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What happened and how did you resolve?

2007-02-03 11:31:31 · 2 answers · asked by corporatetrade 2 in Business & Finance Personal Finance

2 answers

YES!! We were about $60,000 in debt and had stopped paying on one of our credit cards. It didn't take long for the $7,200 debt to be turned over to a collection agency. I started receiving daily calls where they wanted me to practically sell my body to pay it! We started working with one of those debt consolidation/credit counseling agencies but the credit card company wouldn't agree to the terms. Within about 60 days we received a formal document by registered mail saying a lawsuit was filed on us. We immediately contacted a bankruptcy attorney. Our bankruptcy was filed quickly and brought the lawsuit to a screeching halt! No creditors can bother you after you've filed. We chose Chapter 13 where the court puts you on a payment plan for 3-5 years without interest and usually you only have to pay a percentage of it back, depending on your income. Chapter 7 wipes your debt out completely but with the new laws it's harder to quailfy for it. We are now about to make our last payment and will be debt free!! It's the best thing we've ever done. The entire process has been a breeze. So much better than being sued.

2007-02-03 18:18:39 · answer #1 · answered by Jen Wolfe 1 · 0 0

No, I tend to resolve my problems before they escalate into hot messes involving lawyers and judges.

2007-02-03 16:08:19 · answer #2 · answered by DaMan 5 · 0 2

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