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I am re posting this question in the hopes of a few more answers….

Desperate…Credit Card Debt; Bankruptcy Law in Texas?
Ok, I am buried in credit card debt and medical bills and I really need some advice from someone who isn’t biased by trying to sell me their service.

I stopped making the payments on my cards in 2007, and my debt has since gone up over K.

I have looked into consolidation, but they want K a month which I can’t afford. I have already changed my financial habits and gotten rid of the majority of extras, but I still can’t afford it. From what I gather consolidation is only mildly better than bankruptcy.

I am now in the process of filing for bankruptcy to try to clear my name. In fact I have a meeting next week to finalize and file the paperwork. This is going to cost me roughly 00.

1. If I choose not to file bankruptcy, will my debt continue to be re-sold to collection agencies and continue to grow? Is there a limit to this or can they just keep twisting the knife??

2. I have been told that they will try to sue me,and I assume I would likely lose a second house that was willed to me, but what else can they take? What can they do if I sign the house into my brother’s name?

3. I know they can’t take my primary residence or my or my wife’s work vehicle, and I don’t have anything else other than my mom’s house. They can’t garnish my wages but I have been told they can take my tax return? Also, I was told that they could write it off and send me a 1099 that would make me responsible for the debt. Is this true?

4. I keep hearing these commercials about how Obama has changed the laws to help people in my situation, but I think they are just consolidation companies trying to scam me?

Can anyone please help me?

I can ask my lawyer but my lawyer stands to make 2000 so is she biased? I really want to know what happens if I don’t file bankruptcy or make any attempt to pay the debt. Will it continue to be re-sold to creditors and continue to grow? What happens if they write it off and hit me with a 1099?

So I recently graduates from college with a bachelors in engineering from a great school. During my sophomore and freshman year I got a bunch of credit cards, used them all up and never paid them. Today, I have a credit school of 490 and a bunch of negative marks and 2 judgements on my credit. I just hired a debt consolidation company to help me to manage (not expunge because I want to take full responsibility for this foolish error) my debt and get it back in order. It is about 30,000 in debt. My big dilemma is that I just got a job offer from a major utiliy company in Minnesota and I am horrified that my job offer will be rescinded despite my excellent degree and background because of the mistakes of my youth. Am I being paranoid or realistic? I have spent years cultivating my background ot make myself the ideal candidate in every other way. I have spent time overseas learning new languages, lots of technical jobs, held leadership positions and founded community service organization and I feel like if I am turned down because of my credit, then my degree is worthless and I might as well work at McDonalds. I do not feel I am entitled to a job or a hig hsalary or anything because I went to college but how am I ever supposed to fix this issue if no one will hire me to make enough money to fix my credit?
The job offer has not be rescinded but I am worried it could be because of my poor credit. I was up front about it and explained my background to the hiring manager but he said he is not that worried about it and the ywould really like to have me
The company I hired was a debt management firm they basically just call the creditors to negotiate down my debt and then agree to a a certain monthly payment for each. I did not get a loan because I have heard they are a bad idea. I just wish I was smarter earlier own but it wasnt until the end of my college career than I started to understand credit cards and debt which was my fault. I want to pay off the debt because I feel so guilty about not paying these people their money when I know I owe them
Yes, I have a college degree and while engineers are historically bad at english and grammar, I was not really worrying about spelling mistakes when I typed this

I have a 0 car payment and a 2 a month comittment with a debt consolidation company to pay 4 credit cards over the next 3 yrs. I’ve filled out job applications but I’m not getting called back. I joined a temp service but they say its slow and no work available. I don’t know what to do. I heard you can get a lawyer or an accountant to write a "hardship letter" to creditors. Is this true? Does it work? But what do I do about the debt consolidation company?? You can’t get blood from a stone. I don’t want to go bankrupt in case I buy a house in the future. What can I do?
I’ve tried to look for christmas help but no one is hiring… its sad. I walked the whole mall looking for a help wanted sign. NOT ONE.
Thanx Dale, yeah I kinda figured it is/might be a scam, I just ignored his comments about the get rich idea.

We went bankrupt in November 2010, moved out of our mortgaged home, and moved into rented accommodation.. We owned a property (mortgaged) which had a 75K mortgage and also we had a 30K secured loan and £50K UNsecured debt. Just recently, one house near our old house, went for £105K, so the most it will get (at auction probably) is about £90K.

