My hubby makes ,000/year, but over the past 3 years, over 60% of his income has been going towards debt payment alone, meaning we have been living EXTREMELY TIGHT for 3 years now. We are now only down to ,000 and my husband is thinking about filing NOW, after all we have already paid off! Is filing worth it?

We will be talking to a Bankruptcy attorney about this on Wednesday, but I just want to know now, if anyone has any ideas.

Thank You!

Technorati Tags: 3 years, bankruptcy attorney, debt payment, hubby

I am married. My husband and I are both college students. We don’t have any credit card debt, but we only make 18,000 a year. He still has 3 years and I still have 4. His credit is just now getting good. All of this is on mine. We have gotten all of our other creditors paid off, but we feel like we have no choice.

Technorati Tags: 3 years, college students, credit card debt, creditors

I keep hearing about people settling debts and the comments regarding state if they settle, they will have to claim the difference to the IRS….my account was turned over to a collection agency, I owed a little over 0.00..the collection agency sent me a letter stating they were willing to settle for I think it was somewhere around 0.00, I paid the 0.00 (this happened about 3 years ago)..should I have reported it to the IRS??
is there like a statute of limitations – meaning after X amount of years there is nothing the IRS can do if this error is not caught?
I can’t fix my typo!..if the error is caught in 2010, can the IRS still fine me?

Technorati Tags: 3 years, debts, irs, statute of limitations, typo

We are a small business and the landlord has raised our cam fees 400% in the last 3 years with no justification. They are virtually putting us out of business, so with 24 months left, we want to break our lease and move. Is it better to file for bankruptcy and reopen in our new location with a new name. We are going to make an offer, but I am sure they will not accept it and try to sue us and get a judgement. Out of the 2 worse case scenarios, which is worse?

Technorati Tags: 3 years, bankruptcy, case scenarios, judgement, justification, landlord, new location, small business, worse case

Apparently rumors have been going around that say that the last 3 TNA ppv’s have had really bad buyrates. Only 8000 people are ordering them right now compared to the 60,000 people ordering them 2-3 years ago. So, say for instance WWE and TNA has PPV’s on the same day. Like say SummerSlam and HardCore Justice were on the same day at the same time. If you had the money, which would you buy? I know HardCore Justice doesn’t even have a card yet, but watching iMPACT, you should get an idea whose gonna be there and what type of matches there are going to be. Same goes for WWE. Which would you buy and watch? Or, if your like me, which would you watch live online? Don’t say both, just give me one answer?

BQ: Do you think TNA is gonna go out of business? If you think yes, tell me why, and tell me how long it will take for them to go bankrupt. And if you think no, tell me why.
Read the forum if you want sources.
http://www.wrestlingforum.com/total-nonstop-action-wrestling/513221-tna-2010-ppv-buyrates-updated-super-low.html

Technorati Tags: 3 years, money, summerslam, tna, total nonstop action, wwe

i am 22 and my husband is 24 and we have horrible credit and lots of debt. We’ve had 2 cars repossessed in 3 years and a few credit cards we cant pay. we also have loans and blah blah. i know we’ve made bad choices but how do we manage now? we have 3 kids and we are ALWAYS broke trying to just keep up and our family is suffereing. should we file? will we lose the car we have financed right now? will it really be 7 years before we can buy a house? HELP!
OK FOR THE RECORD i have my tubes tied now, and also we are military and get paid shitty. we HAVE made mistakes but all the credit cards and loans were in emergency situations.

Technorati Tags: 3 years, blah, cars, choices, credit cards, emergency situations, loans, tubes

It’s been about 3 years since I had to break a year apartment lease to move for work. I tried to talk to them to work something out and they said sorry you have to pay for the last 3 months of the lease. I didn’t have that kind of money to fork over so I had to just leave. Now they have ruined my credit score saying I owe them ,600. My rent was 0/month. I can’t get a house because of this so my question is what do I need to do to get this off my credit report ASAP? Credit lawyer? If they started renting the apartment I was in say the next month, are they allowed to collect from the new tenants and me at the same time? Is that some kind of double payment? Thank you in advance for any advise you guys & girls have!!!

-I hate the US credit system! Help!

