After you file for bankruptcy several years ago let’s say 4 , can you get a home loan with a decent rate? Or how long should you wait before trying to get one? If you have a stable job since 6 years and making 60 000$ a year will you have more chance to be approved? Is there a bank that has better reputation when it come to home loans I mean some banks are more hard than other to get a loan ? Pls give me information that might help. Thanks
How would you solve our foreign diplomacy problems? Bomb all of our enemies? Do we start nuking Korea, Iran, Iraq, Egypt, Pakistan, Palestine China. Would that solve it? Then what do we do with all those dying people?
How would you solve our financial problems? Let every company now fail, and all the banks fail? GM fail, all housing in foreclosure, and all people on the streets?
How would you solve our health care problems? (One in four bankruptcies is now caused by inability to pay medical costs). Would you just turn away anyone and everyone who is dying if they cannot pay? If they are in a car crash, do we let them die in the wreckage if they cannot show a medical insurance card?
I find lots of you on here are big to criticize, but I find no real alternative solutions.
Take one of these and discuss it.
My husband and I have just lost our jobs and we own 3 properties that are not worth what is owed on them. We have great credit scores but cannot get the banks to talk to us about alternatives to keeping the properties at a reduced payment or sellling on short sale. We have to ruin our credit first and then they might talk to us… We have have the properties on the market but cannot sell without going to the table with large amounts of cash.
If these properties foreclose or we go into bankruptcy.. Can the creditors attach or take our retirement savings to satisfy debt?
thanks for your help..
When a person files for bankruptcy,do the credit card companies/ banks (or any other institution that person may owe money to) collect on the debt? For instance, if John has acquired ,000 in Credit Card debt. Once he files bankruptcy, does the Credit Card Company lose out on the money or does it some how acquire some or all of it? Is foreclosure and seizure of property after bankruptcy done for the purpose of paying off any debt?
I am not eligible to receive a student loan by myself because of my young credit of only about a year even tho I have an excellent score.
I am not able to have my parents cosign for me because they are coming out of bankruptcy a little over a year out and have re established their score. but the loan companies and banks say it needs to be 2 years. I recently transfered to a very expensive school. I did receive a scholarship, but it doesn’t quite cover the cost, which including housing is around 40k per year. I have excellent grades deans and presidents list every quarter of my 3 year length college career.
But what I really do not understand is how on a deferred student loan you are required to have a co-signer when they can be removed as your co signer after 18- 24 months.
This does not make much sense to me and if anyone has any kind of alternative ideas comments or solutions I would appreciate everything I can get my hands on.
Thank you
I have a family, we don’t charge anything anymore. Been paying on these bills for several years. Make good wages, all goes to credit card payments. Have about 120 bucks a week for groceries, gas, entertainment. I’m gonna whine here a bit so bear with me, I have made bad decision with my finances, put money into our house that is now maybe worth what we owe on it….Is that any different than the banks making bad decisions? You know, the whole bailout thing. Where’s mine? Or at least a low interest government loan.
Madoff, i agree with your comments. My house is not the issue.I give 65k for it with some land. My wife and i make that much per year. I don’t think i’m house poor. We all make bad decisions in our life. And i would be glad to pay my debtors back. But i can’t do it with 20% interest.
a job at several banks. Every time I get a call back from a recruiter for the company or get an e-mail saying I should be hearing from someone at the bank to set up an interview. I never hear anything else from the bank and since I have to sign something authorizing them to do a credit check during the application process I am afraid this is why I’m not hearing from them. Is this possible? I’ve read that it is illegal for them to not hire you because of info on your credit report, if this is true why do they insist on checking it? How would you know if that was why you weren’t hired they certainly would never admit it if it is illegal? I know this is a separate question but the last time I asked a similar question on this website my email kept saying I had a new answer but every time I looked there was no answer to read. When I pulled up my question It said there were four answers but when I looked at the question , only one answer was showing.
Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?
