You lost your business and your income has ceased. Your credit cards maxed out. You are 2 months behind and the late payments are adding up and the credit card companies raised your interest from 8.5 to over 20%. The balance on all the cards are $39,000. You finally get a job that only pays you $300 a week. You have already lost your car, the creditors are calling you all day everyday and at $300 a week, you see you just can't pay on your cards because you must pay your house rent and all the utilities and food. what would you do?
What would you do?
- Thread starter davidjg47
- Start date
bankrupt,only way out if your young you will build your credit back up.creditors can not call after you file.find a way to live on new income.quit gambling for a while also.worked for me when i was young and the coke and gambling got me.no regrets.
If you don't own a home and your only asset is a car, bankruptcy is a good alternative. It's not an easy process, but the $39,000 will be with you the rest of your life if you don't raise your income.
Eagles -6.5 if this is a joke. In 2004 it better be. If not, there are many who know your pain although only you can feel it. You haven't said how it happened. Chapter 7 will be with you for 10 years but you'll be back in business in 8-12 months. Get a better job
Here is my guess on how it happened. Business was failing so he used the credit cards to keep it afloat. Business kept going downhill and as soon as he missed a cc payment the interest went up sky-high.
I would say go bankrupt. It will take you a while to get your credit back. Take it as a hard lesson learned and keep pushing forward. If you go back into business figure out what went wrong with the 1st one and change something so it dosent happen again.
I would say go bankrupt. It will take you a while to get your credit back. Take it as a hard lesson learned and keep pushing forward. If you go back into business figure out what went wrong with the 1st one and change something so it dosent happen again.
IF YOU ARE SINGLE
scrape together a few pennies from between the milk crates you call a couch and go buy a slug and pull a Kurt Cobain.
You died in debt with no one to pass it on to. Dude, you won.
Not to be taken seriously, this is only a wisecrack and I do not take any responsibility for dumb muthafockers that actually listen to this and take action on it.
scrape together a few pennies from between the milk crates you call a couch and go buy a slug and pull a Kurt Cobain.
You died in debt with no one to pass it on to. Dude, you won.
Not to be taken seriously, this is only a wisecrack and I do not take any responsibility for dumb muthafockers that actually listen to this and take action on it.
dont file BK until you HAVE to. tell the CC's you'll settle with them for 10/20 cents on the dollar or ur gonna file for BK and tell them to put you on a payment plan. tell the CC's to cut the interest rate down to 4% or so.
IDENTITY said:
Your credit score is still going to suck because all these credit card companies will be reporting you...........bankruptcy is the best option as your credit will suck but for 7 yrs and then you can start from scratch......even if you still pay the cc companies 20 cents on the dollar your credit will still be poor.............Best to just start over
also, become a waiter. you will earn more than 300 a week unless you work at perkins. the tips should at least 1/2 cash. also, if the court orders for a wage garnishment it will be a fraction of what it should be.
Thanks everyone. BR is the way to go with most of the threads. She hates to file BR but this thread might just help her make up her mind. Her credit is shot to hell anyway. She thinks the right thing to do is pay her debts and I agree BUT she could NEVER pay the cards off because of the high interest rates and the penalties. The bank took her car and say she still owes $8000 AFTER they sold it. I told her to change her phone number and all this will go away in 7 years and she wouldn't have to pay the $3000 for BR.