Technorati Tags: 3 years, amp, apartment lease, credit report, credit score, girls, lawyer, money

I recently received my annual bonus from work and I want to pay off one of my credit cards. What should I ask to be reported on my credit record that will help improve my credit rating? I have numerous missed payments and had gone over my limit since I could no longer pay my old debts but I want to start fresh and work on being responsible building good credit instead of being haunted by my college mistakes.
ok first let me add to the fact that I have not taken out a new line of credit in over 3 years I haven’t charged anything to my cards in the last 18 months and my goal is to put the past behind me in the most favorable light so that I can get debt free and when I need credit (to buy a car or house) I can do so with out rates that leave me a slave to my creditors. and if we can leave out bible references that would be great thanks

Technorati Tags: 3 years, bible references, bonus, credit cards, credit rating, creditors, debts, favorable light

I have debt that is about 4 yrs old that I would like to settle or pay off. Some are/were with collection agencies (not sure now where they are because of the age of the debt). The debts are unsecured (electric, cable, etc.) and some are secured. I also had a foreclosure of the same age. While I know that the foreclosure will still hurt my credit score until 7 yrs, I would like to start the process of healing my credit score so that when the 7 yrs for the foreclosure to drop off is up, my credit will be in a better position. My credit score currently is around 574.

I have heard that settling for less is good and paying the full amount is good. I would like to know what is going to help more in the long run. I also heard that getting a secured credit card can help. Is this true? What would my best route be in correcting the wrongs?
Also, where should this process start? Should I ask the collections to validate the debt first or should I deal directly with the main company first?
The electric bills and such, even the total debt (minus the foreclosure) does not amount to much. The total amount is under 00.00.
My foreclosure was over 3 years ago.
I am not sure about the 1099C. I assume that I did receive it but I am not sure if I did anything with it on my taxes (ex boyfriend did my taxes for me then). I am not sure how the foreclosure relates to paying off old electric bills though. I do understand that it will still be on my credit but other than that, I was trying to pay the other old debt off….
Does paying off the old debt lead to more problems with the foreclosure?

Technorati Tags: 1099c, 3 years, best route, collection agencies, collections, credit score, debts, electric bills, electric cable, foreclosure, secured credit card

We are thinking about it but I heard that some don’t pay your debt off and you are still facing bankruptcy? Are some repetuble?
Debt settlement where you pay like 40% of what you owe for 3 years. Not a loan.

Technorati Tags: 3 years, bankruptcy, Debt Settlement

Hi,

I have two tickets from almost 3 years ago that I forgot about/never paid, and now the DMV has suspended my license!

They say I owe them ,800 and that the file is now with collections. The person I spoke with says that I must pay every cent to them in full and that they’ll never lift the suspension.

Is this true? Or is their debt collector trying to do a good job?

I looked online but can’t seem to find a resource to resolve/settle this debt. Most debt settlements will let you pay like 50% and will remove the debt. This happened 3 years ago!

What can I do? Must I pay them nearly k for two tickets I forgot to pay 3 years ago??

Thanks for your advice.

Charles
The tickets are 1) a cracked windshield ticket and 2)driving without vehicle registration(or possibly insurance)

No traffic tickets or anything very serious.

Thanks!

Technorati Tags: 3 years, collections, cracked windshield, debt collector, debt settlements, dmv, good job, insurance, traffic, vehicle registration

Last year my husband and I lost a home we purchased about 3 years ago. This house was to be an investment. We remodled the entire house and completed just as the market crashed. This past March the house was foreclosed on after being on the market as as short sale for 2 years. We want to file bankruptcy because this ruined our finances. We still have our home we live in but we now have 2 creditors suing us. How do we file for bankruptcy and include the taxes we will probably be charged for the house we lost in March 2010?

Technorati Tags: 3 years, bankruptcy, creditors, short sale

married couple. both are 38. we have a child due in June.
We live in Vegas and want to move and get an affordable home. We do not own real estate. She has k and I have k in debt, both accounts are in collections. The only asset we have is 55,000 in a retirement account.

I filed Chapter 7 in 99. My current income as insurance and financial advisor is too high for 7 here in Vegas. Right now it is around k but can get much higher.

A chapter 13 concerns me because of the 3 years of payments, its effect on my credit and potential to get another good job should we move, and we may not be able to get a house should we move.

I could liquidate the retirement and pay off the debt and have about k left after taxes and early withdrawl penalties. This would also include the tax liability for the k I took from my account last year.

As a financial advisor, I know that the withdrawl we took last year was stupid.

MOM is giving me 50K for home purchase.

BK or pay?

Technorati Tags: 3 years, bk, chapter 13, chapter 7, collections, good job, insurance, married couple, mom, own real estate, retirement account, tax liability

00/mo student loan payments, WHAT DO I DO…23yr old fresh out of college?
Anyone have any good suggestions on what to do with a 00 a mo. student loan payment? I cant lower it at all, The only thing I can do is pay interest at a low of 0 a month. My loans are through Sallie Mae. I haven’t payed in only 1 month and they are already trying to report me to a collection agency. Any suggestions from people in my boat? Mind you, im 23, earned my bachelors (Graphic Design) in 3 years and im 5,000 dollars in total debt. I lost my full time job and now work 4 part time jobs just to pay my rent/bills/food, I cant afford these payments anymore or im going to become homeless. Iv been making these payments for about a year now.. What more can I do?

