Would bankruptcy be a problem?

We do not have anyone calling us for payment, yet. Will this be a problem in filing? We are to the point that we are just making ends meet and not sure where the next payment will come from. We just got a new adjusted bill for public service of $208 a month from the $104 we were paying a month. I do not see how we can pay an extra $100 if we are having trouble now.

We do not have anyone calling us for payment, yet. Will this be a problem in filing?

No. 

We are under a 2 year arm with our house and are set to refinance within 3 months of Dec 1st. Will this be a problem?

I should just call a lwayer, but have not had a chance to talk to hubby yet.

We are under a 2 year arm with our house and are set to refinance within 3 months of Dec 1st. Will this be a problem?

I should just call a lwayer, but have not had a chance to talk to hubby yet.

Sorry, dunno about that one as I was property-less at the time I filed.  Think that might best be discussed w/a lawyer or mediator. 

Along the line of this thread I have a few questions....  Basically my husband and I have had one financial disaster after another since i moved over in January and now I'm having American Express trying to collect on my credit card.  I've made regular payments on my two credit cards for the past 3-4 years and now I just can't pay them.  They're demanding a full payment right now but I literally don't even have £5 left over at the end of the week, so I CAN'T pay them.  I know it's my own fault for racking up debt, but I honestly didn't think I would have a problem paying it back and have been a responsible user for years.

Anyhow...I can't file for bankruptcy because I can't afford to fly back and attend the mandatory meeting, etc.  The last phone call from the collector stated that I need to contact him immediately because "since you're overseas the same rules don't apply."  Now I'm starting a job this week, but I still won't have enough to make any decent payments as the most hours I can get just now are 20 at minimum wage and my husband's wages don't even cover the rent, etc. at times.  We can't ask anyone for a loan of the money, so what I'm wondering is since I can't pay them can they really do anything worse than asking for repayments?  Does anyone know if they can indeed make threats because you're overseas?  I am trying to do the "right thing" and offered to make small payments but they won't accept that.

Anyone have a clue on what my possible options are?

Thanks for your help.

Along the line of this thread I have a few questions....  Basically my husband and I have had one financial disaster after another since i moved over in January and now I'm having American Express trying to collect on my credit card.  I've made regular payments on my two credit cards for the past 3-4 years and now I just can't pay them.  They're demanding a full payment right now but I literally don't even have £5 left over at the end of the week, so I CAN'T pay them.  I know it's my own fault for racking up debt, but I honestly didn't think I would have a problem paying it back and have been a responsible user for years.

Anyhow...I can't file for bankruptcy because I can't afford to fly back and attend the mandatory meeting, etc.  The last phone call from the collector stated that I need to contact him immediately because "since you're overseas the same rules don't apply."  Now I'm starting a job this week, but I still won't have enough to make any decent payments as the most hours I can get just now are 20 at minimum wage and my husband's wages don't even cover the rent, etc. at times.  We can't ask anyone for a loan of the money, so what I'm wondering is since I can't pay them can they really do anything worse than asking for repayments?  Does anyone know if they can indeed make threats because you're overseas?  I am trying to do the "right thing" and offered to make small payments but they won't accept that.

Anyone have a clue on what my possible options are?

Thanks for your help.

Did the man state why the rules are now different since you are overseas?

Hi Maddie~

No, he didn't state why...in fact it was a phone message that was left while I was out at an interview.  Anyhow, he added it to the end of the message, as and oh by the way you should also be advised....  I don't really see how the rules would change simply because I now live here.   I think I'm going to see someone at the Citizens Advice Bureau to see if they know anything about it.  The thing that irritates me is that I have been a responsible customer for years with them and when I fall into unemployment they won't make any sort of compromise on the payments.  Loads of people have told me that they can't refuse to come up with a reasonable payment plan (they're wanting all of it right now), but I would feel better if I actually heard it from a lawyer or someone with more knowledge about the law. 

Hi Maddie~

No, he didn't state why...in fact it was a phone message that was left while I was out at an interview. Anyhow, he added it to the end of the message, as and oh by the way you should also be advised.... I don't really see how the rules would change simply because I now live here. I think I'm going to see someone at the Citizens Advice Bureau to see if they know anything about it. The thing that irritates me is that I have been a responsible customer for years with them and when I fall into unemployment they won't make any sort of compromise on the payments. Loads of people have told me that they can't refuse to come up with a reasonable payment plan (they're wanting all of it right now), but I would feel better if I actually heard it from a lawyer or someone with more knowledge about the law.

I think he was trying to intimidate you into getting back to him. It's my understanding that he can HOPE that you honor the debt but has no recourse to force you other than screwing up your credit since you live overseas.

Many credit card companies will work with you during periods of unemployment/underemployment, if they believe that you genuinely can't pay your bill. They may suspend your interest accrual, etc. to prevent you from filing bankruptcy (when they'll get zip). BUT, the new bankruptcy laws going into effect 10/17 have many changes that I'm not up on so best to consult someone who's more knowledgeable.

Good luck!

Thanks for the reply and helpful information!  It seems that he would be better off trying to work out a payment plan I could try to repay but since he won't, I have no choice but to not be able to repay my debt.  I am going to see if the citizen's advice bureau has any helpful info and fingers crossed he's just trying to intimidate me.

Hi Maddie~

No, he didn't state why...in fact it was a phone message that was left while I was out at an interview.  Anyhow, he added it to the end of the message, as and oh by the way you should also be advised....  I don't really see how the rules would change simply because I now live here.   I think I'm going to see someone at the Citizens Advice Bureau to see if they know anything about it.  The thing that irritates me is that I have been a responsible customer for years with them and when I fall into unemployment they won't make any sort of compromise on the payments.  Loads of people have told me that they can't refuse to come up with a reasonable payment plan (they're wanting all of it right now), but I would feel better if I actually heard it from a lawyer or someone with more knowledge about the law. 

US debt does not transfer over.  I would file for Bankruptcy if you can.  The mandatory meeting is usually several months down the line after you file, perhaps you would have money for a plane ticket by then.  Many Bankruptcy lawyers will accept two planned payments for their fees.  I wish you luck, financial stress is terrible.

I found this website, about the new bankruptcy laws:

Bankruptcy reform

Maybe it would be helpful to some of you who are wanting to file but haven't done so before the laws come into effect.

Krissybelle,  i'm sorry to hear about your situation, but unfortunately the CAB wont be able to help or advise you with regard to US debt.   If you have UK debt, though, they will be able to advise on that.  Good luck.