My wife moved out of our house and got her own apartment. Now I am stuck with a house payment I can’t afford and I also have a car payment and a bunch of credit cards in my name. She didn’t give me any warning of this move. Now the mortgage payment is due and I can’t afford it by myself. What would be some options or paths I could take at this point. Can someone explain how the different chapters of bankruptcy work? Should I just let the house foreclose if I can’t afford it? Can I file bankruptcy on my car and credit cards by thereself. If I took all my credit card bills and my car payment out I might be able to afford the house by itself. What chapter would this be callled? Someone explain to me every option I have at this point that has had experience with this same situation.

Technorati Tags: apartment, bankruptcy, car payment, credit card bills, credit cards, foreclose, mortgage payment

Is it ok to surrender my car back to the bank before my Chapter 7 Bankruptcy is finalized? I’ve already attended the hearing, I am expecting a successful Chapter 7 release soon but not sure exactly what date, I have the car listed on my Debtors Statement of Intention as "Surrender", the next car payment is due this Saturday, I don’t have the money to pay it, will I jeapordize my Chapter 7 release by surrendering the car back to the bank now, should I wait until my release arrives in the mail, or does the timing of this not really make a difference?

Technorati Tags: car payment, chapter 7 bankruptcy, debtors, mail, money, statement of intention

Ihad a judegment on my report for the amount of 1766.00 when I called they told me the total amount was 4700.00 because of Intrest, but they would settle it and send me a paid in full letter. was this a bad idea, should have I arranged to pay it all. I also paid off some old collections ( 5-6 years old) a couple settled for less and a couple I paid full amount ( fees, orginal charges and intrest) how long will it take to clear up my credit and for my score to improve.
I have plenty of new good credit, I have had a new car payment for almost 2 years and never been late, I have a few credit cards that I pay off each month and so on….
So I have good credit I just had a few older collections that I have paid off, but I have not had any BAD debt new to my credit report in 5 years
I sould have letters from each of the creditors with in a couple weeks and at that point I will send them to all three buerues…

Technorati Tags: 6 years, bad debt, bad idea, car payment, collections, couple weeks, credit cards, credit report, creditors, intrest, new car, score

okay I am married and we are currently overly in debt. My husband is working a great job while I on the other hand lost my job due to the economic ways we are in. we are about 18,000 in credit card debit that we stop paying in general. we have a 38,000 car loan that we have been paying and have had it for a year now. than of course we have all the other basic bills FPL, Cable, Car insurance , rent which is 1,000 a month. since one side has been bring in money we have only be able to pay for the basics and car payment, car insurance, and rent.
There is really anything else we can do.. there is no managing money because all of the money goes directly to bills.. there is nothing we can sell to gain money for all our debt.. it just seems like its getting worse and worse and we thought about bankruptcy. Yes, I agree it’s a horrible thing and it stays on your credit for 10 years YES THAT IS RIDICULOUS bad.. but really what is there else to do.. the interest rates on the credit cards are so high that because of 1 month not paying the minimum jumped up 700.00 so i don’t even want to check what it is now!! We don’t have much options besides that.

If we decide to do it how will it effect his current job? Does his current job have to know we filed bankruptcy?
How would it effect our car loan?
How would it effect us paying RENT to our landlords..

Thanks a lot of the help in advanced

=/ ohhhhhh
Thank you for all that is giving me their opinions.. and to add on… yes a 38,000 car loan is ridiculous. But we all do things in life that isn’t perfect. So, it doesnt matter our age not everyone makes the correct decisions regardless it doesn’t change the situation that we are in. so call it stupid or whatever you like… All i am trying to DO is get opinions to better my situation and to answer me questions I have.

Thank you for all who has answered all have helped in different ways.
Greatly appreciated

Technorati Tags: 10 years, bankruptcy, cable car, car insurance, car loan, car payment, correct decisions, credit card debit, credit cards, different ways, fpl, insurance, interest rates, job, landlords, managing money

I have K in cc debt with an average of about 14% interest. Another K in 0% financed stuff, ,400 mortgage, and 0 car payment, 0 student loan payment, and another K in bills each month. Due to new kiddo and making almost half what i did due to sudden change at work, i can barely pay the minimum I need to plus just K towards my debt each month. I have stopped spending money on anything, but the interest and amount of debt is killing me, and im sure the credit card companies are just waiting for me to miss one payment to default me to 33.3% interest. Please no guilt trip on the amount of debt, i got stuck with alot of it after a divorce 2 years ago and i didnt even do the spending!!

