 Debit Card Disaster!,... HEEEEEEELP!? |
| ok, Here's the thing. While on vaccation My husband bought a ticket with is Visa Debit Card. The clerk made a mistake with the flightplan and told us she would cancel right away. Then she ... |
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 50 Point FICO score drop? |
| I just checked my FICO score (I am provided my score every month from my credit card company) and it dropped 50 points in one month. I haven't opened any new accounts, missed any payments or ... |
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 If I payed at least $5 on the two credit cards I have in collections would it help or hurt the card? |
| I have two credit cards in collections that I am trying SO hard to pay off. I want no debt! A lady suggested that even if I pay $5 it's still a payment, and they can't do anything more. Is ... |
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 How do I find out who to pay when I'm trying to pay off my debt? |
| I have a few accounts that are currently in collections that range from store cards, credit cards, and bills....but since they're now in collections, how am I supposed to know who I submit ... |
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 Spouse cosigned for bro. said no more than $500 now debt is over $5000. what can we do? bro wont pay? |
| we did not know brother had gone over limit we verbally agreed to. we have tried being nice. he wont pay. husbands credit is going down fast. can we sue? what do we do?... |
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| I tried to apply for a credit account with Apple, and they didnt approve me... i dont understand... how can they check my credit, when I have no credit... and I need to build my credit up... im so ... |
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 Can I use my daughter's SS# to buy her a computer? ? |
| Her father sends enough money each month to cover at least a $75 payment, but I neither have the credit myself or the funds up front to buy it. Do stores like Best Buy allow this?... |
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 Paypal Help Please? |
Ok. Here are the questions then all the details I can think of.
Q:
1) Do you need a credit card to use paypal?
2) How old do you have to be?
3) Can i do online "jobs", ... |
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 Credit card? |
| I am only 18 and have never had a credit card but now I'm going to get one because I will be travelling alot in the future. what will my credit rating be when applying for a card. will it be ... |
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 How can I correct something on my credit report? |
| My mom put a bill in my name that was in no way my bill. I do now know how to go about correcting this. The bill has been sent to a collection aggency and is now being reported on my credit report. ... |
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i found a check to day for $665.it is signed by the person who gave it and it has who it is to.can i cash it?
Additional Details
and i am only 13 and i am not going to do ... |
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 Can a debt collector place a lein on property AFTER running it on your credit for seven years? |
| My Husband had a truck and never paid for it. The debt collector wouldn't never come get the truck becasue they went bankrucpty. They ran it on his credit for seven years. NOW they have put a ... |
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 I think I overdrew money on my DEBIT CARD...advice please...? |
| OOOH SHOOOT man it was an emergency! i had to use about 20 bucks and so i was checking to day and i went over 18 dollars! i'm so scared i don't know what to do. i usually manage my money ... |
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 Can I finance a new car with a credit score of 551 and a cosigner that has a credit score of 680? |
| im 19 years old and i want to finance a new car for 14000 with a credit score of 551 but I will have a cosigner. i have two jobs. any information regarding this matter please ... |
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 Does Cosigning a student loan lower your credit score? |
| My sister needs me to cosign her loan. I have just graduted from college and worked myself up to a 700 FICO score (I know it's not perfect). I wonder if cosigning a $10K loan for four years in a ... |
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Angel 84 | Can someone tell me the consequences of going bankrupt? |
I'm in too much debt and unable to pay it all and can only see the way forward is bankruptcy, not sure on how to do it and i dont no the full consequences of doing this. can anyone help? |
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SPIFIMAN1
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Bankruptcy is not the end of the world.
I went through it back in 2001 and I admit I was lucky I had a loan with Ford that I reaffirmed on and made sure they continued to report to the credit bureaus.
You can keep your vehicles and your home and most all of your personal items.
After my discharge I used 2 credit cards for every day things and paid them off in full every month within 1 year I bought a new car with no money down at 3.9 percent interest. After another year of diligently paying my bills on time I bought a new home again with no money down and a 6.5 percent fixed rate.
