Awhile back I consolidated all my creditcard debt through one of those services. I had used them before, and it was a benefit to us. But this move got me in even deeper then before. The payment to the consolidators this time is quite a bit larger, and the timeframe is quite a bit longer. At around $40,000 in credit debt, we are losing ground.
I think I am going to file for bankruptcy. This ship of irresponsability can no longer stay afloat, despite all the efforts of the crew. It's time to stop bailing & patchin', grab a raft, and just scuttle the ship, while there is still a crew to save.
Any advice, good or bad? Anything at all, even if you feel this might be the perfect time to throw a little salt, wound-ward.
Although the economy had not a wit to do with this. I finaced a move I couldn't afford. The economy didn't close my job, illness & stupidity did. I outfitted a new house without a job. I spent money I didn't have.
The fault is all mine.
On the GOOD side, I DID prop up the country when it needed it most. I'm a patriot!
[This message has been edited by Boondawg (edited 07-13-2011).]
IP: Logged
09:56 PM
blackrams Member
Posts: 31843 From: Hattiesburg, MS, USA Registered: Feb 2003
OK, that's pretty funny, although the economy had not a wit to do with this. I finaced a move I couldn't afford. The economy didn't close my job, illness & stupidity did. I outfitted a new house without a job. I spent money I didn't have.
The fault is all mine.
On the GOOD side, I DID prop up the country when it needed it most. I'm a patriot!
Well Boonie, I don't wish anything bad on you and I sincerely hope you find your way out of this financial mess but, a patriot would not leave the debt for others to pay off. Filing bankruptcy is one way to eleviate your problem but, that only means your creditors will be taking advantage of tax laws and writing off their loss at our expense. I'm going to suggest you seek out a financial advisor and work it off.
Originally posted by blackrams: Well Boonie, I don't wish anything bad on you and I sincerely hope you find your way out of this financial mess but, a patriot would not leave the debt for others to pay off. Filing bankruptcy is one way to eleviate your problem but, that only means your creditors will be taking advantage of tax laws and writing off their loss at our expense. I'm going to suggest you seek out a financial advisor and work it off.
Well, BOTH the North & the South were patriots, and BOTH sides wrote off a lot of the debt incured by The Civil War. Who do you think pays for the debt incured by wars? Patriots.
Money has NOTHING to do with being a patriot. And I only ment I was putting money back into the economy when it needed it. It was only a joke.
And I will be paying on this loss just like I have paid on everyone else's losses these last few years, including all the over-their-head homeowners, banks, car-makers, and mega-corporations that were supposed to be to big to fail. If THAT ain't American, I don't know what is! And maybe I don't.
[This message has been edited by Boondawg (edited 07-13-2011).]
IP: Logged
10:15 PM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
Breathe friend. Hug your wife. And breathe. Then take the advice of others. I am probably not the best guy to talk about life with, or even give any advice beyond the one given. But we care about you, and the moral support is strong in this forum.
Tony
IP: Logged
11:08 PM
Gridlock Member
Posts: 2874 From: New Westminster, BC Canada Registered: Apr 2002
Scooters are sold, truck is sold, bigscreens are sold, half the computers are sold, furniture is sold, and mother-in-law & niece has flown out. Cars & personal effects get loaded onto the barge tomorrow.
My posessions are down to 1 wife and 2 laptops. For 2 weeks. In an empty house.
I'm thinkin' bout' gettin' me some...............Alaskan-style, one last time. I just looooooove fresh Alaskan King Crab.
I am in my hotel in Kent, Washington. The weather is blaaaa. I went swimming in the pool and had a nice soak in the hotub. I ate some very nice (but expensive) mexican food. I took 2 Valuim and fell asleep with the air conditioning on high (not sure why I even turned it on). I awoke in a freezer colder then any Alaskan winter.
I have not flown in many years. My, they really pack you in the plane, nowadays. Either the seats have gotten narrower, or mine has gotten wiiiiiider. 737-400 took 3 hours and followed almost the same route I would have if I were to build a raft out of 55 gallon drums..........
