my wife, just out of pregnancy with a newborn, is being sued by Capital One for a $2000.00 credit card debt. We offered to pay the minimum but they refused. I'm unsure if I could even afford bankruptcy. We have a large mortgage, living expenses with no disposable income for any debt-consolidation. Facing pending foreclosure. If we are summoned to appear before the court, what would the court possibly expect us to do except what we could afford to do?????? what could we expect from the court from credit card company suits??????
2006-11-29 15:30:57 · 7 answers · asked by Walter D 2 in Politics & Government ➔ Law & Ethics
Hi,
Is your wife being sued? Or are there just threats of a law suite. If you were being sued, you would have already received a summons to appear in court, which sounds like you have none.
If you indeed wind up going to court, you can petition the court for a settlement for Penny's on the dollar. Capitol One will try and get the whole amount and make you believe you have to pay the entire amount, but what they want and what they get are two different matters.
I had an overdue account with Capitol One years ago, and they tried the same scare tactics and wanted the whole amount, I told them point blank, either accept my settlement terms, or you can go to H e - - and kiss my A - -. They wound up writing it off. Stand up to them, there is no such thing as debtor prison, and it is nothing more than scare tactics.
After 7 years, the smear on your credit record must by law, be removed completely.
From the way it sounds, I would proceed immediately with filing bankruptcy. There is always a way to work out the filing fee.
Good Luck, and don't take any crap from Cap 1.
Darryl S.
2006-11-29 15:33:34 · answer #1 · answered by Anonymous · 0⤊ 2⤋
The advice by Kendall is incorrect. All bankruptcy is NOT a "wage earner" bankruptcy. A "wage earner" bankruptcy is also known as a Chapter 13 bankruptcy, and presumes that you have sufficient means to pay back a portion of your debt. That may or may not be the case.
I suggest very strongly that you consult an attorney who practices bankruptcy law in your state. The bankruptcy law is a Federal law, but the exemptions for property and the procedures are governed by state laws.
In "MOST* Chapter 7 bankruptcies, unsecured debt can be eliminated, and secured debt is retained. This is because a Chapter 7 bankruptcy will technically avoid the debt, but not the lein on the property involved. I won't go into specific details on this unless need be.
Regardless, under the circumstances you provided, you need to consult with a bankruptcy attorney who can advise you on how to proceed. For a referral, call your local or state bar association.
2006-11-29 21:07:34 · answer #2 · answered by Phil R 5 · 0⤊ 0⤋
All bankruptcy is wage earner now days. They look at your bills such as rent, utilities, groceries, all you living expenses and then they look at how much you owe your creditors. they determine how much you can pay the court each week and you pay it. Mortgage companies and secured debts are paid first as is child support and back taxes whats left is divided amongst your creditors which is usually "squat" If you are behind on your bills your credit is probably shot as it is. Bankruptcy wouldnt do any more damage. A good lawyer may be able to get your house under the wage earner and im many cases reduce the interest rates especially if you are paying high interest rates on a car. most lawyers calculate their fee into the weekly court payment. Bankruptcy will stop everything, foreclosures, suits, harrassing calls. Its worth a call to a lawyer. Make sure you list EVERYTHING you owe. If its not included you are responsible for it.
2006-11-29 15:38:34 · answer #3 · answered by Anonymous · 1⤊ 1⤋
With a new baby on the way,large mortgage and living expenses and no disposable income-what the f**k was she doing spending $2000 in the first place?
2006-11-29 15:44:28 · answer #4 · answered by barbara 7 · 0⤊ 0⤋
Nope, in case you owe a debt and refuse to pay the sequence company, on behalf of the credit, can sue you. in case you could and opt to circumvent court, and no matter if it isn't too late, call them and note in case you could settle. Be prepared to make a charge over the phone perfect then and there.
2016-11-29 23:11:26 · answer #5 · answered by ? 4 · 0⤊ 0⤋
That seems excessive, I have gotten into credit card trouble before and they gave me plenty of chances to pay and even cut the debt in half to get me to pay so I think there must be more to this story.
2006-11-29 15:33:29 · answer #6 · answered by ? 3 · 1⤊ 1⤋
good luck, thr credit card co. took the risk.so youre best bet is to talk to a credit specialist they do help,but be wise some are crooked
2006-11-29 15:35:27 · answer #7 · answered by dizzydaddy 2 · 1⤊ 0⤋