Re: Bk?? Plz HELP!!
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by LadynRed
(199.91.33.254) on October 01, 2003 at 15:27:18:
In Reply to: Bk?? Plz HELP!! posted by AtALoss on October 01, 2003 at 14:48:04:
1. Is the NCO account non-dischargeable in a bankruptcy because it is a student loan, even though it was a computer loan and not money for my college? ** The key to the non-dischargability of 'student loans', even if not federally backed is 'educational benefit'. If the loan for the computer was soley for 'educational benefit' then it may not be dischargable. Sounds like a bit of a gray area to me and one you may have to ask a BK lawyer about. 2. We currently live in Arizona, but we lived in Illinois when we took out these debts. I was under the impression that the SOL applies to both the state you live in AND in the state you took out the loan. Is that true? ***The law says they can ONLY sue you where you reside NOW or where they contract was entered into. Usually they will sue where you live now to avoid the hassle of moving judgments from one state to another to enforce collection. SOL in AZ is THREE years. 3. Should I wait to see if they actually sue before filing BK? Would we have enough time and would the BK stop the judgement? Again, does the fact that this reports as a student loan affect all this? ** How much money are we talking about here ?? I wouldn't jump to file BK at this point just because some harpy from NCO makes a threat - they do that a LOT at NCO and 99% of the time they're just blowing smoke. BK WOULD put a halt to legal proceedings if you filed for BK after the lawsuit was filed. 4. When I was looking at the BK exemptions for Arizona, it lists 75% of your wages are exempt. Does that mean they can take the other 25%? How would that be better than a judgement and wage garnishment? ** The wage exemption usually applies to CH 13's but Trustees do not usually garnish a filer's wages for anything unless they determine you have to pay THEM something back, THEN they can take 25% of your NET income. 5. If we decide to wait things out and manage to avoid being sued, what keeps them from reaging the accounts? How are we really suppossed to fight that when we haven't been able to fight anything else on our CR successfully. This could go on forever. *** The law keeps them from re-aging. That's not to say they won't try to sneak it thru, but if they do and you catch them at it, you can SUE them for FCRA violations and likely collect from THEM more $$ than they want from you. Best advice is to be diligent and pull your credit reports at LEAST twice a year - and keep ALL your old copies. As for fighting with the CRA's, well.. you have to keep at it, you cannot give up. I suggest you go visit www.creditboards.com and start reading how its done - you must have patience and be persistant. You may have to threaten to sue the CRA's to get things right.
Follow Ups:
Post a Followup
|
