I am a single mom, own a house, my son’s father is not paying a penny, and I just lost my job. Obviously, I can’t afford to paying my mortgage any more. So what can I keep when I file bankruptcy in CA? I have some 401k, a car, 30K of credit card debts, and student loan, no savings…
Will those who will get no benefits from the system be eligible to get the money they put into the system back? If not it’s theft,pure and simple. I think it’s something we need to start thinking about now. Rather than worrying about trying to save the failed system,how about allowing people to finally opt out of this failed idea,and invest the money they’ve already paid in. Just take whatever Social Security has withheld,and deposit it directly into the persons 401k or other retirement plan.
Will those who will get no benefits from the system be eligible to get the money they put into the system back? If not it’s theft,pure and simple. I think it’s something we need to start thinking about now. Rather than worrying about trying to save the failed system,how about allowing people to finally opt out of this failed idea,and invest the money they’ve already paid in. Just take whatever Social Security has withheld,and deposit it directly into the persons 401k or other retirement plan.
I defaulted on approximately 0K worth of debt in 2006 which has obviously affected my credit score. I now have a very good job with 0K in household income. Additionally, I have K in cash as well as K in a 401K. I’m very stable – have been with my current employer for 5 years a mid level manager.
The poor credit will ‘fall off’ my credit report in three years. I have an opportunity to purchase the home I am leasing for approximately 0K.
Are there any legitimate lenders that will lend to someone with good income, employment and assets but a poor credit score? FHA will not consider me due to the outstanding ‘debt’ associated with the charged off accounts from 2006. Yes, I did attempt to file for bankruptcy, but got taken by an unethical attorney. I’m not interested in credit repair scams to allegedly ‘improve my score’.
I know there must be others in my position with everything except for the credit aspect. Therefore, I’m guessing there must be an alternative market to fill that niche.
Am I correct or am I way off base?
I have been placed on SS Disability and cannot afford my mortgage. I would like to move south. If I pull my 401k I can get a house real cheap. Then I would like to file bankruptcy on my house here. I would not like to be homeless for a few months. I still have decent credit for now but the funds are going to start dropping quick. Anyone have Ideas on how to do this?
I am getting laid off in 30 days and will not be able to pay my min premiums on my credit card debt. All together it equals 0 min a month. Around ,000 in debt due to medical and dental expenses that I paid with credit cards over the last 7 years. I have ,000 in 401K, and ,000 in kids savings. Should I cash out 401K and savings and even attempt to pay off the debt?? I am so over my head with debt. I was told to just file bankrupcy, but I want to avoid that as much as possible as my son will be attending college soon, and I need to co-sign for a loan. What should I do?? I was also told I can request settlent with credit card company?? What should I say and will they actually do it without a lawyer??
I have one credit card left that i really want to pay off, I have about a 00 balance that has been in collections for a while now. Unfortunately money is going to be really tight this year and like i said I really want to pay this off. It is my only card left, so I was wondering if it would be a bad idea to borrow 00 from my 401k to pay it off and just deal with it next year when i do taxes?
My boyfriend of 2 years just moved in with me from another city and we’ve talked about marriage quite a bit; however, we have different views on spending money. I’m a saver/invester (life insurance, 401k, just bought a house and fixing it up to increase resale) and although he doesn’t blow his money, he isn’t saving for retirement (i.e.401k) and is carrying 4k of credit card debt that he’s slowly paying off (he isn’t using his CC anymore to avoid building the debt) He pays all his other bills, though, including 15k of student loans.
I wouldn’t say he’s not responsible, but he doesn’t appear to see the importance of saving or taking care of his debt (or perhaps he’s avoiding the hassle). He works from home as a freelance writer and makes decent money, but he doesn’t have the option of direct deposit and gets no employee benefits like a 401k to make it easy for him to put the money away before seeing it in his paycheck. And now that he’s saving by living with me, he appears to be spending money on other things (not like crazy, but enough to notice) when (I think) he should be paying down his credit card debt.
I’ve brought up the topic, but only in a half-joking way that probably comes across as condescending, but I don’t know how else to approach it. Getting engaged is probably going to happen in the next 6 months, but I honestly don’t want to start planning a wedding until he gets his financial ducks in a row. Since I don’t have a ring on my finger, I don’t feel I have the right to say what he should/shouldn’t do with his money, but at the same time I’m taking mental notes of how it could delay the next step in our relationship or cause problems down the road. I want to bring it up with him now so that he’s at least aware of my concerns so I can avoid being condescending, but I’m not sure how to approach the topic without him getting defensive.
Other notes: I’m 28, he’s 29. My parents raised me to be very responsible with my money. I don’t know how his parents mentored him in money management, but I do know when they divorced when he was 16 they both went bankrupt, even though they lived comfortable previous to that. I came from a wealthier family, but that’s only because my parents worked their butts off and saved whatever they could. His parents are great and also worked hard for their money, but I don’t think they were ‘planners’ when it came to what they made.
Please help!
