Re: Scared and CONFUSED in NV! Advice??
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Posted by LadynRed
(199.91.33.254) on March 04, 2004 at 14:55:15:
In Reply to: Scared and CONFUSED in NV! Advice?? posted by BrokeinVegas on March 04, 2004 at 13:05:28:
I'm going to have to agree with the others here who recommend you file for bankruptcy. Discover WILL sue you and if its already with an attorney, I'd be on the lookout for a summons, they do not waste ANY time, especially for the amount you owe them. I'm not trying to scare you, just tellin' it like it is with Discover - they are ruthless. Citi is becoming that way quickly. Bankruptcy does seem to be your best bet. The debt consolidation/settltement/negotiation firms are 99% SCAMS and will not help you enough in your current situation, in fact, they are all likely to make it worse. Banruptcy will make it all go away in 4-6 months. Once you file, you get immediate protection from creditors, including AmeriQuest Mortgage. As it stands now, you would have to file in NV. If you're going to ID, you'll have to wait at least 91 days before you can file in ID to satisfy the residency requirements. Neither NV or ID offers great exemptions. NV offers a higher homestead exemption of 125K, but the personal property exemptions are lower. ID homestead exemption is 50K with slightly higher personal property exemptions. If you sell the home in NV and buy another in ID, you wouldn't have any floating cash and low enough equity to protect the new home. Discover is likely your biggest headache in the near term. IF they sue you, filing for bankruptcy will be the ONLY way to stop them. If they win a judgment, your credit will be trashed for 7 years to come, maybe more. If you file for BK, with credit repair and careful rebuilding, you'd qualify for an FHA mortgage at reasonable rates in about 2 years. Judgments will haunt you for a long, long, time and if you're in a state where wages can be garnished, that can be pretty ugly. As Patti said, your marriage, your family, YOU come first - get rid of the debt and get the fresh start we are guaranteed by the law, start over in a new place where you can all be free of the stresses of crushing debt.
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