Technorati Tags: alot, car payment, credit card companies, divorce, guilt trip, kiddo, mortgage, spending money, student loan payment, sudden change

I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.

Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.

Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?

Issue #3: My car is currently worth about k less than what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?

Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.

Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?

Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.

I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.

It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.

Technorati Tags: 3 years, bust, car payment, credit counseling, debt payment, declaring bankruptcy, emergency preparation, front desk, good job, groceries, issue 1, job hunting, landlord, medical insurance, mmi, new job, poor credit, possessions, stigma, student loan

I am preparing to file a Chapter 7 Bankruptcy to discharge my medical bills of ,000. I have no other debt, other than my car payment. What can I expect my credit score to fall to? Right now I have about a 700.

Technorati Tags: car payment, chapter 7 bankruptcy, credit score, medical bills

We are about to pay off the balance on our Chapter 13 bankruptcy plan. At some point after our discharge is granted we want to buy a new car. We are planning on putting like 40% down. We have a good credit history with past car loans and can now comfortably afford a large car payment if we were approved. Has anyone out there been through this and/or knows if it’s difficult to get approved for a car loan after a Chapter 13? What kind of interest rate can we expect if we are approved?

Technorati Tags: car loan, car loans, car payment, chapter 13 bankruptcy, credit history, interest rate, new car

I lost my job in October, so about two months ago. I have been living off savings, family assistance, etc. I can no longer afford my 500/mo car payment plus my 120/mo car insurance. I contacted the finance company, but they don’t offer refinancing. To top everything else off my dad and cosigner filed bankruptcy, so they won’t even give me a extension. They said they cannot discuss the debt because my dad filed bankruptcy. Also I cannot pull a loan because the car has depreciated 8,000, and lenders won’t lend me more than a percentage which mine suceeds. They will only lend me the amount its worth. I know I am still liable for it. I have great credit I pay all my credit cards off. I am never late on payments. I just can no longer afford it. Please help me. Any suggestions? and how bad will this effect me if I surrender/it gets reposessed?
Also I am still young, so someday I would like to buy a house. Hopefully even another car sometime soon.

Technorati Tags: bankruptcy, car insurance, car payment, credit cards, dad, family assistance, finance company, insurance, job, lenders

I am 25 years old. I am a full time College student (I go to school with the help of financial aid). I live in Chicago, IL if it matters. I am ,000.00 in debt, mostly due to interest and overlimit fees. I have a car that I pay 0.00 a month for which will be paid off in 2 months. However, I only make 0 a month. That 0 includes my gas bill, electric, cell phone, car payment, insurance, groceries, ect. What should I do? What are my best options? I can only pay about 0 a month towards my debt? Should I file bankruptcy?
Sorry, I forgot to mention that I haven’t paid any of my creditors in almost 2 years. Also I was summoned by a sheriff yesterday, I am being sued by a collection agency (for an HSBC cc) in the amount of 00.00. I have court tuesday morning.

Technorati Tags: car payment, cell phone, creditors, financial aid, full time, groceries, insurance, overlimit fees, should i file bankruptcy, time college student, tuesday morning

I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.

Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.

Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?

Issue #3: My car is currently worth about k less on what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?

Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.

Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?

Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.

I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.

It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.

Technorati Tags: 3 years, bust, car payment, credit counseling, debt payment, declaring bankruptcy, emergency preparation, front desk, good job, groceries, issue 1, job hunting, landlord, medical insurance, mmi, new job, poor credit, possessions, stigma, student loan

I am in the process of considering filing bankruptcy and I have 2 cars that I have and they are both on loans….one is for 6900 and the other one is for 3000 I have both of them because one is for me and the other one is for my boyfriend he pays his and I pay mine and I have never had a problem with him paying his car payment.. (just in case some of you want to say that I shouldn’t have a car in my name for someone else I already know this) Thank you!