I lost my job and had to basically survive off of credit cards until I found a new one. My new job pays considerably less and I gradually have buried myself in debt. I’m behind a month on everything and my only option is bankruptcy. I don’t splurge or buy luxury items. Most of my debt is from cash advances to stay afloat. My lawyer needs 00 to file for protection but I don’t even have 0. I can’t get a loan, sell anything, borrow from friends or family and have already drained my 401k. Any suggestions
I have about 25,000 dollars in credit card unsecured debt. I live at an apartment. I do not own any houses. The only asset to my name is my car and my 401k from my company work about ,000. Is it possible to file for bankruptcy and not liquidate my 401k and my car? I make about 55k a year and the monthly payments are very difficult to make.
Ok I have around ,000 in credit card debt. I also co-signed with my mom to buy a house 4yrs back and it is due to go in foreclosure soon due to the fact that her husband lost his job (construction) and I couldn’t make the payments by myself which is why I defaulted on my mortgage and credit cards.
I also suffered a broken ankle in December and upon returning to work in May I lost my Supervisor position which was nearly a / per hour pay cut. To top it all off they decreased our work-week to 32 Hrs.
So my question is can I get away without filing for bankruptcy and just wait til everything clears up in 7 years or do I have to file?
Unfortunately my injury happened at home so I was receiving Disability insurance which was about %60 percent of what I made normally.
My mom or her spouse haven’t been able to find a job and their unemployment ran out 2 months ago.
I don’t have anything of value that I see the court selling off to pay back some of my debt. I am really broke and don’t have much in the way of assets. I only have about ,000 in my 401k other than that I am broke
Last year the company I worked for went bankrupt. We were given a check for our 401K and told to invest it in an IRA within 60 days to avoid paying income tax, which I did. When I did my 1040 I noticed the IRS took 8 as income tax. I phoned the IRS but no luck. How can I get my 8 back from the IRS on a bankrupt 401K?
I make ,000 per year. Of the 30K I’m in debt, 18K is from credit card debt, and 12K is what I borrowed from my own 401K.
my wife has a few credit cards in which she has about 6k in debt. then she took out her 401k in order to pay some off(which brought it down to 6k) and so we both got nothing back from our taxes and now we owe the irs 4k. then we got a car payment we are paying for which is another 6k. now we are trying to pay it off but its a lot and i need some ideas on how to pay this debt without bankruptcy or using a debt settlement company? i have debt too but its like 2k so i’m worried about hers first. i’m at my whits end and need some help please!
the car loan we have in not exactly a lein. i was sold a car on a bogus payment plan and we took out a loan to pay off mine while she used her car as colateral. so we are still paying this loan.
Over the last couple of years I’ve put myself in debt by about ,000. My credit status is still good as of right now, but I’m only making minimum payments on 3 credit cards and paying off my monthly mortgage. I have ,000 in my 401 K, but would be facing an early withdrawal penalty as I am only 45 years old.
My question is… I know that my credit status will go to crap if I file bankruptcy, but then I would at least have my 401K to use without having to pay the credit cards in full. Where as if I take my 401K out before I file, then I will have to use them to pay off the credit cards and have no retirement money to look forward to.
What should I do? Please no foolish answers… I really need help on this. Thanks!
It’s a matter of pay now or pay letter. Republicans are all for lower taxes and smaller government except when their greed gets them in financial trouble.
Here is the issue that you are dealing with… Since the Stock Market collapse of 1929 a system of checks and balances was instituted as the economy grew to keep greed in check. However, after Ronald Reagan took office and developed the theory of Trickle Down economics, They began to chip away at several levels of checks and balances. One of the first levels that they attacked were the Unions. Unions offered a level that reported abuses in the labor market. Second was deregulation where they actually removed regulation by allowing business to move off shore where inspection and over sight where non-existent… then they moved to gut the budgets of regulatory agencies that were left, to stop over-site. Usury laws were thrown to the wind and bankruptcy laws were changed to protect the rich. (Look up Usury Laws)
Example: There are only 8 inspectors for all the livestock sold for food in California. Providing 30 percent of all the meat eaten in the United States and exported.
The result is that you have lead painted toys for your children to play with, food is polluted with chemicals and Salmonella and Wall Street Collapses in a heap and your 401K falls through the floor while Oil prices shoot threw the roof because they changed the rules to allow speculation in the Oil market and fought alternative energy. All the while the Republicans keep claiming your taxes are to high and the reason is it’s Ear Marks were causing it which equal less than 1 percent of the US budget .
We need to start thinking smarter and get back to enforcement of good sound banking rules and reduce greed out of the equation. We need over sight at all levels of both government and business. We need to pay those taxes necessary to enforce regulation and stop investing billions in "Wars to No Where". Think where we would have been financially if we had not swallowed "Georges War to No
Where" based on a lie.
Wake up America!!! Obama for President
I am looking to file bankruptcy after a long medical illness. (I was working 2 jobs to pay off my debt, because I know I AM responsible for it). Now, I can not work 2 jobs, only one, part time at that. I have saved up a lot if my 401k. Can the courts touch that if I file bankruptcy?