The college system seems so flawed, we go to school to be taught to work to pay off your student loans the rest of your life. I know there are so many people in my shoes right now that are just skipping out on their payments, WHICH I DON’T WANT TO DO.

When going to school ( The Art Institute ) they gave me only two options for loans, Sallie Mae and Federal. It seemed the longer I was in school the higher the interest rates went. They told the students that the repayment plans are easy to work with and not to worry. It was a little over 00 a class which I took 5 every Quarter and 00 for dorm living. The classes when all year around for four quarters so around ,000 a year plus interest. I saw my debt racking up while I was going there but the fact the school made it seem it didnt matter how much you took out the repayment plans could work with you.

I dont know what happened but Sallie Mae my loan company went bankrupt half way through my schooling and from that I think they might have changed what they offer for repayment. I would do anything for lower repayments.

I’M NOT LOOKING TO BE RIPPED APART IN HERE ON WHY A CHOSE SUCH EXPENSIVE SCHOOL… ( I went to the Art Institute for god sakes ) at the time it seemed no mater what the price there were repayment options to work with your income… which as of recently to find out they do not. I JUST WANT TO SEE IF ANYONE HAS ADVICE ON WHAT I COULD DO TO LOWER MY PAYMENTS.

Technorati Tags: 3 years, art institute, bachelors, bills food, dorm, full time job, god sakes, graphic design, interest rates, loan company, part time jobs, payed, quarters, repayment plans, repayments, rest of your life, sallie mae, student loan payment, student loan payments, student loans

Someone PLEASE help me to figure this out. I have been unemployed for most of the past 2 years. I have recently begun a job and am making barely enough to live off of and have moved in with a friend to save expenses. I have had perfect credit up until now… just 2 months ago I missed my first payments on my 2 credit cards and haven’t made a payment since. At first I told the CC company that I wasn’t able to make a payment for a few months, but now I see that I don’t have enough money to make a payment at all and don’t see myself having that kind of money again in my current job. I see no higher paying prospect either, and trust me I have been applying for the past 2 years. My debt with the 2 cards is 20K each, with a total of 40K in cc debt. I also have 14K in student loans on top of that, which I just caught up payment on. These debts are all from school expenses, I thought I’d be able to pay them off shortly after school but but I was not able to complete the program. My question is this… if I just don’t pay my cc debt, have no house or property, and my car is a clunker, have no dependents, what will eventually happen? I already am being called 13 hours a day by collectors and it’s only been 2 months. Would I be better off just filing bankruptcy? My income 3 years ago was 43K, and now over the last 2 years it has been a total of 15 K (mostly earned the second half of 2008). If my credit is going to be ruined anyway, why not just file chapter 7 bankruptcy if I have no way of paying it off over the next decade? Bankruptcy seems my only option, but I know I feel desperate now and hate to do something so drastic if theres a better way… I just need to know what the better way is and what to expect. PLEASE someone enlighten me. Thank you!

Technorati Tags: 3 years, cc company, chapter 7 bankruptcy, clunker, credit cards, debts, dependents, filing bankruptcy, job, next decade, school expenses, second half, student loans

I know this may be rather irresponsible of me but I have backed myself into a corner and I see no escapes other than declaring chapter 7. If I never would have financed my car (at age 19 now 22), then I would not be here asking about it. I still have 3 years left of payments on my car and insurance on top of that plus living expenses. I DO NOT wish to work full-time like I have been for the past 3 years because I want to just focus on school and not worry about bills. I only work part-time now and my income does not meet my needs. I figured why not since I won’t be buying a house anytime soon. I plan on saving up for a cheap car (about 2 grand) to have until way after graduate school and an established career. I was very naive and ill-advised a few years back and would rather suffer with a bad credit report now than deal with the bills and be forced into full-time work again. Please, I need some honest, sensible opinions. Thanks!

Technorati Tags: 3 years, bad credit, buying a house, chapter 7, cheap car, credit report, escapes, full time work, graduate school, insurance, living expenses, part time

I owe about 25,000 in loans and credit cards. The settlement company offered to settle for 15,000 over 3 years at 425 a month. My debtors keep calling and getting nasty. Should I stay with the settlement company?

