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slick25 | Need advice on debt!!!!!!!!!? |
I went through a divorce last month, and I am now 12,000 dollars in debt. I could only get 50 dollars a month from my ex which isn't much. I have 4 major bills and the highest bill is 5900 dollars, because it is a military credit card and I am not in the army anymore they are saying to my credit counseling service that they will be taking all my taxes. My ex husband sold all my furniture and I have nothing left, with a 300 dollar car that won't make it through the winter. I have a 1 year old son and have no home of my own and have been sleeping on my moms couch for over a year now. I can't even pay 30% for low income housing because I don't make that much money. I am with two different credit management programs. one suppose to be settling 3 of my debts and my military starz card is with a different credit agency called fisc, and they are saying that my starz card will just take taxes, the other credit service doesn't seem to be doing much because i keep getting interest on these card.
Additional Details
I am getting extremely frustrated because I pay $391 a month just on these bills which would be a whole months rent for me!! I know if I can get all this down to $150 per month I could be able to afford an apartment. I go see a lawyer next week to see what I could do about a chapter 13 bankruptcy because I can't do this anymore. Anyone have any advice what I supposed to do now? |
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Waine
|
hi, I don't promise anything but if you are willing to read
people in debt often seem to find some help here :
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck! |
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danperryjr
 |
Sounds like a classic case to declare bankruptcy. What bankruptcy does is clears most if not all your debt, but as a side effect destroys your credit. Must places there is a huge list of lawyers standing in line to help you there. |
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smoody
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I wouldn't do a chapter 13, I would try chapter 7 Bankruptcy. As hard as it may be, DON'T USE A CREDIT CARD ANYMORE.!! if its something you cant pay cash or lay-a-way, you dont need it. I was forced to do a chpt 7 after my divorce, it was a last resort because they were going to start garnishing my wages. Only let that be your last resort, good news is that since then I got my credit score up real fast it doesn't take as long to recover from it as long as you don't get yourself back in debt again. |
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Sarah J
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I was a bill collector for four years... Have you talked to your credit card companies and explained your situation to them? Almost all credit cards have programs available for people in a tough spot like you are in, beware of consumer credit counseling agencies and debt settlement companies. Thety can make big promises but cant always follow through with them.
I wish you the best of luck. |
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keyoor
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I am sorry to hear that you are in a lot of trouble. First of all, good luck !
I would think that filing for bankruptcy might be a way out .. Just a thought .. |
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huh h
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Is Bankruptcy the final solution? Here is an article to avoid bankruptcy, read it for more information:
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html |
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Yen
 |
DO NOT CLAIM BANKRUPTCY!!!! I know it's hard to go through all this, but do not give up. If you claim bankruptcy now, in the future when you get on your feet you will pay for it dearly. Is there a way that you can maybe get a part time job? How about your current job, is there a reason why you are still there? I would recommend looking for a better paying job if you can't afford low income housing. |
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charte
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I filed for Bankruptcy 3 years ago and I'm getting offers for cc and car loans if this is what you have to do then so be it There is life after Bankruptcy! I just paid everything in cash for a long time and the credit union let me open a savings account with no debit card so unfortunately if this is what you have to do you still can start over just in 7-10 years |
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shipsofhopeinternational
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It sounds to me that you've hit all the right places to find a solution to your debt situation. If one of you credit counselors isn't acting in your best interest though, I would suggest you find a better/new one. Bankruptcy is an option, from the sounds of it, it may be a better option in this situation since it will halt all collection of $$ and you will have a year to pay back the trustee (most have a program for repayment over the discharge period, call around and ask the trustee companies to find the best rate since not all charge the same). I'd recommend you stick with the major ones like BDO Dunwoody, Price Waterhouse Cooper etc. since they tend to be cheaper. Call around for rates regardless though, sometimes the smaller firms can give amazing deals. I hope this helps and good luck! |
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purpleama456
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You sound like you are in a tough situation. In going through the divorce why weren't the bills/debts split between the two of you or were they? I don't know how much money you are making so it's a little hard to advise but I would suggest you cut back on as much as possible. Before you buy anything ask yourself if you really need it. I would recommend that you take 10% of your gross income and set it aside to knock these debts out. If they are already with a program that is helping you, then pay that additional 10% towards the bill you owe them and pay if off that much quicker. If your mother isn't hounding you about living there and you can manage with it, then I'd stay until you get your situation under control. It will do you absolutely no good to move out on your own with a child to support when you're barely making ends meet now. I would highly suggest you start looking for a better full-time job or a part-time job aside from the job you currently work. There are many ways you can go about making your situation better, you just need to look into the different resources |
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goodgirl516
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First you need to go to court for child support! $50 a month is crap! Second DO NOT claim bankruptcy! That is the worst thing you can think of doing there are services out there that can help. Get out of these debt management programs now! They can only hurt you more! I know a company that can help take negative items off your credit report! And no it's not a scam...my mother went through it and now has a 728 score. |
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Studly
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I think that filing for Chapter 7 is best for your situation.
There are three main reasons people file for bankruptcy. Huge medical bills, divorce, and loss of job.
A lot of people look at people who use bankruptcy to get out of debt as "deadbeats". I'm going to bet about half of the responders here think that.
