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| Topic: Bankruptcy | |
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Laws vary depening on state but here is a good website for information. http://topics.law.cornell.edu/wex/bankruptcy  thank you mcuh. your advice was very helpful. Im jsut not planning on BUYING anything for at least a few years and Im tired of beign saddled with all this debt. I want to simplify and get out from under these judgments against me.
and perhaps my jeep |
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That's good you're not late. You might talk to whoever is financing your Jeep. They might be able to work with you to extend and lower the payments. my jeep is directly through chrsyler. my X's truck is through a credit union that i banked with. I dont think they will work with me...and the jeep isnt totally the issue. if it was jsut that, well i would keep it. its freaking everything. pay debt for the next 3 years and hope to not accumulate more....or file bankruptcy and cheapen my way of living. idk certain thigns i wont give up. me and my daughters cell phones are a requirment and well I will stay in my high class neighborhood |
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No matter how well meaning the advice you get is offered, the questions you ask are complex enough to require an expert. Talk to a CPA. An independent would be cheaper than a firm. They may actually give you a little free advice. i proably will do that..thank you. Im just trying to learn what I can prior to. Smart Girl. Seek all the information you can get. Most of the people here are very nice and helpful. |
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stop paying on some of the bills they will offer settlements at some point I'm sure of that
You can try that and I did and believe me although you may get away with it for some time perhaps 6 months they will eventually take you to court.If they win the court case they can legally garnish your wages and you will have to pay their lawyers fees and court costs which could add up to thousands of dollars.It is true if you stop paying they may try to settle with you but it is typically just a hundred or two hundred lower out of many thousands of dollars.
I am not sure where you are getting your information but what ever your heard is not correct at all.I just went through bankrupcty two months ago and I know the laws really well.I also didn't pay my credit cards for 6 months and not only did they not settle they sent me a summons for court to have my wages garnished.You think a credit card company is going to kiss of 2/3 of it's money?Your dreaming.Credit card companies will fight you to the death to get every last dime.If you stop paying they eventually sell your debt to a collector and they will go after you very aggresivly. Credit card companies can and will take you to court.On top of the contract you signed to pay your credit card bills there is other local and federal laws that deal with non payment of debt.A court is not going to be very easy on you if you just said you stopped paying your bills because you didn't want to espcially if you had money in the bank. On credit card garnishment http://www.creditcards.com/credit-card-news/wage-garnishment-for-credit-card-debt-1282.php |
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stop paying on some of the bills they will offer settlements at some point I'm sure of that
You can try that and I did and believe me although you may get away with it for some time perhaps 6 months they will eventually take you to court.If they win the court case they can legally garnish your wages and you will have to pay their lawyers fees and court costs which could add up to thousands of dollars.It is true if you stop paying they may try to settle with you but it is typically just a hundred or two hundred lower out of many thousands of dollars.
I am not sure where you are getting your information but what ever your heard is not correct at all.I just went through bankrupcty two months ago and I know the laws really well.I also didn't pay my credit cards for 6 months and not only did they not settle they sent me a summons for court to have my wages garnished.You think a credit card company is going to kiss of 2/3 of it's money?Your dreaming.Credit card companies will fight you to the death to get every last dime.If you stop paying they eventually sell your debt to a collector and they will go after you very aggresivly. Credit card companies can and will take you to court.On top of the contract you signed to pay your credit card bills there is other local and federal laws that deal with non payment of debt.A court is not going to be very easy on you if you just said you stopped paying your bills because you didn't want to espcially if you had money in the bank. On credit card garnishment http://www.creditcards.com/credit-card-news/wage-garnishment-for-credit-card-debt-1282.php
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Edited by
nogames39
on
Sat 05/02/09 05:08 PM
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I think if we could read written English we would go bk every 10 years. A little personal bailout. This is the other half of the agreement that allows rich to constantly get business up by economic expansion. They are doing it, but the people? The people can't read the things they sign.
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bankruptcy...somewhat like a divorce from credit
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bankruptcy...somewhat like a divorce from credit Bad credit can make it difficult to rent and can cost jobs. If you file bankruptcy, you will not be treated the same for quite some time as far as credit goes. Credit givers are making it harder and harder to get credit and changing the terms of existing credit. Even one blemish gives them the right to do it. I would advise that if you can pay off your current debt in two or three years, do that. If your afraid of incurring more debt, pretend you did file and cut up all cards. Only buy things that you absolutely need. Good luck! 
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well I have blemishes. I have two judgments against me right now. I certainly couldnt get another loan currently due to my debt:credit ratio.
and so my credit rating has suffered nonetheless. I owe more than I make. and Im not going to give up my family time working OT the next 3 years to get myself in the same position perhaps a bankruptcy would put me in. I m raising a teenager. I am needed at home idk, decisons decisons.... |
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