Re: No Assets But Sued After Sending C&D Letter!!!(When ok to file BK?)
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Posted by Bob
(192.138.150.250) on January 29, 2004 at 17:21:41:
In Reply to: No Assets But Sued After Sending C&D Letter!!!(When ok to file BK?) posted by Tia on January 29, 2004 at 17:07:53:
Why wouldn't it be OK to file BK? BK is there for you as a consumer when you have no other options. Typically, there's only a few things you MIGHT need to worry about, such as (specifics might be a little off): 1) A fraudulent credit card application, e.g. you lied about your income or work situation, in which case you might not be able to get the debt discharged; 2) luxury and/or non-essential purchases within 6 months of filing BK. This might not be dischargeable either. 3) preferential debt payment, i.e. you paid a creditor over $600 in the previous 12 months before BK. However, these laws vary a lot from state to state, and also vary whether you file chapter 7 or chapter 13. I don't think you'd qualify for a chapter 13 since you don't have a job; it's called a "wage earners plan" for a reason. I may have gotten some of the specifics wrong, but you really need to talk to a good BK lawyer anyways. It sounds like you would qualify for a chapter 7 bk, assuming you can come up with the money to pay the lawyer. Do it before Cap One gets a judgement against you. It would sever them right for trying to sue someone in your situation as I can't believe they're suing you. Are you sure your credit report doesn't show some assets? Also, you might not have to file BK if the debt is past your state's SOL, as a creditor can't collect on a time-barred debt. Just thought I'd throw some initial advice your way. I'm sure they'll be others you can give you more specific advice.
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