So we went bankrupt and the receivers contacted us to see what assets we have – we have none, except for the house. We haven’t been back to the house since, and didn’t have our mail redirected as we have informed anyone of any importance about our new address.

Well, I phoned the receivers today to ask if they have let the creditors know yet, (because at 12 Jan 2011 they hadn’t..) and they said yes they informed them and sent a report of our debts and other creditors on 18 Jan. Then this girl said, ‘your unsecured debtors (we had £50K unsecured debt) will know there’s little point in trying to you, but the mortgage company will need to contact you and know your ‘current’ address, because they will need to issue a repossession order,,,’

I am utterly baffled, as when we spoke to the receivers in November, (AND the court too,) they both informed us that the receivers would deal with everything, and that the creditors will need to go to the receivers for any assets we have. This is how bankruptcy works surely.???? And now this girl tell us that we should have contacted the mortgage company voluntarily, because the creditors ‘only let the creditors know the person is bankrupt,’ and because there is little equity, they don’t take the house themselves, they just leave it up to the mortgage company to reposses it at their leisure. So apparently, we are supposed to work with the mortgage company through the repossession. !!!

But why on earth should *we* have to let them know our new address so they can badger us here, ?? Surely they can repossess it without us. I was under the distinct impression from the court and from the receivers (at the start) that once we go bankrupt, it’s out of our hands. and now 3 months on, one girl at the receivers office is saying that we should have contacted the mortgage company so we can help in the repossession process!

Well excuse me, but we did pay the receivers £900 (£450 each) to do this job for us, and what would happen if we had buggared off and just abandoned the house like a lot of people do? Surely the repossession can go ahead without us?

Can anyone advise? I am super reluctant to contact the mortgage company and see no reason why they can’t simply repossess without us. And I am particularly pissed off that the receivers AND the court said it’s out of our hands and we need to do NOTHING, as declaring ourselves bankrupt freed us of the debt (and the assets of course..) and now this girl today has said we should inform the mortgage company of our new address, or the repossession order will take many months, as they ‘need our signatures…’ for the repossession order to go through swiftly.

For one, why only say this now? And what happens if someone abandons a property? Should we just leave it and wait for them to repossess without us?

I am in substantial debt,and sought help from a debt consolidation company, and was misled by them, and can’t make ends meet even with their "help". They lied about where the money I’m paying them every month is going to, and lied about the fact that they would call my creditors and end the harassing calls. I still get about 5 to 7 calls a day. When I’ve called the company representing me about why I was still being harassed via phone and mail, they told me, "no you misunderstood us, you need to talk with the creditors and give them our phone number". If I had known that, I never would have done business with them. They promised me an end to the calls.They are not representing me like they said they would, and in addition are not handling my money as they agreed too. Can I legally terminate their services, and sue them? I have made an appointment with a Bankruptcy lawyer, that’s how bad things have gotten. I already feel ashamed of myself, please only serious people respond.

Since we are the world’s largest economy, and the mammoth of debtor nations, what would happen if we defaulted on paying off our creditors?

Sure, we’d lose access to our credit, but the entire global capitalist economic system would collapse with it. Countless creditors in places like Europe and China would be then unable to pay off "their" loans domestically, and the contagion would rapidly wipe out their economies too.

So isn’t the U.S. in essence "too big to fail"?
We could then force our creditors to restructure our national debts just by the sheer size of our economy, right?

I had about ,000 in various credit card/credit account debts that I tried to help pay off with a debt consolidation company (Preferred Financial Services). They’ve agreed to negotiate with my credit accounts and pay off the amounts owed, then I pay them off; they’ve been charging me 1 a month for 3 months. But all the creditors still call me throughout the day.

The Preferred Financial Services company said it can take several months before the creditors stop calling (I interpreted this as, before they even start dealing with the creditors), but I’m beginning to wonder if it would even be worth it to use this debt consolidation service. My house has been foreclosed and I know my credit score will be a huge wreck until that ages off; is it even worth it to try to use this debt consolidation at this point? I barely have enough money to pay rent and utilities as it is, and want to make a choice that makes the most sense.

Thank you in advance for the advice