or sold to a collection agency.

I would let it advance to that point and see where you are at. In fact I wouldn't even pay the OC's at this point in time unless they setted for the 50% in writing by a certian date.

For now I wouldn't lose any sleep over this, litigation sometimes can take years and it is not likely it will happen soon.

I am not going to claim innocent victim myself but....I have had several unpaid charge offs for almost $15,000.00 and I was never sued for any of them, luckily!

I wish you luck!

Tac


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