Help Debts

Posts Tagged ‘salary’

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!!

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my brother has been doing his own business for the past years, and is not doing well, he does not want to end it and in a lot of debts, he does not go to his office for sometime now but insist that his business still in operation.he turns to gambling for big money but end up losing more and still keep finding people to invest or funds his company.
i had so many time ask him to wind up the business, get a job, paid all debt and start afresh but he say if he closed now, he loses big sum of money. Nobody in the family is able to get thru to him.

i actually enstranged from him for almost a year( i really pissed off, becoz we sold our house to clear his debts) , he himself never even give a phone call my parents since then.

Recently he called me up and saying he havind a very rough time and ask for a small amount of loan, but i do not agree and say if he want my help he can come back to my new house anytime ( i did so becoz my mother misses and worry about him too much) and yes he did come back after a month. and is only been a week and i think i’m losing it….

ok here are the point and what should i do? (B4 his financial crisis, he is a very resposible young man, why this is happening?)
1. i believes that his company is not in operation, even if it does, it must be in a very bad shape.
2. he gambled if he has the money (he also loses a lot in share market before) he just want big money now
3. few thousand dollars is not enough monthly salary for him and he rather sit in from of a computer keep posting for people to buy his company or asking for loan
4. he potentially will go to illegal money lender??!! i know…
5. he is turning into a loser who don’t want to get a job, just eat and sleep and everything is free.
6. OMG, can he still be saved??

Scenario:

1) I owe about ,000

2) I do not own any properties

3) I will relocate to a country where my salary will be about 0 dollars/month which will be spent on rent, food, family, etc. basically leaving {content} for paying debts

Any advice on what I should do about my debts before relocating?

The first one if for a health care company. It would be for 3 grand less then the other job. I wouldn’t have to work weekends or nights. I also wouldn’t have any customer contact, I would be doing claims. It also wouldn’t offer any extra pay incentives.

The other job offer is more money (3,000 more). I have worked for this company before. However I would have to work one weekend day a week, and its also for credit card customer service. Phone work and back to back calls. Actually I worked this position before, but they now have different systems. There is the opportunity to make extra money. It would include selling and also be based off metrics ( call quality, call time) This company however due to the economy will not be giving out raises for the next two years.

About me: I have worked for financial companies for the past 7 years and have always been in a heavy customer contact positions. I am good at working on phones but don’t enjoy it. I am looking to go into the health care field for a long term career either by getting my CNA or going into medical billing and coding. Money is a influential factor to me, but my spouse makes a decent amount of pay. With his salary we can pay our bills and have a bit left over for groceries, but are not able to pay off any debt or have extra money for fun outings. Paying off all of our debt in the next two years is one of our goals. We are looking to be debt free. I have however been unemployed for the last month (laid off) and have really learned how to save and shop better.

I am just so torn between the two. It’s really weird to have no job offers then two pop up at the same time. I really like the fact for having no customer contact, but I know we can also use any extra money. It’s really down to the point of choosing money or happiness.

Any advice is greatly appreciated….what do you think I should pick…also which one would you pick and why? Thank you so much for taking the time to read this and your response.

I was the typical college kid with credit card debt. I fell behind, and eventually it all went to collections, which wrecked my perfect credit. I recently inherited money, and paid off my collection debt, leaving my car loan and Student Loan, but I want to buy a house this time next year, and perhaps buy a newer car at a better APR. I make a good salary for 25 yr old. What can I do to raise my credit score now to prepare myself? Should I get another credit card, and if so what is a good credit card to open? I feel like I have a scarlet letter on my chest!!

My anual salary is about 30k a year. I will be debt free by next month. I have little money in the savings though and my credit score is only in the high 600′s. I’m really considering buying a home but am not sure what I can afford. I figure if I’m paying 0 a month + utilities for my apartment I might as well buy a house. What price range should I look in for buying a home? I live in Minnesota too if that matters. Thanks!