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  1. The biggest flaw in this approach is that a creditor is not required under any law to take your credit report into account when they extend credit. So what if the BK is not on the CR, it's still in the files of the creditors; they know you filed for BK. So deleting the BK is only helpful if you are applying for credit to a creditor who was not part of your BK estate. Also, I agree that with so many people post-BK these days creditors are extending credit a lot sooner after a BK than they used to do. So it seems to me like a lot of effort for little reward. Where I think it would be most helpful is in a situation where you worked in a field where someone might deny you a job because a BK is on the CR. Then it might be worth the hassle, although most of those employers also require you to declare it on an employment application too (but maybe you can fudge that by leaving it blank).
  2. Now you know why I call student loans welfare through the backdoor. I know someone who did something very similar. They retired at age 62 and then spent the next eight years borrowing about 125K from the government to get their phd knowing full well they would never be able to pay it off. From their viewpoint it was a great way to spend their retirement and subsidized by the government to boot. I don't blame them. Student Loans are seriously messed up and this is just one of the reasons why.
  3. http://articles.latimes.com/2012/feb/18/nation/la-na-breyer-nevis-20120219 Buried at the end of that article was this amusing little factoid about the wealth of Supreme Court Justices. "At the bottom was Sotomayor. In 2009, her debts exceeded her assets by $22,000, the center said." Not to worry though since "the justice has signed a $1.1-million contract with a New York publisher to write a book about her early life."
  4. I received a letter today from an OC advising me that my debt was within 20 days of being charged off. Since the letters I have gotten from them before were threats to file lawsuits I assume this means they have concluded I'm not worth their time to sue. The debt is for a business (now defunct) debt which I personally guaranteed. My question is whether this is a good time to approach them with a settlement offer. If they have concluded I'm not worth suing (I'm not) then perhaps they will take whatever they would get from a JDB to settle. Or is it better to let the OC charge it off and then mess with the JDB. My personal credit is already in the toilet so that is not a concern.
  5. Your attorney just wants the fee....he is an salamander. Those that can be consolidated should be done thru direct loans. Well....maybe. That was my first reaction too but perhaps there is something in the situation that makes him suggest this. I would at least try and find out why he wants another 13, and then judge if that reason is compelling.
  6. It happened to me. The CRAs view student loans as installment loans, like a car. Once the loan is paid off, there is no on-going credit exposure hence no need for it to be on the credit report. Note that the loan does NOT factor into the age of your credit file. That is only for revolving credit, which a SL is not. Note that losing the loan may make your FICO score go up or down because you have now changed the "mix" of your credit.
  7. NO. This is much ado about nothing................. It's amazing the amount of ignorance this shows. This is a huge deal. Because once one company does it and gets away with it, the rest will follow. There will be no consumer access to Fico scores within two years with this is allowed to stand.
  8. This is the only sane response. The other's are all nonsense and won't affect them at all.
  9. Just because it doesn't show up on your report now doesn't mean it was never there. I had this happen to me once oh about six years ago. They reported me as late even though I was never late (it was an error) and they corrected it and took it off. So maybe that happened, just a guess. But your situation doesn't surprise me. We can expect to see people forced into BK because of this ****.
  10. I have a card with the United States Senate Federal Credit Union that is my main card for personal use. About once a month someone notices and asks if I used to work there. I did, for many years. /the sad part is that they used to be a super credit union but in the last decade or so things have really fallen apart. Symbolic, maybe so.
  11. And for some people they are indeed the greatest thing since sliced bread. This does, however, show a real weakness of the card.
  12. Trust me, it's always easier to tackle a legal problem head-on rather than sit back and say "I'm judgment proof" or "can't squeeze blood out of a turnip". The truth is, you CAN squeeze blood out of a turnip. Rather than having to deal with fighting over orders in aid of execution, writs of attachment, bank account garnishments, liens on the house, and on and on and on, it's going to be much easier and cheaper to just file BK and get it over with. It's $100k owed to a single creditor, the odds of them doing nothing are pretty slim. Well, you and I are just going to disagree on that. Again, I don't know the entirety of their financial situation, so I really can't advise one way or the other. But I'll say this, even they respected Nolo guide to BK7 recommends not filing BK if you are judgment proof. If you are truly judgment proof, there isn't anything they can do. What you are really saying is that many people who think they are judgment proof really are not, and then find out later that it would have been better to BK. One thing that bothers me about rushing into BK here is her health. If they already have huge medical debts, what are the odds they are gonna get some more? Because once they do Bk, they can't do it again for eight years. So I'm not convinced that "getting it over with" is the smartest move. It may be smart to drag this out for a while until they can be certain that all the medical costs are on the table.
  13. Yeah, the collectors are full of you know what. Seriously, the only thing a debt collector can do is sue. Simply tell them not to call any more. There is a manual around here about collections. Download it and read it. By the way, never try and explain anything to a debt collector. Just tell them not to call again. If you don't understand why, read the manual. What can these creditors do to them? Nothing. What can my parents do to resolve this? Why would you want to resolve this? Is this even legal? It seems like some sort of scam to sell people disablity insurance, pay for a while and then try to get the money back. Oh, it's legal. And it's legal for you to tell them to take a hike, too. Have them file BK over the hospital bills. They're going to sue over $100k, and then you're going to pay to defend the litigation and additionally pay in the end to file BK anyway. Might as well get it over with. Why? His parents actually sound pretty judgment proof. Let them sue and get a default judgment. How they gonna collect?
  14. That is indeed the lesson. On all your cards. The numbers are meaningless and they can cut you off and force you into BK and they don't care. They just want if "off the books."
  15. ROTFLMAO. That line was supposed to be tongue-in-cheek.

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