Today all of my scores are well over 750 and I can get any type of loan or credit I need at the very best rates even though the BK still shows on my credit reports. |
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SlimMick
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To qualify for Chapter 7, you have to pass a "means" test, which roughly means that your income must be below the average for your state. Most BK attorneys offer free consultations, so you can find out that way if you qualify to file. You can only file for Chapter 7 once every eight years....so make sure that you are really in a true financial emergency before you file....because if you find yourself in a worse financial situation a few years after filing for Chapter 7, you will not be discharging your debt with Chapter 7 again.
Filing for Chapter 7 does not mean that you’ll have bad credit forever. You will have bad credit for at least two years as your credit score is most heavily weighted on what has occurred in the past 24 months...After that time, you should start to see your score go up...granted that you stay out of trouble.
If you do file for Chapter 7, make darn sure that you and all your dependents have comprehensive health insurance.....An expensive medical emergency after filing for Chapter 7 when you don't have health insurance would be a disaster...and the resulting medical debt could dwarf the original debt....I.E....An emergency appendectomy with just one night in the hospital could be $25,000....
Lastly, the decision to file or not to file should be based only on the facts. Do NOT let anyone try to guilt-trip you for filing for BK if this is in your best interest. Corporate America uses BK all the time and no one shames them....They base their decision to file on the facts....not emotions....You should do the same when considering to file or not to file....Good luck! |
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Steve D
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First, if you are sure you are going forward with bankruptcy, you should get a good lawyer - bankruptcy rules were changed in the last few years to make it harder to file and a false move might disqualify you.
Second, the bankruptcy will remain in your credit report for up to 10 years, making it harder to get credit in the future. Where you will be able to get credit, the lender will most likely charge you much higher interest, making large purchases much harder to pay off. Also, some debts may not be subject to bankruptcy (for example, student loans) and you may still have the even after bankruptcy.
Also, under a Chapter 7 bankruptcy, you may lose some assets (the trustee will sell them off) to pay off creditors. There are some conditions and avenues you can take to avoid this on some assets, but it involves re-affirming debts (meaning you will still owe on these assets). Chapter 13 bankruptcy saves your assets but does not discharge debts. this is why you need a good lawyer.
Check the linksk below for more in-depth info |
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Anjell
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Your credit will be doing 10 years of hard time for the filing.
The longer you are post-bankrupt is the less it will hurt.
For the first 2-3 years you'll want to keep a very low profile.
Use this time to re-build/establish your credit. You'll likely have to do this by secured loans/credit card.
If you have any assets such as home or vehicle, make good on the payments so you don't lose it.
Don't apply for any credit at all for the next year.
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dagoddfatha1
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understand that it will cost you about 1000 to file for bankrupt court...this is an idea call up your creditors and cut deals to settle in full for the amount of cash on hand..if they agree get it in writing to show that thedebt is settled in full...keep that for life
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Beth
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The biggest consequence that people talk about is it stays on your credit report for 7-10 years. That lowers your credit score, and your credit score is what banks/lenders use to determine if you are a risk for a loan or not. Also, if your credit score is low, due to the bankruptcy, and you do get approved for a loan, your interest rate will be higher then those that have good credit. Some insurance companies are also checking credit reports, so you may end up paying a higher price for auto or home owners insurance. Also, all charge card accounts you file on will have to be closed out. At your bankruptcy hearing the companies you are filing against do have the right to show up and take belongings back or request a percentage of payment. (I have never heard of this actually happening to anyone, and I've known 5 people that have filed bankruptcy. Maybe it happens to those that have $$$$ they are filing on) Big ticket items such as house and car are on a case to case basis, you would need to speak to a bankruptcy attorney to see where you would stand with this (most 1st appointments are free)
The new laws around bankruptcy are suppose to be more stringent.. but I haven't seen any big changes. They also state you have to attend budgeting classes before and after you file. (either in person or on the net)
Dependent on how high your debt is (and if you are currently employed) would be how I would decide if I wanted to file or not (my personal opinion) .. if you are over $20,00 in debt, I would file. Under that (and employed) I would look for a consumer counseling service (United Way used to have this service for free ).