Technorati Tags: car payment, cars, filing bankruptcy, loans

I still owe a couple thousand on my car payment through Wachovia bank and I read online today about a possible combination between them and Morgan Stanley. Will that effect my loan at all if the combination goes through?

If Wachovia ends up going "bankrupt" how will that effect my loan?

Technorati Tags: car payment, morgan stanley, wachovia, wachovia bank

I am confused as to what to do – my husband and I recently reconciled and between the two of us, we have ,000 in unsecured credit card debt. Although he makes very good money, approx. 00 per month, we cannot keep up on all the minimum payments for these cards, let alone trying to pay the principal.

He has a car payment and we own our house (or we will in 27 years anyway – we have not been late on the mortgage as that is our top priority. We also have 4 kids…… should we file? We figure since we have the house and vehicles that we can deal with the bad, bad credit that this will result in but are we forgetting something?

We considered a debt consolidation but we heard this is more often then not a scam and ruins your credit as much as or more then a bankruptcy. Any advice is appreciated ~ thank you.
Unfortunately all the late payments have resulted in a credit rating in the 500’s which is too low to qualify for a re-fi.

Technorati Tags: bad credit, bankruptcy, car payment, cards, credit card debt, credit rating, debt consolidation, fi, late payments, minimum payments, money, mortgage, top priority, unsecured credit card

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.

Technorati Tags: 401k, 6k, bankruptcy, car loan, car payment, colateral, credit cards, Debt Settlement, irs, lein, settlement company, whits end

I have so much debt. I can pay for my house mortgage and my car payment but it’s my credit card bills that kill. I have been choosing to pay only my mortgage and car bills. What can I do? I know I can’t make payments on my cards without it effecting me being able to pay for my house and car. Can I file for Bankruptcy? I know I made a mistake charging up a storm. If I file for BK I don’t what to lose my home.

Technorati Tags: bankruptcy, bk, car payment, cards, credit card bills, mistake, mortgage

I will be done with paying my 4 year chapter 13 bankruptcy in August, and I am worried about my student loans that I will have to start to pay back. I have already been on a tight budget, and the student loans will be like an expensive car payment that i can not afford.

Is re consolidation the only thing I can do?

Technorati Tags: car payment, chapter 13 bankruptcy, consolidation, expensive car, student loans, tight budget

I got into financial trouble after my divorce when my ex wasn’t paying child support. I am still so far behind there is no way I can ever catch up! I want to file bankruptcy, but when I called a bankruptcy attorney he said it will cost me 00 up front to file. If I could afford to pay that, I wouldn’t need to file bankruptcy! Help! Is there another way to file without paying all those fees?
Let me add that I have not been paying these creditors for a very long time. I can barely afford to pay rent, utilities, car payment and put food on the table for my kids. There is NO WAY I can come up with that kind of money!

Technorati Tags: bankruptcy attorney, car payment, child support, creditors, divorce, financial trouble, food on the table, long time, money

A few months ago, I was laid off from my job, became ill and and fell behind on my debts. I don’t have a mortgage or car payment. Most of my debts are unsecured credit card debts. I fear that my only option is to file bankruptcy.

What is the average cost of filing bankruptcy in the state of NY?

Technorati Tags: car payment, cost of filing bankruptcy, credit card debts, job, mortgage, unsecured credit card

I need to file for bankruptcy and need to know if i need to take any classes for financial management to sastify the courts and what will I need for the courts and such. Im so scared but I need to do this.
To fill everyone in before you judge my husband ( now seperated) stole all of my bill money while I was working 16 hour days and was pregnant with our child. As he was sitting on his lazy ass at home doing whatever drugs he choose to spend my car payment and credit card payments on I was going bankrupt and didnt know it till they took my car and shut off my electric with a newborn son! Thank everyone for juding me claiming I was irresponsible when I wasnt! I had excellent credit before that douche bag! Also do I file for bankruptcy or divorce first?

