Should we threaten our creditors with bankruptcy?

Question

My spouse thinks we should get a lawyer and threaten our creditors with bankruptcy, while having no real intention on following through with this... it is an empty threat (we will not really file), but think maybe the credit card companies will respond by reducing our debt. What are the legal ramifications? Pros? Cons? Thanks!!!

Answer 1

hi im sorry to hear that me and my hubby are in the same situation too we owe to much and are having problems trying to pay it off.  i dont know if you have ever seen the show on tv called debt do us part its about a lady that comes in the house and sets limits for the family and things like that. one thing i have learned and im going to get my hubby to call when he gets home its that you call the credit card company and tell them the situation that your in and ask for a lower interest rate and ask for a more reasonable minium pay each month.  but yeah as far as threathening them that wouldnt be a good idea i was looking at filing bankruptcy and one of the things they state is dont tell people before you do becuase if you dont follow through the credit card company can come after you after a certain amount of time  

Answer 2

You might just work on trying to work it out.  Bankruptcy will stay on your credit for up to 10 years.  I would just get familiar with the Fair Debt Collections Practices Act to start.  

This will help you know where you stand.

Answer 3

I think you're being idiotic.

You owe the money.  You pay it back on the terms you agreed to.

Why would you act badly towards people who have helped you out?  They might just increase your interest if you are so ungrateful.

Answer 4

Well....they might respond to this by taking you to court....so be careful with your bluff...If they do this you might actually have to follow though with filing for BK....

Also, after a certain amount of time has passed and you haven't filed, they're going to figure out that you're bluffing....At best this might buy you some time....it's not a permanent solution.

Answer 5

My parents always have done this and I was just going to ask the same question!! Because I always have too. I just let them know I won't be able to make that kind of a payment anymore. Or on contracts I can't afford they ding your credit for 7 years so basicly it's just like bankruptcy. My golds gym. They won't let me cancel and my husband just signed a three year contract cause they came to his work and pressured him into signing up we are completely broke and $60 is not reasonable I closed our bank account attached to the account and wrote them a not saying we are hoping to file for bankruptcy(even though we aren't) and you will not be receiving anymore payments nor a cancellation fee do to many attempts of trying to cancel in good standing there customer service people just hang up on you. SO that's what they get. My parents have always done this and they are rich so I don't know. I just do it because that's how I was taught and in tough situations like being really broke and almost homeless yes. I believe you can. Along with we don't own anything so they can't take anything of our if we do go to court,

So actually it does work very well.

Answer 6

Be careful! Make sure you get help from a professional in the bankruptcy field. You don't want to make any mistakes that can harm your credit for a long time. Try calling a bankruptcy lawyer to make sure you understand the options. http://www.bankruptcylawyersite.com