TODAY I EAT MY FIRST REAL FRUIT! (don't even start, boneheads!)
Going to Pike Street Market today. Going to eat peaches until i'm gattling-gunning pits out the other end!
I will continue to update this log as I slowly go broke and become a destitute, but intertaining, homeless drunk. Or get a job, which will basicly be the same thing, just with better climate-control.
I signed the lease on a three bedroom apartment today. With rent, utilities, water & garbage, $1,400 a month. I got HD cable and internet set for hook-up for $130.00 a month. I bought a brand new 1- 46" Sony Bravia 120Hz LCD TV and 2- Samsung 32" 60Hz LCD TV's all with 2 year warrentee & 3 HDMI cables for $2,300 dollars. I got a great deal on 2 brand new flat desk-type computer desks for $75.00 bucks for the pair. 2 computer chairs for $150.00
Tomorrow I buy 3 lower-end brand new beds for $1,200 total. 3 brandnew dressers (also serve as TV stands in the bedrooms) for $600.00 Eatin' table & 4 chairs for $200.00. Bedding, shower curtains, pots, pans, dishes, silverware, microwave, toaster, vacuhme cleaner, etc. etc. etc., all tomorrow.
When it comes time for the piper to be paid, I'mo be in big trouble. Come on, job. Daddy done bought a new pair of..........................everything!
I financed this move & life relocation on a fistfull of creditcards. With my great creditscore, most of them had a $10,000 limit.
Last week, when one of them reached $4,900, the credit company jerked the remaining $5,000 worth of credit off of the card, leaving it maxed out. The reason? "Excessive use in a short period of time".
Never missed a payment in 20 years, never late, always active. Called them with that information, they cannot reverse it until the card gets close to paid off. If the spending was done over a longer period, there would have been no problem. But in these hard times, people are running up credit quickly to get by, can't make the payments, and then stiffing the creditcard company through bankrupsy.
We take a look at our creditscore after the card got tagged, yup, score dropped.
The very next day, another card snatched the remaining balance off our/their card, due to the falling creditscore caused by the removal of the ballance from the first card. Check the credit score again after the second card got tagged. Yup, dropped even more.
So the dommino effect has begun. I fully anticipate every card doing it next week.
But it's a good thang. They are protecting themselves, while also protecting me from getting too far over my head with money I don't have & never really owned anyway. And to leave a sour taste in my mouth with how they work, that I won't forget.
Becouse in a few days i'm going to let them know that I will be paying them off and then all the companies that made me believe that I had access to more credit then I actually had (not that I needed it or was going to use it) are going to get told that their cards have been ripped up, and after I pay them off I am done with their services & they will no longer have access to all that juicy intrest I have been paying them all these years. Only those cards that treated me above board will still recieve my business in the future.
But it's all good. It's for the best.
Time too get real & live within my means. It can be done. And it will.
The remaining creditcards have collapsed. The interest just exceded the payments. Crunched the numbers, it would take 58 years to pay off a $22,000 total.
We are now in the hands of Debt Consoladation Inc. Through them and $500 a month, we will be paid off in 6 years or so.
The party's over.
From a distant past, the soft sound of Taps glides gently over the present mist. A tear, a quiver, a cobwebbed wallet creaks begrudgingly closed.
The Dogs Of Debt are loosed....teeth-knashing, devouring all in their path. I their keeper, bent to feed them well. For I am their feast.
Bon Appetit.
9 months to the day from a 747 credit score to cut limits, maxed cards, $22,000 in debt and on a credit consolidation plan. $500/mo for 6 years to dig out.
Less than 6 months into the consolidation plan you're $40,000 in debt and looking at bankruptcy.
Draw your own conclusions. Bankruptcy may not be pretty. This could very easily look like a pattern where you set out with the intent to rack everything up knowing full well you couldn't pay. I'd wish you luck, but you've depended on luck and providence all this time and the results speak for themselves.
I'm not going to pass judgement on you, but you need to evaluate why you made these choices. Your posts all along suggest you knew they were bad choices at the time. The answer to that is something you need to know to get right with yourself. You were playing Russian Roulette with all six chambers loaded.
