As a student, I incurred some credit card debt and some overdrafts that I could not afford to pay back. I left the UK in 2001 and may need to enter the UK for a business visit soon. Will I be stopped at Immigration and prevented entry? Will I be required to settle all the debts at that point? I am not a UK citizen.
A house I am buying in Las Vegas, Nevada is still in escrow and I am just waiting for order from the court for release property from the bankrupty court which would happen when all the payments to the trustee are fully paid. Unfortunately, the case was closed for non compliance of payment. Since the Bankruptcy case is now closed, and the debtor( seller of the property I am buying) is no longer protected by Chapter 13 from all her debts which went back to ,000. What happens to the house I am buying now that the bankruptcy case is closed? Can the debtors run after the property which is now in escrow?
If I settle all of my debts, which are about 11 different items, will my score go up or do I have to wait 7 years for it to be cleared? If the score will not go up by paying off those collections, how do I get it to go up?
Chapter 7 Bankruptcy dismissed all my debts, then why is there still a judgement lien on my house from one of my creditors whose debt was dismissed in my bankruptcy, the lien was put on before my bankruptcy, should it still be there, and how can I remove it before my settlement date of my sale on 12/28/2007?
I’ve heard about these guys on the net and on the radio. If you have over K in debt, they settle with your creditors for a lower amount. Has anyone tried them? Can it put you in worse financial shape than if you try to pay off your debts on your own?
Two months ago I maxed out all my credit cards and opened an unsecured personal loan because I needed cash for family emergency. Now I have approximately ,000 debts from credit card companies and bank (all unsecured). After one month, I couldn’t afford to make the payments. For my situation, I don’t think I am able to payoff all the debt. What are my options now? When would the credit card company sue me? Can they garnish my salary? If the debt transfer to collection company, how much can I bargain off for a lump sum payment? Should I settle the payment myself or go to debt consolidation company? How many years the bad record would stay on my credit report?
I live in California. I’m working full time with ,000 annual salary. The only property I own is a free-and-clear car (2007). I might able to borrower ,000 from my girlfriend if a lump sum payment is offered.
Please answer as much as you can. Your help is much appreciated. Sincerely thanks.
My husband and I have about ,000 in past due debt right now. My main question, should I file bankruptcy if our debts are already old? According to Experian, "This account is scheduled to continue on record until Nov 2012" …actually some start coming off 2010 through 2012. I don’t know how confident I am that they will be off my record come 2010-2012…but if I file bankruptcy it will be 2019! can anyone give me advice on this…do the negative reports actually come off and if so, when? Or should I file bankruptcy? Sooo confused!!
Thank you all for your help. To add more details Jimbo – We do own our own home, I am not being garnished at work but my husband and I both have received Judgements on a few of our accounts..mine a few years back. His most recently in 2008. But no garnishments have come about from this…
Thank you! If I did not show up for court…is the judgement automatically awarded?
I have done a lot of research on debt settlement vs trying to settle debts on my own. Understanding my own strengths and weaknesses, I think I would benefit using a professional company. Now, I just have to figure out which one to go with. I’m interested in Halo, as you get to keep your money in your own savings account, rather than an escrow, and you pay the creditor directly when a settlement is reached. I’d just like to feel better assured that they won’t rip me off! Does anyone have experience with them?
Additional Details
When I took the Means Test for Chapter 13 bankruptcy for Astoria, NY, it showed my disposable income as being much higher than it actually is. This is because they didn’t deduct my 401k contributions or my student loan payments. If I file for Chapter 13, will I be expected to stop contributing to my retirement fund and stop making student loan payments for five years in order to repay my debts?
I am considering chapter 7 to wipe out my debts. I am unemployed and do not want to pay for a lawyer to file.
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?
I got loads of debts from various credit card companies.
I think the only way out is to file for bankruptcy.
can anyone tell me how to go about filing a bankruptcy,
and how it works?
If you settle a debt for a lower amount than you owe, is that still looked at as bad??Im trying to repair my credit and although im told that paying off old debts does not really improve your score im trying to pay them off because im looking into trying to purchase my first home in a few years.Someone told me if i settle that it still does not look good because i did not pay back in full. Ill appreciate any feedback espically if you work in the industry where you have to look at peoples credit report to determine whether they qualify. Thanks alot
can it really absolve your debts? and does it hurt your credit?
My attorney is helping me resolve certain debts, & has asked me to give the money to him, he said he will put it in a trust account and then pay the amount owed to the creditor out of that.
I have never done this before, is this normal procedure? I feel weird about it, it is a lot of money and I’m worried it could be a scam, how do I know he will pay the amount to the creditor? What could I do about it if he didn’t? He does seem trustworthy and has been in business a long time, I just don’t know what is normal procedure.
I would appreciate guidance from those who have been through this and/or work in law.
Over the last two years, while I was in college, I was dumb enough to let myself get about 5,000 in debt. This debt is for 3 credit cards, a payday loan, and an overdrafted bank account. I am graduating in a few weeks and will begin looking for a full time job. I had planned on either attempting to settle these debts or explore the option of bankruptcy once I began my career. However, I was served with a subpoena from Citi today for 1000. I know this is my fault and it is something I was preparing to work out as soon as I am financially able. Should I consider bankruptcy? Im 24 and in the state of KS. Thanks!
