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Being sued by a Credit Card Company

I have just been sued by a credit card company for 12,000 worth of unpaid debt. I am considering a chapter 7 filling as my earnings are very low.  Recently I received 17,000 of inheritance money, but would rather not give it to the cc company if there is an alternative. Can I put the inheritance in an IRA to keep the cc company from taking the money from me?  Cayetano  


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I am Adam Alter !

YOU charged the card up to $12,000 buying things.  YOU owe the money.  You said you have $17,000 but don't feel like giving it to the credit card company... that's being a greedy pig and a deadbeat.
Posted 2009-10-07T21:17:38Z
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Reliable answers to your credit questions.

I would not recommend you do this without getting advice from a bankruptcy attorney. You could jeopardize your ability to file, your case could be compromised, or in extreme cases of abuse the debtor can be fined or imprisoned. Talk to a bankruptcy attorney and explain the situation fully.

I assume you have other debt or you wouldn't be filing. Depending on how much you owe, and the rest of your financial situation, you may want to consider using your inheritance to settle your debt.
Posted 2009-10-07T23:51:55Z
GerriDetweiler was invited by Yedda to answer this question.

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Debt Guy
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You also have the option of going the debt settlement route as you may be able to settle this debt at 50% of what you owe.  Check out http://www.BudgetPlanners.net to see if they can help.
Posted 2009-10-09T21:05:45Z
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Are you late on the monthly payments for this cc? if you are call them and make them an offer of 20% of your total debt and let them come back with a counter offer. You would probably settle it for 30%...remember to ask to speak to a manager and threaten them that you are considering filing for Bk if they do not accept your offer.

Try this and please let me know what they say?
Posted 2009-10-14T06:54:01Z
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Here are some useful links for information on bankruptcy , debt consolidation and for getting help with credit card debts .

You may be able to get ahold of a debt consolidation company to see if they can settle the debt for you... maybe at 50% or less of what is owed?  You may be better off than going to court with them as I am sure you will be held responsible for the full amount after going to court.
Posted 2009-11-10T04:34:25Z
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