Quote:
Originally Posted by Knightfal  The income rules for chapt7 are pretty tight. My wife stopped paying her unsecured debt back in oct of 07. all unsecured debt has been charged off and sold to collection agencies. Eventually it all just gets written off as bad debt and it passes. Unless your talking about credit cards that were like 20k 30k balances. I doubt the collection agency will sue. and they have no right to collect wage garnishment against you. |
actually that depends on what state you live in and what the statutes are in your state, In florida were I live, credit cards collections accounts can sue for judgments and get them, we had 2 credit cards go to collections in 2002, in 2004 they took me to court, got judgements against me the original balances were $1100 and $1800. we were making payments to them to try and clear it up, but then we had some financial setbacks and they would not take reduced payments, 1 of them actually filed for garnishment against my bank account and the judge approved it, i was able to borrow from my employer and pay it off, then had to take a 2nd 401k loan and pay back my employer. we have since paid them off and they judgements were satisfied however my transunion creidit reports still show them as unpaid, even though we supplied the credit bureau with copies of the satisfaction of judgements, what a mess. AS FOR THE 2ND MORTGAGE, they can and will file foreclosure regardless of equity or not. In 2006, I made a payment arrangement for arrears on my 2nd mortgage with (Greentree bought the 2nd, worse than
cw to deal with) well they called me 2 months into the payment arrangement which was 1/4 of 2 payments added to my regular payment and told me the person who made the arrangement was no longer their and they wanted thier 2 payments immediately, I told them I could not do this for at least 6 months when my 401k loan was paid ( I used 401k loans to help pay for son's college) that said no deal hung up on me and within 30 days filed foreclosure, when I called their foreclosure dept and explained the situation with the original arrangement, since I did not have anything in writing from the former employee, oh well and when I asked why would they want to foreclose a $29,000 mortgage to assume a 1st lien with a much higher balance that could wipe them out in a counter foreclosure, they said they didn't care and were going forward with the proceeding, luckily for us my husband was talking to one the other managers with his company and foudn out they did hardship loans for things like this for the managers and executives on a case by case, my husband contacted the VP who got us the funds right away, 4 payments = $1680 quickly became $5000 with all their fees added, we paid and I filed with the court a notice that the past due amounts and all fees were paid in full, in case they tried anything else, eventully took 120 days to get it all dismissed. moral of the long story, never assume anything in regards to owing a bank or anyone else money especially if it is secured dept! good luck
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