Re: Lucky's advice Touchdown, At this point, the only thing I can suggest is to speak with a financial planner or an attorney who can point you in the right direction. None of us know your particular situation to give you the best solution for your problem. What you are considering (or not considering) is a huge decision with incredible ramifications for whatever path you decide to choose. I think a financial planner or attorney will be able to help you. I wish you and your family the very best. Dani
i am sorry dani. what is your position, have you filed? or are you a creditor or finance person or what, just curious. or is your info from a textbook.
Well the wife and I did some planning this morning and developed a game plan, thanks to the guidance of everyone here. Here's a recap of our decisions. 1. WE ARE NOT GOING TO FILE BK - Neither of us wanted to do this, but we didn't feasible think we could get out of debt, but after reading your posts and crunching some numbers we realized it's posible. 2. WE ARE SELLING BOTH CARS - right now the Honda is on a busy street corner. Hopefully that will sell. The GMAC I'm calling the dealership in the morning to see what they can do. We might have to hold onto this for a few more months so we don't take a big hit. 3. WE ARE NOT GOING TO MOVE FOR AT LEAST 18 MONTHS - With $42k in debt, this is not the time for a larger mortgage 4. WE HAVE A PLAN TO PAY OFF OUR DEBT - Thanks to this "Snowball calculator" http://www.geocities.com/schizeckinosy/Snowball.html By selling our cars and increasing our month CC payments from $800 a month to approx $1300 a month it will be possible to pay of this debt in about 4 years!!!!!!!! I never believed that would be possible until I saw the numbers. Again, thanks to everyone for their help and guidance. We are no where out of the water, but at least we have a game plan and committed to it. The biggest thing I'm worried about is getting out of the GMAC new purchase (I emailed you CLC). Again, I'll be following this thread! Touchdown
Don't list your assets Mr. Touchdown. The guy above is a moron and its none of his business. Also, I am glad you aren't filing BK and found a good gameplan that your wife and you can work at. That shows there is true love in that relationship.
Re: haha I wouldn't E-MAIL somebody how to make TOAST that only has 10 posts let alone a "FINANCIAL STATEMENT"...
Re: Lucky's advice I've seen some posts here from people that have filed CH13 and said it was a big mistake not to file CH7. If you look how much money it will cost to pay of all your debts and figure the time value of money I would file CH7. You should really talk to a good attorney in your area to see what your options are. I know an attorney that lets clients put money in his trust account so no one will find it. Good luck.
Re: Lucky's advice I know a lot of lawyers like that, excuse me- ex lawyers- disbarred and in jail. There are other lawyers like that who are enjoying their "let's hide the assets" client's money in their get-a-way villas in Barbados.
hey Sorry no offense, I didnt mean to snap at anyone. I came here to give my "REAL WORLD" advice. Not textbook or personal finance magazine advice, thats bogus. I have been listening since 99, but never have posted. Thank You, Very Much I am not waiting 7 years to rebuild back 130K limits. That gives you an idea, where I come from. --------- Mr. Touchdown Getting out of debt is fine, if you owe $10 grand, not 40K. Just think about, you came here. With the title being, "When to file bankruptcy". Now you wanna pay off cc debt, it doesnt make sense. What Dani has said is not necessary at all. I havent given up didley squat. Please go and see a bankruptcy attorney, just to talk about your current and future plans. Please do that for me. There is nothing wrong doing that. Unless 3 good attorneys says, no way possible, you cant buy a home, then file chap 7. You are denying yourself, RELIEF You could file now, and wait 2 years post discharge and qualify for a FHA Loan, then 2 years after that move and get a conventional mortage. What if you lose your job, or become disabled, or your wife and child experience the same. What if you get sued for something. It is noble to pay off the debt, but at the same time, you have to look at it from every angle. Here is a easy chance for you to discharge the 40K debt. ***Why do you think that law is changing.! *** For those who said life after bankruptcy is tough, they dont know how to rebuild properly. I am sorry for you people. I still have all my stuff (nice car, nice place, nice furniture) , Havent cutback on anything, in fact, I have more stuff, and on the outside, it looks nothing has changed.
