Help Debts

Posts Tagged ‘financial situation’

My credit is score is 529. And I have some credit card debt, and miscellaneous debt that I need to handle. I turn 35 years old today, and I want to seriously make a change with debt and financial situation. BUT, I don’t know how to start. ANY IDEAS FOR ME?

I’m a teacher who makes appr. 75 a month. (i live in Oklahoma). Please help me out. What should I do to increase my credit score, get out of debt, and maintain some sense of financial stability? Thanks for your help.

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20′s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

My husband loves computers. He likes to talk about them, help people with their problems (say on forums and such) and keep up with the best technology.

Then thing is, once you buy a computer component, it literally is 1/2 it’s worth when it arrives at your door-step. New and better things come out all the time.

My problem is, he lies as to how much he paid for an item. I’ve never given him reason to feel he needs to lie. I’ve never told him that he CAN’T buy it, but he also knows we can’t afford it either right now.

So, after a few weeks of new packages at our door stop and new components being installed, I finally get the bill… it’s OVER 0! WTF! He knows we can’t afford that… even if it’s on credit accounts [paypal buyers credit, and newegg.com credit (which I cannot close – because they are in his name).

I don’t know what to do, besides blowing my top off. We’re trying to pay off debt, and he just keeps adding more!
why would he hide and lie like that to me? When he knows I’m gonna see the bill later? I’ve never given him reason to feel he needs to lie or hide… and have never jumped on him for buying stuff… but I don’t like he feels he needs to lie! What can I do?
no, he’s not cheating on me… or hiding other bills. It’s just a matter of him lying to me… then even trying to lie again when I ask him why he lied… It makes me feel like he can’t trust me, or respect our financial situation. We’re not rich… and I am trying HARD to pay off 2 credit cards and medical bills. I just find it rude.. mostly since I’m his wife!

I have been paying child support for a few years. I always meet my payments. I also pay for half of the childrens health insurance. In my divorce settlement I agreed to pay some of the credit card debt for the ex.
I am not on the credit cards. Due to my financial situation at the present time I can only afford to keep up with the child support and insurance payments. I know I am going to be asked to appear in court. Again due to my financial situation I cannot afford an attorney. Any ideas on what the best course of action I should pursue.

For all of you responding “get a job” …I am.
Please save your time.

I know it would fall off in 7-10 years but I am wondering if my financial situation improves and I am able to pay all past debts and fees – if there is a way to remove that credit mark sooner?

Hi, I’m 24 and have been working for about 2 years. I didn’t start saving money until I started working full time and have about 60K saved up sitting in my checking account right now. Reason being I don’t want to make the wrong choice and the 1% or so from a savings account doesn’t seem very attractive (my bank’s rate is actually only ~0.2%).

I am loan/debt free and don’t owe anyone money whatsoever. Calculating my expenses right now, I plan to be able to save an additional 50K/year.

It’s adding up and I feel totally lost in what I should do to maximize my interest earning potential. And advice would be greatly appreciated. I realize there is already a lot of information out there about how one should invest their money, but I thought I may be able to receive more of a ‘custom’ answer based on my financial situation and age. Appreciate everyone’s time and thought.
The problem I have with CDs is that I really do not like the idea of having my money locked in for a period of time for the interest rates given. Mutual funds seems like a good idea, and last time I looked into it, Vanguard mutual funds appears to be highly recommended but I never completely understood what the expected/average returns would be.

Has anyone tried this as a road to becoming debt-free and beginning to rebuild good credit? How did it work out for you?

Any advice or experiences would be helpful.

Serious answers, only…no folks trying to be jerks & sh*t.
You should learn to read more closely, Ari:

"Serious answers, only…no folks trying to be jerks & sh*t."

This applies to you, darling. >:[

And my financial situation is a product of my ex-husband and then ex-bf wrecking my credit. Still trying to fix it all. So f*ck you.
Thank you, Sgt Big Red…I will choose yours as Best Answer asap…