Hello all, This is my first post, here's is where I'm. At this point i'm almost 30k in pay behind where I've been for the past 4-5 years. For the last 6 months i've been struggleing to stay on time. I was 25 days late on everything for a while. But now it's all gone to heck. So far this is what has happened: -My Truck was Ropoed earlyier this Month -I have 30k in credit card (Joint) debt that i have not made a payment on for 3 months -some of my cc debt has gone to collectios some has not -I ignore all the calls because i can't really pay anything. At this point what should i be doing, keeping track of, or saying to the collection companies. Also, where do i get the play book to desypher all the lingo on this sight? Any help would be great!! Thank you
Welcome If you have been behind for 4 or 5 years you may well be out of SO on some of the debts if you have not paid on them. Have you gotten your credit reports yet? If not do so. So then you and your spouse have these debts together? Do you own a home? Self employed? What assets do you have?Do you have bank accounts in both names ? YOu need to get you cr's. YOu need NOT to taLK TO THE COLLECTION PEOPLE, and you need to study and learn about certain consumer information. I would not recommend a bankruptcy lawyer until we know all the problems, such as have you been sued? What type of income you and your spouse has? Is there a way for you to come up with any lump sum payments? In the future is there more income going to be coming in? Inheritance? I always am hesitant suggesting a bankruptcy lawyer until I know what it happening as I feel than when you go to one they have blinders on and their only suggestion is to file bankruptcy. So tell us your story in detail but leave out exact dates and amounts. Woofer
Uh ... the OP wasn't saying he hadn't paid on things in 4-5 years, he was saying his pay was running at 30k less than what it had been running for 4-5 years (hopefully that was fairly large to begin with). He just recently stopped paying on all the debts.
Many bankruptcy lawyers are like five year olds with a hammer ... everything looks like a nail to them. This is especially understandable when you keep in mind that they get paid for using the hammer. The vast herd of them will only tell people to avoid BK when it's dead-bang obvious that BK is not a good idea. Some bad ones will even recommend BK when it worsens the result. Only the best will recommend against BK in situations when it isn't dead-bang obvious that BK isn't the best choice.
I agree, flacorps. Only consult a BK attorney when all else fails. The poster can get most of what he needs in places like this.
I DID read that, BUT I did not comprehend that his income is 30K less than it has been for 4 or 5 years. I read he got his car repossessed and other accounts have been sent to collections and who knows what else,so I jumped the gun a bit. I have found that many times posters leave out a lot of details,some of which could really help their problems,like they have not paid on a debt for 4 or 5 years, and just may be out of SOL ; ) Woofer
It's all in the details, here you go Woofer Ok, here are some details: -this year i am down est 30 k in pay. im at about 25k now last year at this time i was at about 55-60. -I'm in Maine -My wifw makes 23k ( covers daycare, her fuel,life insurance, health insurance for her and the kids) I am on track to make 60k last year made 92k -I am around 120 days late on all of my revolving debt est 30k - My auto lease is now current -My boat in 15 days late -pesonnal loan current -some assorted medical collections -Owe about 1500 state taxes (payment plan) - Owe about 1500 Irs (Pmt Plan) These are the last guys i want to upset -80% of the revolving debt is on my wife -My truck repo was me alone There will be 10-15k left after they auction it off. I recieved a new payment book the other day for the same payment i was making before? (what can i expect there) -i had a BK 91. I got crushed in a divorce (Ugly Girl) "Assets:" - I "own" a home, i have zero equity - My remaining vehicle has 24 months left on a 39month lease - I have a beeter car worth 200 bucks (my new ride) -no 401k - i own 3000.00 on a boat that is worth 10-12k. This boat belonged to my father who has passed away. It's basically somthing i want to keep forever. Will this e possible? -My wife has 1000.00 in her 401k (she is also a babe)
Couple more details I am not self employed We have joint and sparate accounts 2500 max in all combined we have debts separate and together
No stripers up there yet,huh? Caught a few keepers this week : ) Mmmmmmm Okay so 80 percent of some of the debt is your wifes, so it seems lik eyou have more assets than she does. Truck and boat in your name along with loan? HOus ein both or just yours? OH GO GET YOURSELF A HOMESTEAD. Easy and the BEST THING! I don't know. Any possibility of you getting it back before it is auctioned? As if it goes for LESS than what you owe, YOU WILL BE DUNNED the rest of the balance. Yes, as boats are not gone after IMO, especially ones that they cannot find and or old. What kid of boat? I am a classic wooden boat person Well I think you should decide who messes up their credit adn who tries to pay it off. Does your wife ow a lot less? What is her credit like? Have you gotten any credit reports yet? If you haven;t then you can probably get free ones. 90K up in Maine is very good income. : ) If doesn't look like you are going to be able to save your credit, but perhaps your wife's might be able to be salvaged. Look at your totals YOU owe, and what she owes, then see what it comes out to and then figure out what you can pay off. All my debts were in my name alone,and hubby did not have as much debt as me, so I played it that one of us was going to have a lot better credit than the other. I made sure nothing was in my name, or put things into a trust, and pa lot of things went into his.now, and now everything is back to normal Out of debt, money rolling in, and I did not have to or want or do bankruptcy. As I said in another post, for me, bankruptcy was not an option, and I would not have done anything different as to the way I dealt with my credit problems. You mentioned you did a bankruptcy in 91, so you know what that involves. While I do not recommend bankruptcy lawyers as I feel that is all they want to do, and will not guide you correctly, this may be an option for you. Again really look at what you and your wife owe, and decide what road to take. Good luck Woofer
The Northeast is a crappy place to be a debtor. Holdover legal attitudes from Puritan times, including the Calvinistic notion that temporal prosperity naturally follows membership in the spiritual "elect". Find yourself a "debtor's haven" state and move there. Maine will crush you.
Easier said then done,as born and bred Bostonian,and while I have been a lot of places,including college in Maine,"Boston's my home town" ; ) Woofer