Technorati Tags: bankruptcy, car payment, credit card payments, divorce, douche bag, drugs, financial management, lazy ass, money, newborn son

I am beginning to regret going to college, it seems the only thing I have attained from it, is debt. When I went to school I was allured to the dream of being an airline pilot. I finally got my pilot’s license, but it got to expensive, so I switched to Aviation Management. I am so depressed and mad at myself for letting this happen, and it seems like there is no way out. A few times I forgot to fill out the FAFSA so I had to take out loans to cover the expenses, or I was late getting it in and got no money.

Here’s where I am at:
1 Loan for ,000 (Monthly Payments of 476/mo); 1 Loan for 620 (Monthly Payments of 128); 1 Loan for 00 (Monthly Payments of 50), and Credit Card Debt of about 00. So I have loans totaling 420.

I also have a car payment, cell phone, however I pay no rent, but my grandparents will soon be asking for that.

I just got a new job that pays me 000 per year. So if I don’t put anything into savings I can pay off my loans in about 4 years, however when you begin to figure in my other expenses it’s more like 7 years.

Consolidation is not really an option, because the 000 is an “Education Alternative Loan”, it’s not a federal loan. The 00 loan is a no interest loan. And the 620 is a direct federal loan.

-My dilemma is that, I have a girlfriend that I want to begin a life with. I wish to get an apartment with her maybe in the next year or so. And I want to marry her.

Situation 1- Do I put no money into savings and just tackle the loans head on? I will have no money for retirement or a down payment on a house.

Situation 2- I put some money aside into savings, and it will take longer to pay off?

Situation 3- Declare bankruptcy if I can?

I apologize for this taking so long, but I don’t know what to do. Thank you for your help.

Technorati Tags: airline pilot, apartment, aviation management, bankruptcy, car payment, cell phone, consolidation, credit card debt, dilemma, education, fafsa, federal loan, girlfriend, going to college, grandparents, interest loan, loans, money, new job, retirement

We have been struggling month to month to make our car payment, which has really high interest since Jan. of 2007. At the time the dealers told us most people just take the high rate and refinance after 6-18 months, well we’ve had the SUV for two years now, and no one will refinance, and my husband is getting out of the military which doesn’t even pay enough, but it pays for your housing, so we are looking at a thousand less a month to stretch our budget. I’m wanting to file for bankruptcy, but my husband is insisting we don’t. Is there another alternative?

Technorati Tags: bankruptcy, budget, car payment, getting out of the military, high interest

I recently lost my job and i can`t keep paying not even minimum balances. I have around .000 in debt and minimum balances add to almost 0 a month + i have the car payment with insurance 0 a month. Please guide me to the best solution that i have without destroying my credit score. Thank you

Technorati Tags: best solution, car payment, credit score, insurance, job, minimum balances

Bought a brand new car 6 mo’s ago. Had 2 g’s in negative equity in previous car which obviously rolled over to this one. Have a 600 beacon so got high interest rate on new car. Just made 6th payment and owe about 7 g’s more on it than what Kelly blue book says its worth on trade. With the credit market the way it is I don’t see a way out of this vehicle. The payment is too high on it for me now because I lost my job and have been unable to find a similar paying job for past 3 months, and I can’t get unemployment. Haven’t missed a payment or been late on this car or the previous one I had for just over a year. I only have about 0 in credit card debt, but am maxed out basically. Have other various debt from years back. At this point I don’t see how I’ll be able to come up with car payment and rent at the end of December, so I need to figure something before then.Is there anything I can do?

Technorati Tags: brand new car, car payment, credit card debt, high interest rate, job, kelly blue book, negative equity, unemployment

I recently had an unwilling job change with my company and took a ,000 a year pay cut. I can’t even afford to eat. I have three credit cards, a computer that’s financed and about 00 in hospital bills. My car payment is 0 a month. Yah, I know but I could afford it a year and a half ago. Should I file bankruptcy or try to take out a personal loan to pay everything off and get caught up. My car is about to get repossessed unless I voluntarily surreder it. Who knows best?

Technorati Tags: car payment, credit cards, hospital bills, job, personal loan, should i file bankruptcy