[This message has been edited by Formula88 (edited 07-13-2011).]
IP: Logged
11:13 PM
FriendGregory Member
Posts: 4833 From: Palo Alto, CA, USA Registered: Jan 2004
I thought the new job paid fair....and the wife is working. Time to do math and get all the numbers. These days, bankruptcy is about as US American as you can get. Not that I feel that it is right but, sometimes the only choice.
IP: Logged
11:15 PM
fierofool Member
Posts: 12817 From: Auburn, Georgia USA Registered: Jan 2002
Kent, WA 841 N. Central Ave., Suite C-213 Kent, WA 98032
By your statement that you take the blame for your situation, it sounds like you are willing to meet your obligations. I know 1 individual and 3 couples who have gone through the Consumer Credit Counseling Services program. Two of the couples have completed the program without bankruptcy and are now managing their credit and finances better than ever before. The other couple and individual are still in the program and succeeding.
IP: Logged
11:21 PM
PFF
System Bot
phonedawgz Member
Posts: 17091 From: Green Bay, WI USA Registered: Dec 2009
The reason bankruptcy laws are there is to give you a chance to get back on your feet again. If you NEED to file bankruptcy then you should do it. If you need to file bankruptcy and you need to file a chapter 7 where you don't pay your creditors back then do it. Bankruptcy is about getting a fresh start so do not feel the need to pay your creditors back after the bankruptcy.
Why would you go through filing bankruptcy, messing up your credit and all, and then pay the creditors back on top of that? If you NEED a fresh start, take the fresh start.
Here is one more thing to think about. The credit card companies know a whole lot more about bankruptcy than you do. They knew what they were doing when they lent you the money unsecured. Did they call you up and say, "Hey, what are you doing borrowing more money with this card?" Nope. Why? Because they were more than willing to take that chance. They knew the odds and they took the gamble. And remember they took that gamble knowing the odds better than you knew the odds.
Credit card companies are in a way loan sharks. They will loan you more than you can pay. In my mind, it's as much THEIR fault as it is yours.
So if you default, and you don't pay them back, is it fair? At first the thought is that any time not paying back the people you borrow from is not fair. But then when you consider it takes two to let you get in over your head is it then fair? idk, maybe.
But the bottom line is again. If bankruptcy is something you NEED, than do it.
----
And btw, there is no special write off for the companies that you default on. Yes they don't have to pay taxes on the money they didn't make because of you. But they could have bought a truck load of Big Mac's and let them rot and gotten the same write off.
The credit card companies WILL charge you a high interest rate. They WILL increase your rate because you made late payments to someone else. They WILL let you get totally over extended. They do that because they are willing to take the gamble that you won't declare bankruptcy. It's just business for them.
Don't do it if you don't need to. But do do it if you need to. And don't feel too guilty about doing it, if that is what you need. If it is what you need, then life has sucked more than your fair share already. If bankruptcy is what you NEED then that means its time to make it stop sucking as much.
Originally posted by blackrams: Well Boonie, I don't wish anything bad on you and I sincerely hope you find your way out of this financial mess but, a patriot would not leave the debt for others to pay off. Filing bankruptcy is one way to eleviate your problem but, that only means your creditors will be taking advantage of tax laws and writing off their loss at our expense. I'm going to suggest you seek out a financial advisor and work it off.
Business, and people with money do it all the time. Ask Trump.
[This message has been edited by weaselbeak (edited 07-13-2011).]
IP: Logged
11:27 PM
Formula88 Member
Posts: 53788 From: Raleigh NC Registered: Jan 2001
Here is one more thing to think about. The credit card companies know a whole lot more about bankruptcy than you do. They knew what they were doing when they lent you the money unsecured. Did they call you up and say, "Hey, what are you doing borrowing more money with this card?" Nope. Why? Because they were more than willing to take that chance. They knew the odds and they took the gamble. And remember they took that gamble knowing the odds better than you knew the odds.
