Advised Needed not paying Credit Cards

[Monolith]

About 6 months ago, wife and I had to decide, pay car payments/home mortage/credit cards/daycare/food. So we stopped paying the credit cards. Thinking we would be able to catch up the next month, while fast forward 6 months, and several cards have charged off, and the calls are more and more each day. The stress is going to kill me, I don't know how much longer I can take it. Went to dr the other day and said my blood pressure is very high, never used to be like this. Wife and I fight all the time now about money/bills so on, worried we are going to divorce soon if things don't improve.

 

 

Here are the facts

Wife and I both still have income, but only enough to pay for home/cars/daycare/food.

We have about 70k in card debt.

Several of the cards have charged off.

No money left in savings, used all up to keep up with home/cars/daycare/food, now just live from check to check, and sometimes that not even enough.

If my wife and I were to get sued, we would have no choice to stop paying home, I don't know how garnesment works, but I think in NC they can get our pay checks still. Like I said we have no savings. Maybe 84 cents in savings account, no 401k.

 

I have sent C&D letters to most of these places so the calls would stop. Most have been working the last few weeks, but then they change 3rd party place that owns them and it starts all over.

 

I cannot settle right now because I have no extra funds.

We still have to much income according to the means test to do ch7, I refuse to do ch13, and be in payment plan for 5 yrs

 

 

Questions

Do I ask family member for the amount to borrow that I think I could settle everything for? Very uneasy about this.

Do I just wait it out see if we can make it to the SOL which is 3 yrs?

We have tried to sell our home, with no luck for amount 8 months. We have no equity in it, at the time we got the loan about 3 yrs ago we had very good credit and did 100%

Most of these places calling keep saying the crediter won't settle or won't deal with the fact we won't pay full amount.

Is that a scare tatic?

Will they sue?

Some are already with attorney being reviewed.

Most of the collectors say we will be sued as we don't follow typical pattern of people that are having $$ problems since we stopped payments all around the same time.

For example I have an amex card that been to 3 different CA and the one that it at now has been very rude saying they are going to sue as the OC wont deal with taking anything less than the full amount. If it with CA, does that mean the OC is done with it? OC reports on my credit report that it been charged off.

 

Just don't know what to do at this point. Wife and I feel so helpless.

I know we have to decide, but any help or thoughts you can share please do so, I stay up night after night and just cry about what the situation we are in, wife is very worried about me and I feel like I am about to have a nervous breakdown.

 

Thank you for your time.

[TDoger]

I am sorry no one on this board has responded yet, as you sound at your end. My advice is to consider bankruptcy. It is never an ideal solution but based on what you described it may be the best option. Do some preliminary research so you have an accurate expectation and then make an appointment with a well established bankruptcy lawyer. Do you think you can continue like this?

[DialerGuy]

Maybe this should be moved to the credit forum where it'll get more views/responses.

 

Would you like for me to ask a moderator to move it?