Some day they will have a crisis in their lives.....I can only hope.
Note that in your case, you can probably request to have many of the fees waved due to your financial situation. Talk everything over with your attorney and see what they can advise you.
I also suggest that before you go, research what the new bankruptcy laws are. That way you will know a little about it, and can ask your lawyer questions. Don't always think that because they are lawyers, they know everything. I'm finding that is not the case, as I've helped some people who's bankruptcy was totally screwed up by their lawyer. |
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mrfoxhorn
 |
Step 1. End your association with these credit counseling services, they are usually a scam.
Step 2. Work it out with your mom if she makes more money to let her claim your child for taxes, useing the earned income credit and split the money she gets back with you to pay down your debt.
Step 3. Work at a job part time and make less then 11,000 dollars a year so that you can qualify for earn income credit for yourself, if your over 25 and use your refund to pay down your debt. DO NOT USE A REFUND LOAN! Simple e-file and wait for your refund. Same goes for mom.
Do not borrow money to pay of these debts, stay away from payday loans and if you have to talk with the lenders to work out a payment schedule to keep this stuff from going to collections.
Good Luck |
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stuligross
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Bad news/Good news.
Bad news - is you waited until the law changed.
Credit counseling services are almost always unsuccessful. You are a candidate for a Chapter 13 Bankruptcy plan.
I know ... you do not want bankruptcy -- mess up your credit, etc. But guess what, your credit is already so bad, that a Ch. 13 won't matter.
In a Ch. 13, you pay off your creditors over a five year (or 3 year) plan. You make a budget that will pay for your necessities, etc., and then pay the creditors with what is left over. You may not be able to pay everyone everything. You may pay most (but no interest). But you will be able to get your life back on track.
Its a long road, but you can do it.
Good luck. |
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B
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I can sympathize with you, i went through a very similar situation about three years ago. I avoided the bankruptcy idea for a very long time but finally had to do it. My advise is to go through with the bankruptcy and learn from your mistakes. You will need a pay the bankruptcy attorney up front before they will file your claim with the courts so use the money you would be paying on the debts and pay the attorney. Once your creditors have been notified that you have filed chapter 13 they have to wait to collect until there is a decision. Good luck, do the bankruptcy as soon as possible believe me it will be better for your quality of life and sanity in the long run. |
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kcincon
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Unfortunately there is no magic bullet, but if you collect all the important info such as:
"4 major bills and the highest bill is 5900 dollars"
and ignore the annoyances:
"have been sleeping on my moms couch for over a year now."
it will be easier to get your plan together.
The next step is education, education, education. The more info you have about possible solutions, the better your decisions. You don't have to be perfect.
Hope this helps and good luck! |
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misterpoopoocaca
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It sounds to me that you need to get your asss off of your mom's couch and start dealing with your problems head on. Burying your head in the sand got you in this mess to begin with. Basically, grow up and work 5 jobs if you have to. Don't have any more kids. Hopefully you can meet some loser with some money or potential who will save the day for you, but don't count on it in this day and age. Best of luck. Now get your asss off of Q&A and start solving your own problems. IF all else fails, become a crack whore. |
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Cattlemanbob
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Go see a lawyer. Try to find someone who will work with you, being as you have no money.
Consider filing for bankruptcy.
Sue your ex husband for non support. He is required to pay child support.
If he was in the military when you were married to him then you are entitled to som of his benefits.
after that you need to get some training and get a regular job and get a boyfriend and have a normal life. |
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Maria b
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OK $50 per month and you have a child?? Where is the child support?? Is your ex responsible for any of this debt? Honestly I would look into filing for bankruptcy, would that be a possibility for you? It would free up your other money and if someone could co-sign a car loan for you then you could then get a better car. Don't despair, things will turn around eventually. |
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john.janney
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First, from my understanding, the only person who can legally advise you to file or not to file for bankruptcy is an attorney.
Second, if you do not make enough to afford 30% rent, you should talk to an attorney about Chapter 7 bankruptcy as well as Chapter 13. Chapter 13 is usually more expensive to file because it involves a lengthy repayment plan (more complicated), whereas Chapter 7 involves liquidating some assets (if you have any) to pay off as much debt as possible and then canceling the rest of your debt.
While bankruptcy may have a negative stigma, you need to think about your peace of mind and financial wellbeing above all other concerns. If bankruptcy can return you to a state of financial wellness, then you may want to seriously consider it.
Yes, bankruptcy stays on your credit report for up to ten years. Yes, bankruptcy is a big black mark on your credit. Yes, your credit score will go way down. But, would you rather save your credit score or your peace of mind? Credit can be rebuilt, but you will never recover those years of debt-related stress and anxiety.
Bankruptcy was commonly viewed in the past as a "moral failure." It is now being rightfully viewed for what it is: the financial wellness/recovery tool of last resort.
There may be other options to help you get out of debt (like credit counseling, debt management, debt settlement, debt consoliation), but if you cannot afford them, then what good are they?
Much depends on your specific situation, which is why you should speak with an attorney who can look at your situation and advise you to the best course of action.
I hope this gives you something to think about, and I hope you find a solution to your situation.
Please visit the links below for some helpful information. |
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pied piper
 |
Read these articles first:
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581 |
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