Did you miss the part where Boonies creditors saw his spending habits change and cut his credit limits?
IP: Logged
11:46 PM
Jul 14th, 2011
phonedawgz Member
Posts: 17091 From: Green Bay, WI USA Registered: Dec 2009
They did let him run up $40,000 in credit cards right? Or is it just $22K on the cards? Either way it is unsecured debt. They know their cheese will be left out in the wind if declares.
I think it is foolish for the credit card companies to let a person get this strung out. But they do it. They must get quite a number of people who are paying the minimum for decades to make it pay off considering how many are also declaring bankruptcy.
He didn't say it but usually when they pull the credit limit, they also jack the rate up substantially. And they will do it even if you have always paid that card on time and never have missed a payment to them.
Predatory lending.
[This message has been edited by phonedawgz (edited 07-14-2011).]
IP: Logged
12:02 AM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
Scooters are sold, truck is sold, bigscreens are sold, half the computers are sold, furniture is sold, and mother-in-law & niece has flown out. Cars & personal effects get loaded onto the barge tomorrow.
My posessions are down to 1 wife and 2 laptops. For 2 weeks. In an empty house.
I'm thinkin' bout' gettin' me some...............Alaskan-style, one last time. I just looooooove fresh Alaskan King Crab.
I am in my hotel in Kent, Washington. The weather is blaaaa. I went swimming in the pool and had a nice soak in the hotub. I ate some very nice (but expensive) mexican food. I took 2 Valuim and fell asleep with the air conditioning on high (not sure why I even turned it on). I awoke in a freezer colder then any Alaskan winter.
I have not flown in many years. My, they really pack you in the plane, nowadays. Either the seats have gotten narrower, or mine has gotten wiiiiiider. 737-400 took 3 hours and followed almost the same route I would have if I were to build a raft out of 55 gallon drums..........
TODAY I EAT MY FIRST REAL FRUIT! (don't even start, boneheads!)
Going to Pike Street Market today. Going to eat peaches until i'm gattling-gunning pits out the other end!
I will continue to update this log as I slowly go broke and become a destitute, but intertaining, homeless drunk. Or get a job, which will basicly be the same thing, just with better climate-control. 07-19-2010 09:53 PM https://www.fiero.nl/forum/Forum6/HTML/076323.html
I signed the lease on a three bedroom apartment today. With rent, utilities, water & garbage, $1,400 a month. I got HD cable and internet set for hook-up for $130.00 a month. I bought a brand new 1- 46" Sony Bravia 120Hz LCD TV and 2- Samsung 32" 60Hz LCD TV's all with 2 year warrentee & 3 HDMI cables for $2,300 dollars. I got a great deal on 2 brand new flat desk-type computer desks for $75.00 bucks for the pair. 2 computer chairs for $150.00
Tomorrow I buy 3 lower-end brand new beds for $1,200 total. 3 brandnew dressers (also serve as TV stands in the bedrooms) for $600.00 Eatin' table & 4 chairs for $200.00. Bedding, shower curtains, pots, pans, dishes, silverware, microwave, toaster, vacuhme cleaner, etc. etc. etc., all tomorrow.
When it comes time for the piper to be paid, I'mo be in big trouble. Come on, job. Daddy done bought a new pair of..........................everything!
I financed this move & life relocation on a fistfull of creditcards. With my great creditscore, most of them had a $10,000 limit.
Last week, when one of them reached $4,900, the credit company jerked the remaining $5,000 worth of credit off of the card, leaving it maxed out. The reason? "Excessive use in a short period of time".
Never missed a payment in 20 years, never late, always active. Called them with that information, they cannot reverse it until the card gets close to paid off. If the spending was done over a longer period, there would have been no problem. But in these hard times, people are running up credit quickly to get by, can't make the payments, and then stiffing the creditcard company through bankrupsy.
We take a look at our creditscore after the card got tagged, yup, score dropped.
The very next day, another card snatched the remaining balance off our/their card, due to the falling creditscore caused by the removal of the ballance from the first card. Check the credit score again after the second card got tagged. Yup, dropped even more.
