Quote:
Originally Posted by boneprone
But that makes no sence. How is home foreclosure related?
These are unsecured Credit Cards. They cant force a home foreclosure.
Two separate issues. If people cant afford the credit cards, then dont pay em.
They arent going to take your house.
Also I dont understand why bankruptcy? That Chapter 13 doesnt sound good. You still have to make a settled amount payment and have the Bankruptcy on your record??
The card companies already have payment plans set up for people if they ask. Like 0 percent apr and lower monthly payments. Isnt that essentially what chapter 13 does but with more damage to ones credit?
I have a hard time understanding bankruptcy. Really I do.
Especially if its for unsecured credit cards. Why declare bankruptcy when you can simply tell them to fuck off for cheaper and less damage.
Sounds like an easy way out when just putting up a fight would be cheaper and less damaging. But hey thats just me.
I think the attorneys out there are smelling blood and talking people into bankruptcy when they dont need it to make profits for themselves. thats what i think is really happening.
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I think people file chapter 13 because they THINK credit card companies will come take your house.
A girl I dated a while ago in college, her parents filed bankruptcy. they never had to pay off any credit cards they had and they continued to live in their house but their monthly payment was a LOT less. I asked her one time why they did it and she said the just consumed to much debt and could not make the payments and their interest on their mortgage was like 12% OUCH!
after the bankruptcy they somehow got a lower rate for their house like 7 or 8%. i have no clue how or what they did, but somehow was better than walking away from debts