Bankruptcy Attorneys
Q.This past week we've rec'd several letters from bankruptcy attorneys claiming that one of our cc banks has filed suit. This is news to us, we have not yet been notified in any way by them concerning a filed lawsuit. We had stopped making payments on the account since they would not work with us on a payment schedule that fit our budget. They also were harassing us by phone at all hours. The balance is over $12K on the account and we weren't able to meet the monthly minimum which they required. If we are being sued, I fear we will be forced to file bankruptcy. I work full time here in TX so I'm assuming that I can't file chapter 7 and will have to file chapter 13. If a lawsuit has already been filed, am I still able to file bankruptcy and include that account? If we do file are we able to pick and choose which accounts are to be submitted for discharge or do they all(including the cc's that are in good standing) get wiped out and discharged? Are our good cc accounts going to close our accounts with them? We really only have 2 large cc accounts that are bad, should we try and negotiate we them to avoid bankruptcy or is it too late since one of them has allegedly filed suit?
A.I've been thinking of sending a similar letter to folks being sued that live near my office. If you don't mind me asking: How did you feel about getting letters like those? Did you appreciate them? Do you plan on contacting any of the attorneys? It's not too late for you to file and include the creditor suing you. A bankruptcy attorney in your area can tell you if you qualify for a chapter 7 or 13. You must list all of your creditors, and good credit card accounts are likely to be closed. That said, it's only too late to negotiate after the debt's been paid (and someone probably knows a way around that). Your assumption is not necessarily correct. Lots of people who work full-time file Chapter 7. It is usually more difficult to negotiate once suit has been filed, but not impossible. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do.
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