So the dommino effect has begun. I fully anticipate every card doing it next week.
But it's a good thang. They are protecting themselves, while also protecting me from getting too far over my head with money I don't have & never really owned anyway. And to leave a sour taste in my mouth with how they work, that I won't forget.
Becouse in a few days i'm going to let them know that I will be paying them off and then all the companies that made me believe that I had access to more credit then I actually had (not that I needed it or was going to use it) are going to get told that their cards have been ripped up, and after I pay them off I am done with their services & they will no longer have access to all that juicy intrest I have been paying them all these years. Only those cards that treated me above board will still recieve my business in the future.
But it's all good. It's for the best.
Time too get real & live within my means. It can be done. And it will.
The remaining creditcards have collapsed. The interest just exceded the payments. Crunched the numbers, it would take 58 years to pay off a $22,000 total.
We are now in the hands of Debt Consoladation Inc. Through them and $500 a month, we will be paid off in 6 years or so.
The party's over.
From a distant past, the soft sound of Taps glides gently over the present mist. A tear, a quiver, a cobwebbed wallet creaks begrudgingly closed.
The Dogs Of Debt are loosed....teeth-knashing, devouring all in their path. I their keeper, bent to feed them well. For I am their feast.
Bon Appetit.
quote
Originally posted by Formula88:
9 months to the day from a 747 credit score to cut limits, maxed cards, $22,000 in debt and on a credit consolidation plan. $500/mo for 6 years to dig out.
Less than 6 months into the consolidation plan you're $40,000 in debt and looking at bankruptcy.
Draw your own conclusions. Bankruptcy may not be pretty. This could very easily look like a pattern where you set out with the intent to rack everything up knowing full well you couldn't pay. I'd wish you luck, but you've depended on luck and providence all this time and the results speak for themselves.
I'm not going to pass judgement on you, but you need to evaluate why you made these choices. Your posts all along suggest you knew they were bad choices at the time. The answer to that is something you need to know to get right with yourself. You were playing Russian Roulette with all six chambers loaded.
Wow, you did alot of research to prove................what exactly were you proving again?
Whatever it is, you seem to have taken great joy in it.......unless you was just trying to show me the errors of my ways that I already admitted. But then if that were true, your concern could have been expressed in a P.M.
Maybe you hoped that others could learn from your research on me. I think I would rather just believe that.
Becouse other wise, I would be forced to feel very sad about the reason why you just couldn't say, "From your past posts about your spending habits......."
[This message has been edited by Boondawg (edited 07-14-2011).]
IP: Logged
12:39 AM
USFiero Member
Posts: 4873 From: Everywhere and Middle of Nowhere Registered: Mar 2002
I'm not going to tell you whether or not you should declare bankruptcy. That's something you should discuss with a financial advisor. And I'm not going to dump on you for your spending habits. I'm sure you already feel in the dumps, anyway.
But I will offer one small piece of advice. If you declare bankruptcy, several lenders will try to get you back in debt (to them). And there's a reason for this: they know you won't be able to declare bankruptcy again, and leave them hanging. So basically, they have you by the balls. Keep that in mind.
We are deep in it too over here. But we are NOT in debt, thank God. I had 1200 euros of credit debt with my Visa card, which I just never ever caught back up on. Minimum payments only.So...I sold everything I could, and last week, I paid all 1200 euros off. THEY DID NOT LIKE IT. FIVE letters in the post exhorting me to 'accept our gold card...we will give you back 3% of your yearly spending!!'. As MEM says so often..'frack YOU'. The reality of it all is simple Boonie. By not having to pay the 100 euros a month CC payment just to keep the balance at 1200 euros...I can put away the 100 euros a month I no longer have to pay...and guess what? I will have my 1200 euros BACK again. in TWELVE months. And NO DEBT. You can try to arrange to pay back your loans, and therefore reduce the Capital of the loans far quicker, if you can get the CC companies to agree to your payments reducing the capital of the loans by 100% of every payment. Stop the rolling interest that is crippling you. To get back their original capital loaned in the first place, and no interest, is preferrable to getting nothing back, and having to write off the capital.
