 Is my mother in law responsible for a car loan debt after the death of her husband? |
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 Question about mortgage? |
When do you pay mortgage, is it right at the begining of the month or... at the end of the first month?
Additional Details
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 How hard is it to get approved for an auto loan with bad credit.? |
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hi All,
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Additional Details
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 Will my hus bad credit influence mine? |
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Kystic | Bankruptcy or do nothing? |
Regretably I've dug myself in a hole and had a hard divorce, moved to the opposite side of the US and now I'm a single mom having trouble keeping up with my credit card payments. I've read that if you don't pay off debt after several years the creditors can't collect & in 7 years it gets taken off your credit report. I was considering filing chapter 7, but I'm also considering doing nothing. My concern is can the credit card companies garnish from my paycheck if I do nothing? Also if I'm paying for a vehicle loan can credit card companies take my vehcile from me? |
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SPIFIMAN1
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Before you even think about bankruptcy call Consumer Credit Conseling Services at 1-800-388-2227.
They are the largest non profit credit counseling service in the Country.
I used them several years ago and they worked with my creditors to lower both my monthly payment and interest rate.
I was debt free in 36-months. |
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Steveo
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First of all, don't do nothing, or you will live each day worrying about who it calling you. They will harass you to no end. I've been in similar straits myself. Here's the skinny. You can try one of the counseling services, but beware, as they don't usually represent you as much as they represent the creditors.
Stay with a non-profit counseling service.
If you go with bankruptcy, you might still need to make payments, but nowhere near what you are paying now. A chapter 7 stays on your record for 10 years. In addition, your credit will be affected adversely, but what good is your credit doing you now anyway. As a single parent, I had AAA credit the day before I declared my bankruptcy, but I could only pay down the amount ($60,000) by about $700 a year. It made no sense. Today, after 8 years after the chapter 7, I have purchase two cars, both replacements, and now my credit score is over 744.
Don't do the bankruptcy yourself, get an attorney. |
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steve.c_50
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The only way they could get a garnishment and/or take your car is if they sued you and got a judgment. They may or may not sue...there seems to be no rhyme or reason they do or don't. Truthfully, if there are several.. a chapter 7 will do the least damage to your credit in the next several years. Been there done that one..paying them off and "doing the right thing" is not necessarily the right thing to do. |
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Studly
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Most of the answers you have received are uneducated, and poor advice.
For starters, just how old are these debts? You seem to imply they are old...in that case you may just want to wait it out.
In the event they do start filing lawsuits against you, then you can look into filing for Bankrutpcy.
I don't have nearly enough info to recommend anything. How much do you owe on your cards? What property do you own? Home? Car? |
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BMW BFD
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I understand that you are having a hard time, but doing nothing is the WORST thing that you can do. They will file a lawsuit on you, and with that they can garnish your wages, and destroy your credit. My advice would be to call them and explain your story, and see if there is some kind of payment arrangement they can make with you. Let them know that you will not use the cards again, you just need help in making a payment plan that is affordable and can help both of you. As long as you are current (or pretty close to current) right now they should listen and help you.
Good luck. Just remember, the worst thing to do is to do nothing!!!! |
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yanks006
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Chances are you will get hit with a lawsuit with wage garnishing as a result of doing nothing.
Yes. They can take your car. |
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Marysue
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I think you should read this: http://ezinearticles.com/?What-is-the-Difference-Between-Unsecured-and-Secured-Debt?&id=20875
Before you file for bankruptcy, call your creditors and explain that you're in trouble. Most companies would rather know that there's a problem that you're trying to fix than have you default and then they have to incur the cost of taking you to court. The worst thing you can do is nothing.
And realize that if you do file for bankruptcy, it will be on your credit report for *seven* years, making it very difficult for you to buy a car, a house or anything else that requires financing. And please be very careful if you go to a debt counseling place. Some of them are predatory and could put you in a worse position than you are now. |
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DLeibowitz
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There are statutes of limitation for several sorts of debts. They vary consierably from state to state. Credit card companies tend to sell their claims from banks to third parties for cents on a dollar. The third parties then try to collect the whole thing. They will sue and will try to garnish your wages among other things. If you pay off the car, the non-exempt equity of the car could conceivably be used to satisfy creditors' claims.
By doing nothing, interest on credit card bills will accumulate at very high rates as well.
You should consider your options carefully and should not rule out bankruptcy. Consult an attorney. |
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Kris
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I would advise against doing nothing. They can sue you and win judgments against you and have wage garnishment happen. I would go talk to a reputable bankruptcy lawyer in your area and file chapter 7. You will not regret it. You can reaffirm you auto, your mortgage, etc. You will NOT lose anything. Also, first time meetings with bankruptcy lawyers are typically free.
Most bankruptcy lawyers can also settle debts LEGALLY for much smaller fees than associated with all the places online and advertised on TV.
Go see a lawyer ASAP. You will feel so much better once this weight is off of your shoulders. |
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Christina D
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you should just try one of those company's that consolidates all your debt so u have one monthly fee.. That may help |
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biskio
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Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts
http://get-out-of-the-debt-trap.com/category/Information-on-Chapter-7-Bankrupt.html |
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Fred Head
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Bankruptcy is almost always a bad idea. Avoid it if at all possible. It does not forgive all debts. Everything, except your home, can still be repossessed, including your car. Also, the creditor can still petition the courts to re-cope a percentage of what you owe.
Furthermore, you will not be able to buy anything on credit for 7 years.
You must completely change the way you think about money. Cut up your credit cards and swear off ever borrowing money again. Sit down and do a budget and pay your lowest debts off first, regardless of interest rate.
I am sorry that you are going through this. If you can gain control of your current situation, you will be better off mentally and financially. |
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