I’m a 23 year old single female at a loss…Here is a rundown of my debt. A ,000 FHA loan that got foreclosed on, ,000 second mortgage, i’m guessing about 25k in credit card debt and another 30k at least in hospital bills. And here’s a kicker. One of the credit card companies is suing me.

The house is already foreclosed on and i don’t have a car so i don’t need to do the one where they save your house and car.

I’ve heard that a bankruptcy on you credit follows you for the rest of your life, but a foreclosure will fall off in a certain number of years. I want to eventually be able to buy a house again and have credit!

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I’m selling my house and hope to net 25K. Do you think the 6 credit card companies will settle for the 125K down to 25K?

I have another job, but we are living paycheck to paycheck and can’t make these credit card payments. Any advice??
I forgot to mention that I make just over the amount to qualify for a Ch 7 BK and would have to do Ch 13 which I will probably end up having to pay back all the debts anyway..right?

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OK, few questions. If someone has say, 25k in debt – credit cards, the like – is it really possible to call the companies and negotiate a settlement for less than owed? And #2, how does this reflect on the credit report?

My brother in law is telling me that he is inheriting about 30 thousand bucks soon, and will be calling his creditors (credit card debt only) and negotiating with them, telling them that he has to file for bankruptcy and offer them less than owed. He SAYS he can negotiate and get them to about .30 cent on the dollar.

Is this correct? And how does it appear on the credit report? I don’t believe him. He says that he wants to keep as much cash as possible to open a business in a year or so. I say he will regret it because of the marks on his report. Who is right?

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I am in debt about 25k and really need to get out or I am in fear of going bankrupt. What are my options, anyone know of a good free service to help consolidation or just advice?

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Below is an answer to a debt question I asked. Im 70K in CC debt. You hear so many stories about these companies that say they settle debts and stories of how they really can’t do anything but just take your money. Does anybody know how to ferret out a reputable company that really does that service?

What I would recommend would be to talk to an accountant or get some information from a company who can help settle debt for a lower cost. If you do that and they project that you can settle your debt for say 15-25k,

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With subprimes coming to an end (about time), Now it’s time for the Option-arms and Alternative A-papers, which will tack on another trillion or so in write offs for companies which are already tinkering on bankruptcy (even with the bailout)

then in about 2-3 years, we’re going to see the credit crash as those millions of americans who have tens of thousands in credit card debt and other non-mortage loans default, especially if they start to lose jobs / give up as buying power decreases.

Heck, In my ranked MBA program, a vast majority of my fellow students have 10-25k in credit card debts which they just plan on paying off with their "high paying" MBA jobs- which they aren’t getting because everyone has hiring freezes. If these are supposed to be some of the "smart ones" among us, what do you make of the rest?

Although in the financial discussions, there seems to be backlash against the media for saying that the "majority of americans" are in MAJOR debt, as in fact it’s only a "very small percentage" (44%). Now, these articles are literally stating 44% is a small percentage- and that 55% are being very good trying to pay their bills off in time. However, I also read that the majority of bankruptcy’s are people who "do not spend wildly, but are in debt to to other reasons such as loss of jobs or health problems". If the job market turns downwards, buying power decreases, and salaries don’t keep up with inflation would that not suggest that even those who "try" are likely to rack up more debt? and isn’t it likely that this 44% is likely to increase to 50, 55%? In this case we are saying atleast almost 50%, and potentially more than 50% are likely to run into major credit and debt issues?

Then with credit card companies such as American Express already tinkering on bankruptcy, a CC card company going under would only add to the fun.

That in itself could be the next great depression. What do you think?

Now I could be taking this a little far, and I don’t expect anyone to agree with me beyond this, however, I raise yet another question- If over 1/2 of america loses their buying power and credit-worthyness all together, based on what I see in the Government now, I would presume that they would feel the need to step into action, and bailout the individuals- and in this situation, it seems like the only action which they could do is to take control over many aspects of the country, essentially creating an extreme socialist culture overnight.

Although I have my savings spread in Euros, Rupees, and Dollars, the intense globalization occurring as of the last 10 years means that money isn’t safe anywhere. So now I’m thinking maybe I should just rack up 30k in debt since I’ll be in the doghouse with everyone else anyway, and 5-10 years from now we’re all going to be in the same position whether we have 000 in the bank, or -000 in our credit history.

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