Jump to content


  • Posts

  • Joined

  • Last visited

  1. There are factors other than financial to consider. This may seem silly to some people, but I have three rescued dogs who are very important to me. Since my husband and I own our house, we can give the dogs a home without worrying about a landlord saying we can't have pets.
  2. Another possibility is for her to just stop paying. My understanding is that they cannot garnish social security benefits. If you go this route you may want to get her an answering machine to screen calls, since they will start calling if she stops paying. Also if she has a bank account with the bank that issued the card, she probably needs to change banks. Banks often have cross-collaterilization clauses that would allow the bank to take money from her account if she stops paying on the card.
  3. Would it be advisable to stop the monthly payments for a while? Might that push it from being "assigned" to being "sold" making it more likely to settle it at a lower dollar amount? Of course if I did that I assume that would make for an even worse situation with my credit rating...right? They are generally more willing to settle if you've missed several payments. A relative of mine was trying to settle credit card debt, and someone at the credit card company told him they wouldn't even consider settlement until he missed some payments. Of course, doing that does damage your credit. There is also the risk that they might sue you.
  4. Just want to say I think breeze is right. You can stop paying on some of the cards, save the money you've been spending on them, and wait for settlement offers. Generally, the longer you don't pay, the less they're willing to settle for. They will be calling you, so I would suggest getting an answering machine to screen your calls. (Keep in mind that when you settle these debts, the part you don't pay will be taxed as income.)This will trash your credit, but as you said, that isn't your immediate concern. You will be able to rebuild your credit after you get out from under this debt. As breeze said, this means going against your instincts. It's hard when you're used to being able to pay your bills on time every month and now you can't, but the situation has changed. You have to do what you have to do, and looking after your family comes first. Good luck.
  5. Find out if it would be illegal for her to transfer the Europe house to you, that way she is free to do what she needs to do and that house will not be an issue. I'm pretty sure you can't do that right before filing for bankruptcy -- fraudulent conveyance.
  6. That's nice, Maurice. I'm happy for you, your Chihuahua, and her pups. I'm also glad there's no lawsuit involved.
  7. Seems like I have a vague memory of reading somewhere about a parent who got a child a new social security number because of a situation similar to yours. I would contact the Social Security Administration and ask them about it. You'd probably want to do it pretty soon before your daughter has much of a work history with her current SSN.
  8. That's funny. If someone called, wrote, or emailed me claiming to be dead, I would definitely be skeptical.
  9. Have to agree with the comment at the end of the article that #1 is the dumbest thing I've ever read -- or at least in the top 10, probably top 5.
  10. If it were me I would try to settle. I'd want to get out of debt as cheaply as I could and worry about my credit scores later. Just my opinion. Good luck. Editing to add that you might want to consider the possiblilty of filing for bankruptcy.
  11. Please do. It will probably be helpful to others in similar situations.
  12. I'm not sure, but I think it is still considered a charge off. You settled for less than the amount owed, so they charged off the rest. As Settle said, try the letter.
  13. He's tried calling and they said they don't work with anyone who is current on payments. He has since quit paying and is waiting to see if they will offer any sort of hardship or settlement program.
  14. My knowledge is pretty limited, but from my experience and what I've read on the forums here, I'd stop making payments and wait for them to contact you. My son has had some financial reversals and tried contacting Citibank about a credit card debt he was unable to continue paying on. They basically told him they wouldn't deal with anyone who was current on payments. I've read that is pretty typical. After your dad misses some payments they will notice and contact him (or you, since you're Trustee). Then you can explain the situation and see if they will offer a hardship program or some sort of settlement. Be sure to get any such offer in writing. Of course if you are able to sell the rental property for enough to cover his debt it would solve the problem. If not, you might want to consider bankruptcy. First you'll want to see if you dad's house would be protected by the homestead exemption in your state. Many bankruptcy attorneys will give one free consultation, so you might want to talk to one. Another possibility is to stop paying and just let them sue. My understanding is that they cannot garnish his social security. They could get a lien against his property. Then they would have to be paid when and if the property is sold or upon the owner's death, but they can't force him out of his house. At least, that's what I've read. That's another thing you might want to discuss with a bankruptcy attorney during a free consultation.
  15. I noticed you said their house is in someone else's name. Depending on the circumstances (which I obviously don't know) that could possibly be a problem with a BK7. If a court thinks they transferred the house to a relative's name in order to protect it from creditors, this could lead to trouble. Please note, I am not saying they did any such thing. It may be that the circumstances are such that this is a complete non-issue. I just think it's something they need to talk to an attorney about before filing. The attorney could also advise them on whether they are judgement proof and what their options are.
  • Create New...

Important Information