IP: Logged
05:51 AM
tutnkmn Member
Posts: 3426 From: York, England, U.K. Living in Ohio Registered: May 2006
Well, BOTH the North & the South were patriots, and BOTH sides wrote off a lot of the debt incured by The Civil War. Who do you think pays for the debt incured by wars? Patriots.
Money has NOTHING to do with being a patriot. And I only ment I was putting money back into the economy when it needed it. It was only a joke.
And I will be paying on this loss just like I have paid on everyone else's losses these last few years, including all the over-their-head homeowners, banks, car-makers, and mega-corporations that were supposed to be to big to fail. If THAT ain't American, I don't know what is! And maybe I don't.
I'd rather pay to bail out Boonie (i.e. take the hit on his bankruptcy in taxes) than to pay forever and a day bailing out bankrupt banks which are "too big to fail", the U. S. Government which is also bankrupt or giving FINANCIAL AID to CHINA!!!!
[This message has been edited by tutnkmn (edited 07-14-2011).]
IP: Logged
07:27 AM
RockyBalboaLives Member
Posts: 329 From: Alantic Ocean RI USA Registered: Jun 2009
WHEN THINGS GOT HARD, YOU STARTED LOOKING FOR SOMETHING TO BLAME. LIKE A BIG SHADOW. LET ME TELL YOU SOMETHING YOU ALREADY KNOW. THE WORLD ISN’T ALL SUNSHINE AND RAINBOWS. IT'S A VERY MEAN AND NASTY PLACE AND I DON'T CARE HOW TOUGH YOU ARE IT WILL BEAT YOU TO YOUR KNEES AND KEEP YOU THERE PERMANENTLY IF YOU LET IT...
YOU'VE GOTTA HIT AS HARD AS LIFE. IT ISN’T ABOUT HOW HARD YOU HIT, IT'S ABOUT HOW HARD YOU CAN GET HIT AND KEEP MOVING FORWARD. HOW MUCH CAN YOU TAKE AND KEEP MOVING FORWARD? THAT'S HOW WINNING IS DONE.
IF YOU KNOW WHAT YOU'RE WORTH, GO OUT AND GET WHAT YOUR WORTH. BUT YOU GOTTA BE WILLING TO TAKE THE HITS. AND NOT POINTING FINGERS SAYING YOU AREN’T WHERE YOU WANNA BE BECAUSE OF HIM OR HER OR ANYBODY. COWARDS DO THAT AND THAT ISN’T YOU. YOU'RE BETTER THAN THAT."
[This message has been edited by RockyBalboaLives (edited 07-14-2011).]
IP: Logged
07:35 AM
PFF
System Bot
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
WHEN THINGS GOT HARD, YOU STARTED LOOKING FOR SOMETHING TO BLAME. LIKE A BIG SHADOW. LET ME TELL YOU SOMETHING YOU ALREADY KNOW. AND NOT POINTING FINGERS SAYING YOU AREN’T WHERE YOU WANNA BE BECAUSE OF HIM OR HER OR ANYBODY. COWARDS DO THAT AND THAT ISN’T YOU. YOU'RE BETTER THAN THAT."
I never blamed anyone but myself and my bad spending habits. You got the wrong guy.
IP: Logged
07:46 AM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
And I'm not going to dump on you for your spending habits. I'm sure you already feel in the dumps, anyway.
Thanks. I think that shows class.
But I still don't get why that would even enter into someones head?
Who or what is served by doing that? Is there some sort of pleasure gained in doing it? Does it elevate the person doing it? Does it make them feel better about themselves or their own situation?
I just don't get why someone would even harbor that kind of negitivity. It seems to me to speak more about the person doing it then it does about their target.
If 1/4 of the members here donated $8.00 each,we could get you out debt. I'm in, now we just have to talk another 4999 members to do so also. I feel for ya man, that's alot of stew.
IP: Logged
08:12 AM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
Has anyone here ever declared bankruptcy that might tell me of their expirence? Maybe by P.M., if you feel you want to avoid being reprimanded.
