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Additional Details
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Additional Details
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dhen | I am 24 with 19,000 of debt mainly 4 credit cards and hospital bills i just got garnished what can i do? |
I am 24 years of age with 2 kids i work for a supplier of the big 3 (Ford, Chrysler,GM) i just started getting garnished from a credit card from 2002 i am wondering should i try debt consolidation or bankruptcy
SOMEONE PLEASE HELP!!!!!!!!!!!!!!!!!!!!!! |
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The Yakuza
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First of all don't give up. You can get through it WITHOUT going into bankruptcy or consolidation.
Item number one is that before you attack your debt you are going to have to CUT out unnecessary expenses. Lower your phone plan, lower your internet plan, don't go out to eat, don't go out to movies (get a redbox DVD or something) and don't spoil your kids (not that you are but if you are stop).
Once you have cut back on your expenses you must have an emergency fund. It is going to be so hard to do but make sure you are making the minimum payments and save up $1,000 and ONLY use it in emergencies (flat tire, broken window, emergency doctor visit)
It is going to KILL you to have that extra money in there but the idea is you need to break the habit of turning to your cards when you need money. And don't tell me you can't do it because you will only be making an excuse.
Then as the other individual pointed out that when you get your emergency fund start attacking the card with the lowest balance and whne you pay that one off attack the other one.
It is going to be tough, no lie. But is it worth fighting off all of this debt HARD for a couple years and sacrificing some personal fun or fighting this debt for the rest of your life? |
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Judy
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Get a book from your bookstore called
Credit Repair for Dummies
Be careful with debt negotiation companies.
google the name of the company you may be considering followed by the word scam, compalints, or rip-off.
/ |
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Pengy
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Well to late now to do anything about it when you got the notice that it ws going to happen instead of ignoring it because of the date of the debt you might have had a chance. If garnished the debt has gone through the court system and they received judgment from you not showing up. |
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Ms. Tibrogargan
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Choosing bankruptcy is extreme. In Australia, you can get free financial help at LifeLine. Check a community care organisation and get free professional help.
Salvation Army, Life Line, Church groups etc |
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Stefania
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Well, the best thing to do would probably be to consolidate your debt. Also, bankruptcy should only be a last resort, if anything go to your bank and talk to someone there who can help you with your debt, they will have far better answers for you there than on here. You can also start right away with them.
You should probably also give yourself a budget so that you can put aside a certain amount of money a month to lower your debt over the years.
For 19 g's I wouldn't file for bankruptcy, you won't get to have a fresh start for 7 years.
If you discipline yourself enough, you will definitely be able to pay your debt off in less than 7 years.
Weight your options according to how much you make and how much fixed expenses you have, because everything else on your budget can be modified, with out much money you spend on food, entertainment, clothes..etc.
Go to your bank branch and ask them, they can give you the best advice. |
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Lauren F
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Debt consolidation won't help at this point - the creditors already got a court order allowing the garnishment, so they don't have any incentive to work with you. Technically, bankruptcy most makes sense when your debt is greater than your annual income - so maybe not for you.
For the hospital bill, it really depends on your income. If you are low or moderate income, talk to the hospital and see if they will accept a payment plan, or give you free or charity care to try to take care of that bill.
For the credit cards, if the garnishment is hurting your ability to take care of your kids (for example, if it doesn't leave you enough to pay your rent), then you could go to court and try to have the garnishment order reduced. My guess is you didn't go to court when this all started to defend yourself.
The only other options I can think of are to get a second job and pay it off as fast as you can, or sell things (a car, furniture, jewelry) to get cash to pay it off. Or, if you have family members who can help, see if they will take a or cosign loan from a credit to pay this off and you can pay them back.
You also might want to do a self-screening of government benefits to see if there is other help you can get to reduce other items in your budget. A good website for this is www.benefitscheckup.org. |
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Fernando G
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I agree with Tomhanna, most people I have seeing with $19,000 or more are do to a car repossession, hospital bill or an eviction.
Many creditors will look away at medical bills, and at any pass credit problems 3 years old.
Just concentrate on paying of at least one credit card at a time, and making new good credit history. your credit will not be perfect; but at least good enough to buy a car, or home in few years. (4 to 10)
I also like Lauren answer, great feed back. |
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G-man 1
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1-st, CUT UP THOSE CREDIT CARDS! In my house they are for emergency ONLY. Or when I go on vacation and have the money but don`t want to carry cash and pay it off IFULL when the bills come. .And no more living behind your cash flow. You dug the hole ,time to start filling it in. Talk to a lawyer. |
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Verodney
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I am sorry to know that you are going through such adversity, but don't give up, just remember that there are solutions to just about anything in life, except for death and taxes as the saying goes. I can tell you that bankruptcy, debt consolidation are all viable solutions. There is one other alternative that I can offer, it is debt elimination. This company eliminates your debt by assuming, it is all done legally through laws that they use in your favor and they will remove whatever negative marks you incurred from those creditors. Check it out and due your diligence to see what best fills your needs. You do need to make a decision asap because you don't want your wages being garnished. Everything will be alright :o) |
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saved_astronaut
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from personal experience, I KNOW how hard it is 2 pay down 2 many debts from 2 many different directions. it drains yer entire check & leaves U nothing 2 live on. what i'm doing about this is making a list of every 1 i owe. i put the sm debts on 1 post-it note & the lg 1'st on another. i'm starting by paying off the sm debts 1'st & i'm working my way up 2 the lg 1's. what i must do B4 pmt is rebuild my bank acct & have $$$ 4 myself B4 paying any 1. |
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tomhanna1970
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If you're only 24 years old and hospital bills are a substantial part of your debt, bankruptcy may make a lot of sense if you take advantage of the opportunity to learn from the experience. You can have your credit rebuilt to the point of qualifying for auto and home loans by the time you're 30 and by the time you're 35 the bankruptcy will be off your credit report entirely. The other option, struggle along trying to pay these things and hit 35 with collections barely paid and another 5 or 6 years before your credit is up to par. If you're making $50k a year and want to really buckle down, maybe you could negotiate and pay these off. Otherwise, better to bite the bullet now than put it off ten years to the time when you'll really need good credit. |
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peprmentpati
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I would research both. I did Bankruptcy almost 4 years ago, best thing that I did. I also know someone who uses careonecredit.com |
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☼AstrologerJuliAnne☼
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I think you may be past debt consolidation if you are being garnished. As for bankruptcy, go see a lawyer ASAP and see what your options are there. If you claim it, it will shoot your credit to heck, but it will stop the wage garnishments. |
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