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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12400
Experience:  JD, MBA
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Hello - I wanted to know how to go about my current situation. I

Resolved Question:

Hello - I wanted to know how to go about my current situation.

I have been out of work now for a while and I am running very low on funds. I have kept current on my Credit Card bills as long as I could and now can not afford to ply them any longer. My wife and I are planning on filing for Chapter 13 and did know if we should call all the CC companies and close the accounts, let them know what we are going to do or just start the filing process?

They are starting to call and I would like to know what I should tell them about the accounts. I do not have enough money to pay the 50,000 that is owed and I am sure that the CC companies will not settle for for such small amounts like 200.00.

So my main question is what should I do with my accounts now that they are all 1 month behind and the phones are starting to ring?

Thanks in advance.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 years ago.

Hello and thank you for allowing me the opportunity to assist you.

You don’t have to tell the credit cards anything … you can simply list them in your bankruptcy schedules, then file the bankruptcy. The phones will stop ringing soon after because your creditors will be notified of the bankruptcy by the court. I don’t see an advantage to telling the credit card companies that you’re going to file at some point in the future. In fact, I’d advise people not to do that unless you want to negotiate a settlement.

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