Re: hey I definitely agree with WhyChat on the atty trust fund idea...if you find an atty willing to do that run as fast as you can in the other direction. It's sorta' like the advice I give women who are having affairs with married guys "If he cheats on his wife what makes you think he won't cheat on you????" I have to agree with mrphillips on the bk...I think that touchdown and his wife are perfect candidates for a chapter 13. Given their incomes they could have a plan that would address the major portion of their cc debt without having to sacrifice one asset. They could also devise a payment plan they could afford. In fact with the "cram down" feature of a 13 they could become "right side up" in the GMAC car loan. I don't advocate using bk to abuse credit...but there are some cases and stories that are bk fits and I think touchdown's is just that case and story. I think it would be ill advised of him to ignore the benefits that a bk 13 would have for he and his new family. That little baby deserves to be in a secure financial home...and a bk 13 would give the touchdown family a fresh start and a way to handle those cc payments. In 2 years they could all be in a new home with a FHA mortgage...and they would be that much farther out of debt. I definitely do not believe it is the high moral ground to suffer for years with burdensome debt that just keeps growing while you're struggling to make the minimum payments. What IS the moral high ground is making sure that your new family has a financial future...go see an atty and seriously discuss the benefits of a bk in your case. JMH & ProfessionalO, clc
Re: calling people morons I have read all 4 (there were 3/4 test posts)of mphillip's posts and I did not find one that I would consider moronic. I think he/she is trying in small ways to help. While I agree asking someone to send their lists of assets was maybe presumptive on his/her part...but I don't think mphillip's intent was or is malicious. Maybe next time, mphillip, just let someone know your email is on and that privately you can share info that might be sensitive in a public post. I know creditnet has had more than the fair share of trolls recently...but let's not stoop to calling each other names and personally attacking each other. There will always be divergent opinions and not all of us agree on every little thing....but that is a good thing not a bad thing. If we can all discuss in a civil manner and give examples as to why we opine the way we do then we will be successful in educating people in all the options that might be available given their own unique set of facts. clc
Re: calling people morons Thanks Mr. CLC Mr. Touchdown I dont want to get anybody in trouble. If buying a home, then filing chap7, is totaly out of the question, criminally illegal. Then of course, dont go that route. But I belive its a timeframe issue, maybe a year has to pass by, or 18 months. I am not sure, and I not going to look it up either. My bankruptcy was 100% legit. Chap 13, is useless. Why black mark your credit, and you still have to pay your creditors? That doesnt make sense. You might as well, call up your creditors now, and settle for less. (dont say your are filing, just say, "i can only pay off this much, like 15%") , some might go for it. I dont know, I have never done it personally. If you file chap 7, that might happen to. I dont know your asset base. Some assets are exempt. My email is on, just a brief list, nothing specific, is what I am asking. Have any professional student loans, you can discharge them too. Anyways, did you look in the yellow pages, and make the appt. It doesnt hurt to just to talk, and its free, just like my advice. I am hear to help, not to hurt.
Re: calling people morons A very good airing of the issues on both sides. I would suggest that mrphillips and clc make one very valid point. $40K in cc debt plus being upside down on a $20k+ auto loan is nothing to screw around with. Touchdown is going to need to be very fornunate for several years plus, hope everyone stays healthy. A trip to a lawyer just to get all options explained and analysed won't hurt a thing.
Re: calling people morons Dani, If that was a personal "zinger" directed at me pray tell what purpose did it serve? Maybe your sugar withdrawal is effecting your civility. I would be happy to send you a case load of your favorite candy bars. I do not think my posts are written in a "preaching" tone as far be it for me to "preach" to anyone. I was merely making the statement that name calling is non-productive and should be abolished except in cases of troll outing....mphillips does not seem to be a troll as his/her advice has never advocated paying a ca no matter what. Just because you advocate everyone paying their debts no matter what situation they find themselves in does not make you either right or knowledgeable about other options. In fact your insistence on people paying all their debts off no matter what sacrifices this might entail is narrow minded at best and uneducated in the other options available at worst. Yet I respect your right to voice those opinions so please respect mine and others' rights in advising people what other options are available to them before they sell all their assets and commit to living like a welfare recipient in order to pay...not only their rightly used credit but all the exborbitant interest and penalties that a long term payout includes. clc