Technorati Tags: 3 years, credit cards, debtors, loans, settlement company

Is it possible to file for bankruptcy with out using a lawyer? I am so broke! I already try 3 years ago consolidating my debts but aftre about 9 months stop paying my monthly payment. I dont have a job! Any out there has field for B.K with out paying for an attorney?

Technorati Tags: 3 years, 9 months, bankruptcy, debts, job, using a lawyer

I filed chapter 13 bankruptcy 3 years ago. i am not able to make the payments on my bankruptcy, but i dont want to lose my two cars. I have about 24 payments left, but i am not able to obtain certain necessities for my kids because all of my money goes to bankruptcy. I want to walk away from it like everyone is walking away from their homes. I heard that you could walk away, but i always thought you had to pay every month, so they dont take your vehicles away from you.

Technorati Tags: 3 years, chapter 13 bankruptcy, money, necessities, two cars

I would like to get approved for at least 250,000 mortage loan. I make 61,500/yr and she makes 31,000/yr, but I don’t know if it is a good idea to include her because she filed chapter 13 roughly 2 – 3 years ago. What should I do? Thanks.

Technorati Tags: 3 years, chapter 13

It has been 3 years since I stopped paying on my credit card debt, and the calls have stopped. I would now like to improve my credit rating, but feel the additional fees they had assessed are ridiculously high. I’d like to call and offer to settle the debt (of course getting it in writing from them) for about a 3rd (less if possible) of what is now being asked of me.

Technorati Tags: 3 years, credit card debt, credit rating

I’ve been renting for 3 years now after filing Chapter 13 in 2007. I’m converting to a 7. Will I be able to get a mortgage once the 7 is filed very soon after? My lease is up in May. I don’t have anything for a down payment or closing costs.

Technorati Tags: 3 years, chapter 13, closing costs, mortgage

They will not hire me because they do not care what circumstances lead to bankruptcy. And each company who runs my credit history, this puts an "entry" on my credit, which makes my credit score go down even further. I cannot go without a job for another 2 or 3 years. Help!

Technorati Tags: 3 years, bankruptcy, circumstances, credit history, credit score, job

In November of 2006 my 00 debt with chase bank went into collections. A year later I called a lawyer who told me that if I haven’t been taken to court yet I probably would not. Well almost 3 years later and after the debt has been sold several times, I am being sued by lawyers representing North American Recovery Corp. I was told by Forward Properties (findaccount@gmail.com) that the current owner of my debt was the lawyers and gave me their phone number. I was served papers by the local sheriffs office and am supposed to appear in court on Sept. 24th. The first set of papers said that both parties had to appear on court and then i got a letter from the attorneys today stating they requested from the judge if they could be absent and do a phone conference while I still had to go to court. Is there any way to settle this if the lawyers have it and avoid going to court? The initial balance I owed on the account was just shy of 00.00 and the rest is all late charges and interest. I’m not sure how to attack this, who I should call etc etc, without incurring lawyer expenses of my own. I don’t have a number to contact North American Recovery Corp and cannot find one anywhere on the web. The one search that came up for that name was for another North American Recovery and they said there is another one out there. The debt is orig. from ohio and I now live in florida. Please help me with this headache.

Technorati Tags: 3 years, attorneys, chase bank, collections, headache, initial balance, lawyer, lawyers, phone conference, phone number, several times, sheriffs office

After trying to find ways to be able to take care of our responsibilities we have come to the last resort and that is to file bankruptcy. We don’t own any homes or any real property. what I am curious about is which is better chapter 7 or chapter 13. We want to be able to start saving a soon as it done and when feesible start rebuilding credit. Our credit card debt is only 00 which is a lot, but it could be worse. We just had two bad years with this one being the worse. I am looking for advice on the best way to go between the two. Chapter 7 or Chapter 13 and why.

We are not happy about doing this as we have tried everything. We don’t have anything of value and we have tried to pawn stuff but couldn’t get .00 for most. We live very modestly. So please do not answer this question if you are going to be negative.

Thank you so much. We want to do the right thing so we can start over and never have to do this again.
Thank you so much for all that has given advice so far. I guess I need to add just a few details to make the situation clearer.

As I stated it has been a bad 2 years, actually almost 3 years. I got real sick and had to leave my job and am now on disability. My husband took on a second job a year ago. He pays child support. Between the two of us we have 5 kids between the ages of 9-16. We have two vehicles, which one is in the shop. We also are surrendering this vehicle.
We have an attorney and he is recommending chapter 13. I (we) have a lot of medical bills. After I had to leave my job I couldn’t afford the cobra payments for continued health insurance. To maintain health insurance with my husbands employment (state worker) would have cost more than the cobra payments.
My ex- husband filed bankruptcy and I did not know that anything he had when we were together, came back to me.
I never thought I would get sick and have to quit work. I was not prepared.

