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Originally Posted by Fish Cap1, I was referring to S. 414: Credit Card Accountability Responsibility and Disclosure Act of 2009. Although I have not read the entire text it is my undestanding that the bill wil proctect consumers against drastic changes in interest rates when they have not defaulted. These undeserved rate changes are what caused my default!

That won't do you any good now. It only protects consumers from such future acts but does nothing to cure the sins of the past.

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Asset Aceptance has purchased the debt so they are the creditor.

Wrong. There can be only one
creditor with the exception of debts which are in good standing at the
time of the transfer to the new owner in which case the new owner steps
into the shoes of the original creditor. If Bank 2 buys bank 1 then it
becomes an original creditor in those debts which are in good standing
but becomes a 3rd party debt collector for those debts which had
already gone into default at the time of the sale. Asset Acceptance is
a 3rd party debt collector and since it buys only debts which are in
default it can never be an original creditor under FDCPA.

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There is no way I can pay the debt, the amount they sued for is around $65,000. I can pay my current creditors and have done so since the problems. I just cant afford to pay the 65k or any other settlemement offer they have sent me.My point was bankruptcy seems my only other option to taking my chances on the summons thing.

In terms of the thinking of the majority of the population you are absolutely correct but for the
minority who are better informed and therefore able to think outside the box bankruptcy is an outcome they never want to hear about.Bankruptcy has no good outcomes for those who understand that there are far better solutions and all they can do in bankruptcy is suffer more indignity and injury even if they can successfully complete the BK. I had a friend who filed BK. He was unable to work due to his health but his wife was an RN with a high paying position at a local hospital.
They had 3 children. They couldn't pay what they owed and so filed and spent the next 5 or 6 years eating Ramen Noodles as a steady diet. The court allowed them $1.25 a day for each family member to eat on and enough money for her to get to work on plus utilities. Her father was a very rich man and saw to it that they had enough extra money to live a little bit better. He would buy them extra food. He had loaned them the money to buy their home and let them go without making any payments until they got out of BK and of course didn't charge them any interest during that time either. If you file the court will take away all your credit cards so as to treat all creditors equally. They can take much more than that as well. Even though you win in a manner of speaking you will lose far more than you will ever gain from it and you will lose far more than you can ever lose by dealing with the summons and complaint that is certain to come unless you do nothing but sit back and let it happen. If you learn to think outside the box and learn what you can do to protect your assets as well as how to turn the tables on them by filing federal lawsuits against the debt collectors and their lawyers you will not only protect what you have but make them pay you to go away and leave them alone. It isn't the least bit hard to do and you don't even need to hire a lawyer to do it for you. The federal court system even has templates on line that you can use to copy and learn from. Standard forms that anyone can use to do exactly what I have told you can be done. More than 28,000 people have successfully sued debt collectors and attorneys so far and the number keeps growing every month. If more than 28,000 people can do it why can't you?

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So far every similar closed unserved case I have reviewed says "voluntary dismissal".

Maybe so but far more cases end in involuntary dismissal or the bankruptcy is completed.

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So you tell me what you think my best options are.

I just did that. And thank you for giving me the opportunity to respond to you. Now you should know that the final resolution to your problem lies with you, not with your creditors, not with their debt collectors and not with their lawyers and not with some bankruptcy judge unless you let them have the reins and drive your little red wagon for you. Believe it or not, the keys to your future are right here on this web site and are right in front of your very own eyes right now, just a mouse click away.

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