Well, it is ashamed to ask this question but it is true that I’ve been living in this condition for couple years now and it made me so depress because of my personal financial problem. But I am still hoping and trying to find everything I could to recover my credit. I hope I will get some advise from you guys out there to help me start rebuild my financial life again.
Since last 5 years ago the first time I moved to this country I started apply my first credit card with US Bank, I’ve been living so happy with it, I thought it was cool when using credit card, I spent money like a rich kid, and I got a really good credit, then I applied for any other cards from one bank to other banks till I ended up with 5 different credit cards. Then 3 years gone by I couldn’t handle these credit cards, I ran out of control and ended up with a balance of 22K at the age 27 years old now, so still there is a long way to go, if I am keep paying the minimum payment like this I will end up paying those creditors for my whole life. I did try credit card consolidation but it just reduced my interest rate Now at this time I decided to go with debt settlement company in order to get rip of this debt and start a new life, but of cause it gonna take me couple years to settle this 22K debt. Now I m paying the settlement company 0/month for 28 months to settle my debt.
So first of all please ignore my grammars I know you understand what I am talking about, but I am seeking for advise from you guys out there:
1. I can possibly maintain my monthly payment of 0 to 0 toward my debt, so is there any alternative way beside debt settlement and bankruptcy to get rip of this debt? now my credit score gone so bad and there is one collection on my credit already, and soon there will be more as I am enrolling in this debt settlement.
2. I start looking at peer to peer loan and sound like an other option for me as long as I have a co-borrow with a good credit, but I am kind of hesitated and not sure how legitimated it is. Can anyone advise me if I should go with it?
I am making 90K from my job but I am still living in this horrible life because of my debt. This is a really bad experience that I am currently having in my life and I hope everyone who read this post will learn from what my mistake was, and won’t go on the same path as me.
Yes I will looking into my daily living expense and hope I will cut some of them. Originally, it was 35K on my balance but then I tried to sell most of my asset (Stock, I don’t have a house) and brought it down to 22K. So at this moment of 22K debt I have nothing beside my monthly salary. I am so upset when I see most of my friends now they bought houses even they make less money than me, I was really poor in my money management.
I just out of the blue received two letters for two of my chase bank accounts, saying that they elected to close my accounts because of: 1 incident of a returned payment on the accounts, too many accounts opened recently, and too many inquiries.
Anyways, these accounts used to be wamu credit cards, which recently switched over to Chase, and not even a month or two into Chase..chase decides to just close my accounts just like that.
Now…what the HECK did I do wrong, so majorly wrong that they decided to do that? why would credit companies do that?
they already jacked my interest rate up to 29.99% and if that wasn’t enough..now they decided to close both accounts.
First of all, will this look bad on my credit score, and how long will this affect my credit score, second of all, WHY are they such …Aholes and out of the blue did this,…even though my payments and history have been on time and great,
and third, can accounts ever be reopened, or once they’re closed, that’s that?
I’m just shocked. Is this because of the economy and the credit card industry suffering, or is this because of something else?
I just am scared..I knew that credit cards were slashing credit lines, jacking interest rates and adding other unfavorable things, but now…I didn’t expect this out of nowhere. I’m terribly disapointed, and I guess there goes two years worth of positive history….just because of one returned payment (which was my banks fault for putting my money on hold), and because they claim i have too many new credit cards and inquiries, because I’m trying to re-establish my credit after going bankrupt in 2005.
Oh well. chase is horrible.
I heard that a new law is being passed to keep them from doing that, to make it harder at least, but at the same time it will be harder to obtain credit.
Any ideas?
Thanks.