Technorati Tags: 3 years, bankruptcy, chapter 13, chapter 7, child support, cobra, credit card debt, disability, do the right thing, employment state, health insurance, insurance, last resort, medical bills, pawn, rebuilding credit, second job, state worker

I have about 00 credit card debt on about 4 cards total. The debt has been in collections for 2 to 3 years. I have been working on repairing my credit but these 4 cards have done damage because I wrote them off. Should I contact these credit card companies and settle the debt and If I do will that have any effect on my credit score or will the score remin he same or will my score improve because I have settled the debt.

Technorati Tags: 3 years, cards, collections, credit card companies, credit card debt, credit score

I have a good job now, and make pretty good money. I got all my college credit cards paid off, except for one. I was told that I can "settle" that credit card debt for approximately 0 less than what the full balance is (settle the ,100 debt for about ,650 if I paid in full). Problem is: I can afford to pay in full the whole ,100…it is already on my credit report as negative because of it being delinquent so much (several times in about 3 years with no payment on the debt for 3-4 months). Someone told me if I settle for less, it will be worse on my credit report. But if its already negative…what is the better option? Keep in mind also that I closed the account about 2 years ago. Should I pay it off fully, or just settle and save money? Will it ever show up as positive on my credit report? Or just as "closed/paid off" status. Which is better? Sorry about all the parts to my question! Please help!!

Technorati Tags: 3 years, 4 months, college credit cards, credit card debt, credit report, delinquent, good job, money, several times

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.

Technorati Tags: 25k, 3 years, american express, backlash against, bailout, credit card debt, credit card debts, debt issues, fellow students, freezes, great depression, health problems, heck, inflation, mba program, mortage loans, option arms, salaries, smart ones, trillion

Well, it is ashamed to ask this question but it is true that I’ve been living in this condition for couple years now and it made me so depress because of my personal financial problem. But I am still hoping and trying to find everything I could to recover my credit. I hope I will get some advise from you guys out there to help me start rebuild my financial life again.

Since last 5 years ago the first time I moved to this country I started apply my first credit card with US Bank, I’ve been living so happy with it, I thought it was cool when using credit card, I spent money like a rich kid, and I got a really good credit, then I applied for any other cards from one bank to other banks till I ended up with 5 different credit cards. Then 3 years gone by I couldn’t handle these credit cards, I ran out of control and ended up with a balance of 22K at the age 27 years old now, so still there is a long way to go, if I am keep paying the minimum payment like this I will end up paying those creditors for my whole life. I did try credit card consolidation but it just reduced my interest rate Now at this time I decided to go with debt settlement company in order to get rip of this debt and start a new life, but of cause it gonna take me couple years to settle this 22K debt. Now I m paying the settlement company 0/month for 28 months to settle my debt.

So first of all please ignore my grammars I know you understand what I am talking about, but I am seeking for advise from you guys out there:

1. I can possibly maintain my monthly payment of 0 to 0 toward my debt, so is there any alternative way beside debt settlement and bankruptcy to get rip of this debt? now my credit score gone so bad and there is one collection on my credit already, and soon there will be more as I am enrolling in this debt settlement.

2. I start looking at peer to peer loan and sound like an other option for me as long as I have a co-borrow with a good credit, but I am kind of hesitated and not sure how legitimated it is. Can anyone advise me if I should go with it?

I am making 90K from my job but I am still living in this horrible life because of my debt. This is a really bad experience that I am currently having in my life and I hope everyone who read this post will learn from what my mistake was, and won’t go on the same path as me.
Yes I will looking into my daily living expense and hope I will cut some of them. Originally, it was 35K on my balance but then I tried to sell most of my asset (Stock, I don’t have a house) and brought it down to 22K. So at this moment of 22K debt I have nothing beside my monthly salary. I am so upset when I see most of my friends now they bought houses even they make less money than me, I was really poor in my money management.

Technorati Tags: 3 years, bankruptcy, banks, credit card consolidation, credit cards, credit score, creditors, Debt Settlement, grammars, interest rate, minimum payment, money, personal financial problem, rich kid, settlement company, us bank, whole life

Am considering debt settlement but afraid that the banking instituion I work for will view it negatively if known with the bad effect it will have on my credit for the next 2-3 years until complete. Can they terminate you for that? Live in Florida, not sure about differences in state, I know Florida can be unique.

Technorati Tags: 3 years, Debt Settlement