110k Charged of CC Debt - Being Sued and Looking for Wisdom

[cday98]

I have a total of ~$110K of credit card debt across Amex, BofA, Chase, Citi, Barclays, US Bank and Apple that has all been charged off.  Amex and Citi are actively sueing me.  I was making ~380k in a highly volatile industry when I was injured in a motorcycle accident and lost my job and largely ability to move on my own the last two years, so it wasn't an extreme amount of leverage at the time and a good chunk of the $110k is interest that accrued at exorbitant rates.  

I'm on the road to recovery, but need to pay off / settle all of debt ASAP given the two outstanding lawsuits (and others that will likely follow suit).  I have a much lower paying job that I can do remotely from home as my physical rehab continues to improve and have the ability to liquidate enough long-term investments to cover the entire $110k balance.

My question is, given they're already charged off, do I really want to pay off the full balance, or do I want to settle for a lower amount?  If so, how much % on the dollar can I reasonably expect to get down to?  I've done some research on here that tells me Amex and Chase will effectively never let me back in if I don't make them whole.  Given I enjoy both their points programs and am looking long-term, I'm inclined to pay those in full if I truly will never be able to rejoin if I settle.  Really curious to hear those more experienced than me's thoughts.  Rough breakdown below.  Hoping to learn any insights for each specific issuer and any dos or do nots with each of them, and how much I should reasponbly expect to settle for % on the dollar if I choose to not pay it full.

Amex: 12.5k 

BofA: 50k

Chase: 5k

Barclays: 13k

Citi: 9k 

Apple: 9k

US Bank: 5.5k

[CreditPoor]

I'm sorry to hear about your situation. It's essential to take action to address the debt and the legal proceedings. Have you considered consulting with a financial advisor or a lawyer to explore your options?

[Dmessina666]

Myself, I'm wrapping up a chapter 7 bankruptcy as I type this. My discharge should be coming in over the next 3 weeks or so. About $115k in revolving debt. I included everything but the car and house, and it was the best move I made. If I was you, I would consider talking to a bankruptcy attorney. Strongly. 

You mentioned long-term investments. Before you go liquidating assets to cover, get to a lawyer. Depending on your income and assets, bankruptcy might work for you. At least talk to one and see what options you have. You might not have to sell assets. Considering accounts are already charged off, you can try and settle for lesser amount. The lawsuits, I'm sure their open to sitting down and mediating to settle on an amount. CC companies don't wanna pay lawyers either. 

I wish you the best man, sucks getting hurt and not being able to work. I feel you on that, I'm in labor. I see it all the time. Hang in there, this **bleep** is still in your control. Google a lawyer, best move you can make right now. 

[Focker69]

Hey, there certainly is a strategy and approach you can take with each creditor. I have good experience with these situations. Feel free to PM me if you would like to discuss more. This would not be legal advice but just free and friendly advice from someone who has been through it.

[JoeRockhead]

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@Focker69 wrote:

Hey, there certainly is a strategy and approach you can take with each creditor. I have good experience with these situations. Feel free to PM me if you would like to discuss more. This would not be legal advice but just free and friendly advice from someone who has been through it.

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Why not share your strategy and experiences openly with the rest of the community for all to see, and possibly benefit from. One of the main purposes of this community, and the anonymity of it's members is to be free to share information, and experiences. Otherwise, the PM request comes off as just a bit like nothing more than a solicitation. 

[Focker69]

Hey, appreciate your insights. I certainly wasn't trying to solicit. I was pretty clear in saying that this was free information and I was trying to help.

[sjt]

Retain an attorney to handle the lawsuits. Since you are willing to pay in full, they can negotiate a doable repayment schedule and reinstate your card accounts (e.g., Amex Apollo or Oasis Program). You can also use the attorney to deal with the other creditors or have them consult you on dealing with them.

[coldworld]

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@Focker69 wrote:

Hey, appreciate your insights. I certainly wasn't trying to solicit. I was pretty clear in saying that this was free information and I was trying to help.

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Just post the advice here for the OP and others. 

[West9023]

I was in your same situation, the lawyers the file these cases don't put much attention to detail.  

In my case I won because the credit contracts had an arbitariton clasuse and the cases were dismissed.  I then expected to be served with arbitration case but it never happened.  The accounts aged off after 7 years.  

You have alot of defenses and the lawyers the file the cases don't really know what they are doing and rely on 80% defualt rate to win, meaning no answer is filed and creditor gets default judgment.