Please Scroll Down to See Forums Below Ok, my money situation is terrible. I have about 10K in Credit card debt, about 6k left on my truck loan and around 14k in school loans. This along with my insurance, cell, rent, food I have NO cash at all. My bank account is constantly getting over drawn, resulting in more over draft fee's. Is my situation extreme enough to file? For the people who have done it, how fast were you able to get approved for a home loan or a car loan afterwards? Any advice welcome here. Thanks.
Need advice: Filing bankrupcy?
- Thread starter arnoldk
- Start date
notoriousQQ
New member
Check with a local bankruptcy lawyer or non-profit consumer credit organization.
Establishing your credit after a bankruptcy will take multiple years and you can figure on paying out the ass for any interest charges whenever somebody does intially provide credit - probably the legal limit as defined by your state.
Student loans most likely can not be included in bankruptcy. 99.9% sure on that one.
Ch. 13 is more of a debt reorganization, which is probably more appropriate than Ch. 7, total liquidation. Search on the net.
Establishing your credit after a bankruptcy will take multiple years and you can figure on paying out the ass for any interest charges whenever somebody does intially provide credit - probably the legal limit as defined by your state.
Student loans most likely can not be included in bankruptcy. 99.9% sure on that one.
Ch. 13 is more of a debt reorganization, which is probably more appropriate than Ch. 7, total liquidation. Search on the net.
arnoldk said:
Stangfriik
New member
I was considering this also. You can find a thread I created if you search for my name. We talked to some people about debt consolidation. Both of them they had to end up filing for bankruptcy a year yater b/c it didn't help at all. One weird thing is my fiance's sister and brother in law filed about 1.5 years ago. They just bought a dodge truck and she just bought a minivan. I didn't think they would consider you that soon after??
Considering the 28k debt plus the fact that she's gonna want kids here in the next few years, I really don't see any other options.
Considering the 28k debt plus the fact that she's gonna want kids here in the next few years, I really don't see any other options.
john937
New member
Well there is another option. You can default on all your unsecured credit.
Look, you're credit is already screwed, if you're getting late charges, and nobody's going to loan
you any money now cause they can see you're in too deep.
So really, your credit line is already shot, so saving that is a moot point.
What you need now is cash, and enough savings to live your life without credit.
Stop paying your credit cards. Continue paying your truck and school loans.
Don't default the school loans, the government will hound you forever, in the form of the IRS.
With the money you save on those VISA card payments, open a savings account, and a Visa card that is tied to the amount in the savings account.
So if there's 1800 in the savings account, the Visa will have a 1500 limit....see?
You'll get lots of phone calls from collection agencies, so change your phone number and get an unlisted number.
Then you can decide if you want to consolidate all those credit cards, or bankrupcy, or ignore them altogether.
The bad credit will eventually fall off your credit report 7 years from now.
The collection companies will eventually send you offers to settle your debt at pennies on the dollar. The longer you hold out the better the deal they will offer.
The main thing is relax. It isn't the end of the world.
Untill you get your unlisted number, collection agencies are going to call threatening legal action.
They can't do shit. Credit cards are not backed by collateral.
This advise may be invalid in some states that allow garnishment of employer wages....I wouldn't know about that.
Look, you're credit is already screwed, if you're getting late charges, and nobody's going to loan
you any money now cause they can see you're in too deep.
So really, your credit line is already shot, so saving that is a moot point.
What you need now is cash, and enough savings to live your life without credit.
Stop paying your credit cards. Continue paying your truck and school loans.
Don't default the school loans, the government will hound you forever, in the form of the IRS.
With the money you save on those VISA card payments, open a savings account, and a Visa card that is tied to the amount in the savings account.
So if there's 1800 in the savings account, the Visa will have a 1500 limit....see?
You'll get lots of phone calls from collection agencies, so change your phone number and get an unlisted number.
Then you can decide if you want to consolidate all those credit cards, or bankrupcy, or ignore them altogether.
The bad credit will eventually fall off your credit report 7 years from now.
The collection companies will eventually send you offers to settle your debt at pennies on the dollar. The longer you hold out the better the deal they will offer.
The main thing is relax. It isn't the end of the world.
Untill you get your unlisted number, collection agencies are going to call threatening legal action.
They can't do shit. Credit cards are not backed by collateral.
This advise may be invalid in some states that allow garnishment of employer wages....I wouldn't know about that.
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