I really have no family that will help as we were never close. I have thought carefully about suicide but would anyone care? I can’t open an account to get social security why no address. Plus the banks look at you like your scum, maybe I am, they didn’t think that way when I was put 1000’s of dollars in the bank. I also have 1000’s of dollars in credit card debt from 3 yrs ago and should file bankruptcy but can’t do that either no address.I don’t know what to do. I stay clear of homeless help places because I am embarrassed and don’t want there hand outs. I just need to file taxes ( I owe nothing but did cash in an old ins. policy for money) and can’t seem to get help. I went into HR Block and all they did was rub there head. I have found out in this great country if you have NO phone or address you can do nothing. Is there anyone out there that can help or is it better to just end it all. Please help……
I can’t thank everyone that took the time to answer my question. Just knowing that someone out there is thinking of you always helps. Isn’t it odd that family who really could help choose not to because you made or had some one for you make the wrong decisions in life. As for church thats a joke, I give up on them years ago. While driving to church one day I saw a young man digging in the dumpster so I stopped and feed him and also gave him as much food as he could carry. He didn’t want much because the others would steal it. I told my minister we should open the church kitchen one day a month and feed the hungry people. His answer was "someone that doesn’t deserve it might get free food". My answer thats between GOD and them. I just can’t bring myself to ask for help it is embarrassing to know you failed in life. When the money ran out so did my wife. But a BIG thanks to all of you that care…
As for the internet very easy I still have a broken down laptop and wireless so I walk to the nearest in town motel and set by the back door and wahla, internet for free.You can also go to the truck stop and use theres. Maybe that’s stealing I hope not. But why is it the illegals in this country can qualify all the things I can’t? I hate to lie so filling out forms with false statements goes against my teachings.
I am going to file a chapter 7 bankruptcy, and I will surrender my cars. I am up to date with both payments, but will not make March 1st payments on them. When should I expect to surrender them to the banks?
We are in process of filing for bankruptcy, my lawyer advised us to switch our checking account to a new bank, I have applied online at 2 banks (compass & us bank) and been declined? Any suggestions from people who have faced this before?
I understand that banks can go bankrupt, but how does this happen?
My husband and I have just lost our jobs and we own 3 properties that are not worth what is owed on them. We have great credit scores but cannot get the banks to talk to us about alternatives to keeping the properties at a reduced payment or sellling on short sale. We have to ruin our credit first and then they might talk to us… We have have the properties on the market but cannot sell without going to the table with large amounts of cash.
If these properties foreclose or we go into bankruptcy.. Can the creditors attach or take our retirement savings to satify debt?
thanks for your help..
Is it the banks’ fault for all the sub-prime loans to those that could not afford to keep up with the payments when the rates change?
Is it the personal financial irresponsibility of those that overspend and file for bankruptcy leaving the rest of us to pay the bill?
Is it the Government funding too many entitlements taking away the motivation for citizens to work for what they have?
Or do you place the blame squarely on the President and refuse to take or give any responsibility to yourself or others?
I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.
I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.
I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.
I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.
I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.
I have five questions:
1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?
2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?
3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?
4) How much with a reputable bankruptcy lawyer cost me?
5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?
Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")
Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.
So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.
I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.
I appreciate any feedback the Yahoo community is able to provide!
Thank you in advance!!
Obviously, Indymac is done and Fanny and Freddy have the gov. support if needed. Do you guys think any other banks have the potential to go bankrupt? Which ones?
We just filed chapter 7 bankruptcy and it will be discharged soon. We are in need of a new car, but when we stopped by to talk with the finance manager at a car lot he said we would have to wait 6 months before any of the banks would touch us. Is this true? Has anyone bought a car soon after they were discharged? Thanks for your answers!
I am bankrupt. I have way too much debt and unemployed along with a long term medical condition. I get 50 calls a day by creditors and i speak rudely to collection agency reps saying, "go fk yourself. eat sht and die"
i also will not file any bankruptcy protection because i cannot afford the 00 fee needed for bankruptcy. i have no assets and no home. I live with parents.
i own no car either. My banks have negative balance and i keep all my cash at home in a lock box. So how will this creditor harassment end?
I will not work anywhere until creditors stop harassing me because i don’t want garnish wages.
i drive 2008 bmw registered in dad’s name, but the car is actually my own.