Want to Know if I'm Doing
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Posted by BugHugs60
(24.88.147.27) on March 07, 2004 at 16:44:01:
I've been reading this board for a few weeks and received some great information. I'd like some feedback regarding next steps. I'm young with $60K in credit card debt. Make 40K a year. Live a home with a parent. My name is on home and her bank accounts. Her home was paid for with cash--never had a mortgage. Live in North Carolina. From what I understand, NC is a non-wage garnishment state and the SOL is short--3 years. I have a retirement account that I've loans against to the tune of 30K. That money comes out of my paycheck. We are taking me off the house title and her bank accounts this week. I'm the only child and so all monies/property will come to me when she passes. (Hopefully many, many years from now). I feel young a stupid getting in this much debt. Right now my credit card accounts are just getting ready to go CAs. I know not to send a validation letter and I know not to answer the phone and talk to the CAs. I know to hang up if they call at work. It seems that sending a C & D letter would speed up a possible law suit/judgment. I also know that I can't file BK for a while (at least a year) as I'll just be getting off the title of my mom's house and her bank accounts. The debt is mine---however, it seems so overwhelming, I'm paralyzed with fear. I'd just like to walk away and crawl under a rock somewhere. Other than getting slammed for being such an idiot for getting in this situation in the first place, I'd like some advice as to next steps. Ride it out for a year or two and then declare BK? Keep very little money in my checking account so if it's frozen I'm not out much? Thanks so much, Bugs
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