I know the mechanics of it, I would just like to here from someone who actually lived it. Did you learn anything? Do you eventually learn to live with the shame?
Just wondering how bad it is on a personal level...
IP: Logged
08:17 AM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
If 1/4 of the members here donated $8.00 each,we could get you out debt. I'm in, now we just have to talk another 4999 members to do so also. I feel for ya man, that's alot of stew.
Yeah, but people wouldn't do that, becouse they would see that action as them supporting me being a fugg-up. Gotta' keep those hands clean.
But you saying you would be 'in' made me feel like you were only thinking about the person, and nothing more. And just that made me feel better. Thanx.
Well I washed my hands in muddy water I washed my hands but they didn't come clean I tried to do what daddy told me But I must have washed my hands in a muddy stream
Easy solution, raise your debt ceiling. You're only $40,000 down. That's NOTHING !!!!! Live for today! Pretend to cut back but keep on spending!!!! Borrow more and Spend, spend ,spend !!! Then spend some more !!! Now THAT'S patriotic. If you do it right you'll probably die of old age before any of it comes due. Hopefully all of your family members will have passed on so you don't have this debt to pass on to them. But if not, Negative inheritance tax. The government owes you!!!! (This tongue in cheek advice has been brought to you by your government, please take it with a huge grain of salt, on top of a margarita glass)
Can't help with advice. Luckily I have not been in that position. But knowing you, you'll have second thoughts no matter which way you decide to go.
IP: Logged
09:10 AM
fierofool Member
Posts: 12817 From: Auburn, Georgia USA Registered: Jan 2002
Boonie, I know of two who've filed bankruptcy. One of them back in the 80's and the other was about 3 years ago. The first couple was renting an apartment but after filing and being approved in the court, they soon bought a home and a couple of vehicles. I don't know what ever happened to them in respects to finances. We lost contact with them because they home they bought was a little distance away.
The second was an individual. Though married, he and his wife kept their finances completely separate. They had a home she inherited free and clear in the woman's name. Husband gambled in the back rooms of various service stations. Wife borrowed almost $250k on the house to get the goons off him. They couldn't pay the loan and the lender started foreclosure.
They both filed bankruptcy individually and before the house they lost had been re-sold, they had applied for and purchased another home in his name. In the 2-3 years since, they have already had 3 or 4 vehicles, they entertain a lot and they are always on the go. Both are retired on Social Security.
I think in both situations, creditors know that they can't file bankruptcy again within the 7 or 10 year period, so the borrowers cannot default. The problem seems to be that with the second couple, they didn't learn anything about managing their finances and went back to their same spending habits. That's why I suggested the CCCS program. Whether you file bankruptcy or not, they can help you develop good financial habits.
Originally posted by Boondawg: But I still don't get why that would even enter into someones head?
Who or what is served by doing that? Is there some sort of pleasure gained in doing it? Does it elevate the person doing it? Does it make them feel better about themselves or their own situation?
I just don't get why someone would even harbor that kind of negitivity. It seems to me to speak more about the person doing it then it does about their target.
Because people want to see you succeed, and be the man we all picture you as. There were many people on here that professed danger when you did many things. They were your things to do, but people tried to help. It's kinda like we gave advise to some kid for years, stood by proudly as he grew up, and then he suddenly decides to do the opposite. It's his life, and he can and will do as he pleases, but it's gonna hurt to see and most parents (or armchair parents) will not sit by silently.
Then when things happen from all that people feel let down, and hurt. They need to vent a bit to feel better (and they want to make sure you know why they are upset).
THAT SAID.
I would avoid bankruptcy like the plague. Mom and Dad went through it when we were little kids, well over 20 years ago. Just a few years ago they had problems getting a loan because of it. Don't believe anyone on how long it stays on your record, it's a big black mark that lasts for a very long time.
Go to Clark Howard .com and research things to do. There are ways to talk to the companies, and get a lot of stuff dropped. They would rather work with you than never see the money.
