How long before "legal" action?

iVillage Member
Registered: 11-17-2003
How long before "legal" action?
3
Wed, 09-05-2007 - 8:13am

Does anyone know how long you can miss payments on credit cards before the credit card companies will take legal action?

It look like starting next week my hours at work will be reduced so we will be short even more money each month. If we wait 6 months we would be able to qualify for Chapter 7. If we file now we would have to file Chapter 13. We are only 1-2 payments behind on credit cards (nothing else is late) and I was wondering what the chances were that we could hold out on filing for 6 months. I guess if they started legal action we could move ahead with the Chapter 13 anytime, right?

Any help is appreciated.

Community Leader
Registered: 03-17-2003
Wed, 09-05-2007 - 11:18am
If you are going to proceed with bankruptcy, then I would suggest you wait it out to file the Chapter 7.
iVillage Member
Registered: 11-17-2003
Wed, 09-05-2007 - 11:35am

Carolyn -

Thanks so much for the help. My biggest stress right now is the worry and the "what-if's". I keep going over the pros and cons of Chapter 7 vs. Chapter 13 and I think if we can hold out the 7 will free us up to move on with our lives quicker.

I think we have finally found an attorney that seems trustworthy and hope to meet with him again next week to look over all the options.

Thanks again!

Community Leader
Registered: 03-17-2003
Wed, 09-05-2007 - 11:59am
Keep us posted on how you are doing ok! It's a stressful time for certain.