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What to do in our situation.
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Posted by Favouriteslave
(24.55.25.132) on July 28, 2003 at 21:34:54:
We live in CA. We have 70,000 give or take in credit card debt. If we file Chatper 13 the lawyer expects us to be making payments of $2,300 per month. They reduced our budjet to to point that its sad. Wanting the two of us to survive on $75 a week for food! Nothing taken into account for other expenses such as car repair, service, tires, lic and registration fees. We don't live high on the hog! We have 2 cars we are paying for and rent an apartment. Our excess after expenses are $1,000. We decided not to file the Chaper 13 and ride it out. This felt very dangerous to me so I called one of my husbands collection agencies for the highest balance owed (23,877) to try to make payments. I was mostly afraid they would try to sue us because that is a LARGE amount of money. We agreed to make 2 payments of 582 for July and August with $100 per month after that until we decide we can settle the debt. My worry is that we have other accounts in collection that are 10,000, 7,000 and lower. We cannot afford to pay large payments upfront to every creditor to get the show on track. Do they all expect you to make LARGE payments upfront? We have not made any contact with anyone else. We are evading! My accounts are 1 yr 4 mos past due, his are 6 months past due. We just got married in April.
If we get sued by any of them can they seize our bank account? We have no savings and a little in checking after bills. Keep in mind our debts are ONLY credit cards. Our cars are and always have been on time as with a few credit cards we have always paid on time. I am scared but I guess thats their best tactic. Does anyone have any past experience that could be of help?
Some of our (original)creditors are MBNA, CitiCard, Chase, FNANB, Discover, Sears, Express, FNANB and B of A. Chase is the high balance we will start to pay off, to a collection agency who said they "purcahased" the debt. Could they be lying? I asked them straight up. She told me Yes! Thanks for any help. Losing sleep in CA
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