Typically the consumer counseling service will ask you to bring all your bills in and they will contact those you owe. They will work out lower payments and most of the time can stop additional interest building up on your debts. They will tell you how much money you will need to bring to them once a month. They will then send that money out to your creditors. – You will also need to close down your charge cards that have the debts on them.
Hope this helps you
Good Luck
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supersweety007
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You will have a terrible credit rating for seven to fourteen years. That means that it will be harder for you to get a loan for a house or car, etc. etc. Only you can decide if this is best for you. I would contact a lawyer who specializes in bankruptcy, and they can help you with the facts.
Good luck. |
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California SunShine
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http://en.wikipedia.org/wiki/Bankruptcy
It makes you look terrible, and you cna't get a good loan on ANYTHING for seven years. Plus, the banks could take some of your stuff, like if you have two vehicles, they'll take one, ect. Plus, you bank ccount goes to checks, which means you can't have a checking account until it's cleared.
might I suggest InCharge to you.
http://www.incharge.org/
My fella went through them and he;s almost payed off his debt in three years. |
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Beentheredonethat
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I read most all of the comments to bankruptcy. I am not proud to have to have any knowledge in this subject, but I do. There are many reasons people file for bk so you can't put it all in one basket. Your case is just as different as another will be when you talk to a lawyer to help you get through this. Some people don't use a lawyer, but I'd rather have a lawyer guiding me along as the lawyer that you chose to represent you should know the ropes. I used one.
Now some at this comment site are saying that the trustee will take one of your vehicles. That is not true. Once again, it all depends on you case. The courts have guidelines, and even the trustees are different from state to state and district to district. Some are more compassionate and others are not. Make sure you get yourself a lawyer that knows how your district trustee leans towards in cases like yours. With that said, when it is all said and done (some things you keep and some things you will forfeit)......LEARN from your financial mistakes. Lots of people lie to themselves about how they got into such a mess and ended up in front of a bk trustee. Yes, lots of people file due to medical financial disasters.....so be it, but many more lie to themselves about abusing credit cards and living too high until the bubble pops. How do I know this? I am one of those credit card abusers, or one that tried ride the wave of life as demanding as it is these days. Trust me, bk is a way to start over. If you don't figure out how you got to the bk , should I file or should I not, you will surely be back into the bk courts again. Did I say a person could file bk again for the same reasons many years down the road? Yes, you can. Trust me.....I did that too. I am such a stupid idiot to be caught in such a credit card trap all over again. But, this time the bk trustee put me into a chapter 7 (again) but realized that me being a veteran and all, and 100% disabled was reason enough to let me keep my home, 2 cars, and also my 5th wheel. So, yes you can keep all your main belongings but it depends on if you have the income to carry it. The bk trustee felt that I should be able to continue paying back on items just mentioned but wipe the credit cards clean. I was blessed for the second chance. Now listen up please........it has been almost 1 yr. since the second bk filing (other one was in 1990), and I am finally waking up and "getting it".......I am a good person and an honest one, but not to myself. I had personal issues that messed up my thinking on managing myself and my money, but I am now on track after two stints with a chapter 7 bk under my belt.
1) if you have to do a bk, then do it.
2) learn from it, and swear to not fall back into your financial rut again
3) be kind to yourself as you are human, but be thankful for the 2nd chances. I had 2 chances (the law says you can file again after 7-8 years after the first one). But that was not my intention.
4) keep credit cards OUT of your wallet and OUT of your life if you haven't learned anything.....by now.
Good luck, and be honest to yourself so you don't end up back in front of the bk courts all over again down the road of life. |
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