Thanks for your suggestions and well wishes. I would greatly prefer to settle than go the bankruptcy route, I was just not sure if settlement was an option since the subpoena has been sent. I am looking forward to getting past this!
Dear SQURIRELL,
Although I shouldn’t pick on such an easy target, you may be benefit from some higher education yourself. Your grammar and use of punctuation leave much to be desired. However, thank you for your input. It helps me realize that my financial setback is not nearly as bad as plain stupidity.
One of my friends is unable to settle his debts; can anyone give him a legal advice for fast relief?
Hello, I just got married. My wife has some past unsettled debts. If she decided to go the Bankruptcy route, how would that effect me and my "good" credit standing? Thank you in advance for your help.
Do you think that individuals who have credit cards, but can not pay more than the minimum payments (which means they can not pay back that debt) or all individuals who have ever filed bankruptcy are immoral? Interesting question here. Just curious what others think?
Interesting answers. I have to agree with maxbegood on this one, as this individual has actually gone through the process. I have absolute compassion for people who are in debt, because I know what it is to be in this situation. I am working hard and will pay off all my debts one day, but unfortuneatly in this great country of ours, came credit cards and with that came close to usery limits by banks with promotional encouragement to consumers to spend more then they had, without being educated in how seriously hazardous this can be. I think it is imperitive to get kids off to the right start teaching them about money, principle and interest. There is such a huge divide in this country between the rich and the poor, and it is getting wider. I am not sure why, but I think that many people who have little money are more moral than others who make a good living. A person who has nothing, and gives a penny is more than the sacrifice of a rich man. It is biblical. Good topic though.
I have an attorney who has been negotiating with another attorney who is attempting to get a judgment against me for CC debt originally in the amount of ,300. I had been served but do not yet have a court date. The judgment paperwork states the judgment at ,000. We have been negotiating for several months, I have offered a lump sum payment of K, which was refused and they asked for K. Payments on k with K down and 0/month (which is all that I can afford), they came back with .1K and 0 a month and 00 down. I just don’t have the cash to do this. It seems they are asking for an exorbitant amount. I’ve worked with many other creditors and they have settled, usually for less than the actual debt, but this guy is being a real knucklehead. At this point I either have to come up with the .5K or take my chances in court. Any suggestions? I’d like to settle this, but I think they are asking way too much. Just FYI…I ended up at this point because I broke my back 5 years ago and became disabled and ended up loosing my house, car and not paying many of my CCs. I’ve been trying to settle most of my past debts
I’m a 20 yr old single mother almost homeless without a job with up to 30k in debts that at this pace will never get paid and become higher every month should i file bankruptcy? what should i do? i’m desperate!
Yes i admit i was young and ignorant but whats done its done and i need a remedy so no need for rude comments plz 
did i forget to mention that i have no family and only my mom but she lives in MA and i live in MD and i have failed her lots of times so i cant go back to her…
debts are credit cards + 2 loans (car and other) i do not have a spending problem i had a nice job in the past so i got an apartment and furnished it completely and bought a car but the job wasn’t so steady and i ended up with all this debts piling up
My husband wants to keep our house and file bankrupty to get rid of all our credit card debt. I want to sell the house, move in with my folks, not file bankrupty and pay off the debts. Both are doable but I think my idea has a less adverse effect. What do you think?
Is a creditor required to send me notification or a legal form showing the income (like an employer is required to send a W-2)?
I previously settled some debts, received no such form, and the IRS came calling for the back taxes a couple years later. I have other debts that, after inability to pay, consideration of credit report limits, and statute of limitations for claim suit, I have decided not to pay. How will I know when this is considered income by the IRS?
I filed for Chapter 7 in april ‘09 and had all my debts discharged. I recently applied for a FAFSA loan. At the end of the filing, the file said I might be eligible for a certain amount of pell grant money.
Will the bankruptcy have any bearing on whether or not I will get approved for either a loan or grant?
So, I’m in a ton of debt and I can’t keep up with it.
I’m thinking about filing bankrupt.
How does this work?
Do I have to have a lawyer?
How much does it cost (with and without a lawyer)?
Do I have to know all of my debts or can they pull it up for me?
I’m 26 years old…..so I figure if I’m never going to be able to pay off all of my debt, I might as well claim it now so hopefully someday I can start over with a somewhat clean slate.
Also, what all can you claim? I have…hospital bills that have been sent to collection agencies, fees at places like..movie rental, furniture rental, etc, old utility bills, etc etc etc.
Will this hurt my chance of getting financial aid when I go back to college next year?
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
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?
I am 22 and a single mom i have debts from 06 (the year that i f-up) totalling at about 10k or more but up to this date i am being sued and called for court i have a court date August 12 should i file before that?help?
I am ,000 in the hole in charged off debts so one of the creditors filed a civil lawsuit on me, if i file bankruptcy & name the creditor in the filing does the lawsuit get stopped dead in its tracks?
I have 2 weeks to submit an "answer" to the civil complaint denying all charges to buy myself an extra 90 days…
How many kind of ways are there to settle large debts asap, other than working or gambling?