Bankruptcy

[noungning]

wow tina lol... way to spend ur bored time...

thooky, do u have a collateral? if u need money maybe start selling? yard sale or something?

those types of ppl are very seldom and u can't just find one and go up to them because it's also more or so about trust...

sorry u are going thru hardship. but i'm unfortunately out of ideas to borrow money... i'm broke myself.

 

[KhoOnxNouxWanxJai]

lol haha yeah but i'll never do it again tim got mad at me and said i put myself in danger LOL

Yeah those people aren't always good to go to because they have to know u the only reason why that lady even took a consideration with me is because she is close with my parents and my parents have a tab with her .. like when they wanna throw parties we pick up stuff and charge it to my parents tab lol and then they clear it on the friday they get in ... so she knew that she could just ring it up against my dad if she wanted to lol

but yeah yard sale like ning said .. and look into debt consolidation -.-" is all I can give really as advice

 

[Thookatha]

thanks, ladies. deep down inside, i already knew the "answers". but i wanted to give it a shot anyways by asking. it was all wishful thinking about underground loaners. i don't have any stuff to sell...just my body. lol

for now, i'll just...well, i don't know what i'll do cuz here i am, capable of making payments...but because i have it to all spread out, i'm unable to get anywhere. that's how credit cards work, i guess. i'm starting to fall behind actually. my credit is the same as bankrupt right now...ha. well, not really...but close.

man, i was sooooo naive. and now that i know a little better, i'm in it deep. they should teach "credit cards 101". *sigh* the irony...

 

[natty]

I think a major problem with bankruptcy would be with finding a job, if the person doesn't have one already. If the person already has a steady one, no worries about that.

As for getting a loan, the person won't have a problem getting one. It's just that the interest will be high. The person would have to shop around. Hopefully, the economy gets better. Credit sharks actually loved people with bankruptcy. So they have a reason to charge the high %. It's hard to reason doing so with someone with great credit. Since the economy is the way it is now though, hopefully, loan underwriters don't approve loans so easily.

The change in bankruptcy law now is that the person would have to go through credit counseling for at least 6 months before being able to file now. In addition, an individual cannot file bankruptcy again within a 10 yr. period, if I remember correctly.

I know a guy who filed like 3 or 4 years ago. He owed like almost 100k in debt not all on his own. He co-sign a bmw convertible for his ex (gf at the time) and when they broke up she stop paying so they repossessed the car. Not to mention all the credit card she racked up. Well that was then and here is where he is now:

He's working for a very well established company making about 150k a year and he just got the job like I think a year or so ago. Not sure when but I know it was after his bankruptcy. I talked about him to darvil often. His credit is getting a lot better. His last credit rating that I saw was in the 750's (I saw it cus I went with him to get loan for a condo). He just flashed a new credit card he got from Chase with a limit of 10,000. (He said he's using it wisely by not using it unless he can pay it off lol) Now these all seem to be good, but there are down side to his bankruptcy. I think there's more good then bad due to him learning his lesson big time. Like use cash when you can and only use credit to build his credit ratings back up.

Before he filed, my husband recommend he transferred his asset to his parent's name then to wait a year before filing. But again, that was 3 or 4 years ago before the bankruptcy law changed.

 

[Thookatha]

what the mother f'in hell? HUSBAND? ur married now???? when did this happen???

 

[marley]

You should look into debt settlement. The negotiator will contact each of your current credit card company to settle your debt. Sometimes they can knock off up to 70% off your current balance. You will then make a monthly payment to that company, they usually put it into an account under your name. Once there is enough funds is there they will pay off one credit card at a time.

Something to consider. Google it. There are a lot of companies that are fraudulent, so do your research before you pursue it. You might even be able to contact your credit card company to negotiate it yourself.

 

[noungning]

what marley said is very reasonable too!

calling the card companies... they are willing to work with u if u are really trying to pay your bills but u can't... well i know many card companies are being assholes before the law changes next year... so they increase their interest to whatever they want and make you pay how ever much they want per month... it's kind of rediculous... but if you call and tell them that since u're in a situation where all companies are making u go bankrupt because of the rates and such, they make work with u to try to even get some money... because if u file for bankruptcy, they'll not see even 1 penny.

 

[Thookatha]

what marley said is very reasonable too!

calling the card companies... they are willing to work with u if u are really trying to pay your bills but u can't... well i know many card companies are being assholes before the law changes next year... so they increase their interest to whatever they want and make you pay how ever much they want per month... it's kind of rediculous... but if you call and tell them that since u're in a situation where all companies are making u go bankrupt because of the rates and such, they make work with u to try to even get some money... because if u file for bankruptcy, they'll not see even 1 penny.

thanks, love. i've already tried calling all of them...each more than 15 times. many of them actually hung up on me quite a few times...in the form of me being "transferred". one month, i went over my minutes by 8392 minutes. it just slipped my mind that while i was sitting there listening to their elevator music for 52 minutes at a time, i was being charged. hahaha i've tried being nice, even playing the pathetic part, to putting my foot down and being aggressive. anything u can think of, i've done...but they all say the same thing. "there's nothing that we can do besides have you consider debt management." i have my reasons as to why i don't want to go to debt management. perhaps, that's why i am in here asking sarnies (most of which are under the age of 15) to give me advice. but i might have no other choice but to do that. haha

 

[marley]

That sucks!! Well you should consider hiring a debt settlement company to negotiate with your credit cards. They know exactly what to say to the companies to make them work with you. Good luck!

 

[noungning]

yeah those damn companies are just gonna try to scare ya for their money back... don't give up and hell u should think about getting free night and weekends and call em during night time lol

 

[natty]

what the mother f'in hell? HUSBAND? ur married now???? when did this happen???

dec 13 2008


anyways.. have you tried calling them and just tell them that you cant pay.. eventually they will want to work something out cus like what everyone said, they rather have some then none.

 

[Thookatha]

dec 13 2008


anyways.. have you tried calling them and just tell them that you cant pay.. eventually they will want to work something out cus like what everyone said, they rather have some then none.

wow! congrats!! damn! ur, like, married now!! um, duh. LOL

yeh, i tried calling...like 20 times each place. no results. even threaten them. they aint scurd no mo', girl. haahahaha

 

[natty]

lol then try this... dont care, live your life, and when they finally figure out that they need the money, they'll call you lol.. and when they do.. you tell them that you try to work it out but they wont listen....

i just found out that my next door neighbor with the 5 children was on the verge of going foreclose cus her husband lost his job like over a year ago.. he didn't want to foreclose on the house and digged into his savings to pay the mortgage.. he called his lender to try to work something out base on financial hardship but they didn't want to talk and so he continue to pay his mortgage until he was about to run out of money and so he stop paying.. then finally they realized that ok if they dont start talking to him, the house will go into foreclose... and so they called him and suspend his interest for 5 years.

oh and btw just because i'm now officially married doesn't mean we still cant play :loool:

 

[nophankh]

Do you live alone? at an apartment?
Try moving back in with your parents to save money. When you get back on your feet, move out. It could save you thousands of dollars per month.

Get another job, a second lame ass job to supplement your income. Work weekends at starbucks or some restaurant. You won't have a life for awhile, but it at least it's better than destroying your credit for 10 years by filing for bankruptcy.

Don't resort to illegal means such as loan sharks. Things do get out of hand.