I have a few credit cards and a car payment in a debt consolidation. It isn’t moving as fast as I would like. I haven’t had or driven the car for 3 years. The car loan is under my and my sister’s name. How would it affect her if I where to file bankruptcy?
The car has been totaled out and sold at an auction. The insurance didn’t pay.
I’m about 3 months behind on my car payment and all my credit cards. I plan to file for bankruptcy soon due to the amount of debt. Would just like more info on my options on what to do with the vehicle. Thanks in advance!
I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.
Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.
Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?
Issue #3: My car is currently worth about k less than what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?
Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.
Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?
Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.
I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.
It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.
I am preparing to file a Chapter 7 Bankruptcy to discharge my medical bills of ,000. I have no other debt, other than my car payment. What can I expect my credit score to fall to? Right now I have about a 700.
I lost my job in October, so about two months ago. I have been living off savings, family assistance, etc. I can no longer afford my 500/mo car payment plus my 120/mo car insurance. I contacted the finance company, but they don’t offer refinancing. To top everything else off my dad and cosigner filed bankruptcy, so they won’t even give me a extension. They said they cannot discuss the debt because my dad filed bankruptcy. Also I cannot pull a loan because the car has depreciated 8,000, and lenders won’t lend me more than a percentage which mine suceeds. They will only lend me the amount its worth. I know I am still liable for it. I have great credit I pay all my credit cards off. I am never late on payments. I just can no longer afford it. Please help me. Any suggestions? and how bad will this effect me if I surrender/it gets reposessed?
Also I am still young, so someday I would like to buy a house. Hopefully even another car sometime soon.
my property has too much Equity, my attorney filed a Bankruptcy Chapter 7, & later on after filing for ch 7 our attorney realized that our equity is high so then he asked me & my husband 2 convert 2 Bankruptcy CH 13, this alarmed us, We are so comfused & scared more than ever, We are current with our primary Mortgage & 1st & 2nd Loan with our Bank that is tied up with our property, our balance is $ 129,000.00 & our Appraisal is for 5,000.00 & we are current with our Property Taxes/Homeowners Insurance. & we are current with our car payment & auto insurance. Our reason 2 File for Bankruptcy in the 1st place was because of personal credit card debts, we were told from our attorney that we do qualify for CH 7, Now our attorney tells us we do not qualify for ch 7 so we have to convert to CH 13, but he says our home is not secured with the 0,000.00 Home Exemption. our children are all Adults, even though they live with us, & we support them financially the court does not reconize my college children as our dependents under the law and because 2 of them file for thier own tax-return for years now so I only have one adult dependent age 18 who is still a full-time student in High School. another thing the lawyer said 2 us when after we signed the forms for ch 13, last week friday. that we qualify for a 100% Pay Back Plan. not reduced like they do for Consolidation, & not even once did the lawyer mention anything about consolidation so I am really comfused, I even asked an attorney at the Pro-Bono work shop @the Santa Ana Bankruptcy Court House 2 weeks ago & I asked if its safe to convert my case to a ch 13 to keep my property & personal property safe they said yes, & that I would have to pay what I could only afford a month from my husbands income for a 5 year plan"so I thought ok, this is good" But, when I saw my lawyer last week 2 sign 4 the convertion to a CH 13, she said my minimum payment would be around ,000.00 a month 2 pay back my creditors & that’s the lowest payment the court would offer according to our attorney 2 start with & it will go higher in a couple of months "We can’t afford this" what should we do? this attorney is confusing us, my English is fluent but, the legal terminology is very confusing" if you have been through something like this before (or) if you know someone that had gone thru this in CA we would really appreciate any feedback you may offer, I tried 2 call my attorney again & she does not return calls I am scared for me & my family. Thanks 4 listening hope 2 hear from someone that would have knowledge to give us feedback that is true no matter how bad it ism we want to know what to expect & what we should do.
Mary:
Orange County, CA, USA
I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.
Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.
Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?
Issue #3: My car is currently worth about k less on what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?
Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.
Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?
Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.
I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.
It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.
Can you choose not to include a repo in it since the car was initially meant for someone else and you already told the bank about this in the beginning when you told them to repo it? And I see that they say not to get anything on credit 6 months before you file… is that 6 months before you file or 6 months before you start the process? I just got two cars in August 2008 so should I wait 6 months before I start the process? There’s no way possible I can even keep ONE of the cars because my monthly insurance payment IS a car payment. A few questions about fraud… will I be charged by the bank? If I make payments on the repo can I still get charged? Can I or should I bring the dealership into it since they did it? I really did not know it was fraud. I know I will still owe them but I want to make sure those lying bastards get theirs, too. I just want to make sure that I can file bankruptcy on the other car. I can deal with paying the repo on the other car by not being able to include it.
Trust me my credit is horrible! Not a problem.
My recent car purchases in August 2008, yes this year, is why I NEED to file bankruptcy.
I was ignorant of how things worked and I had one pulled over me, I admit.
I am like… ,000 in debt.
All in car debt! I only have one past due credit card.
So my question is
Should I wait 6 months from the date I bought the vehicles?
Because it is not fraud… I lost my job and simply can not pay!
I don’t have a degree or any in demand skills so there is no way possible I could afford to pay 00 a months in bills.
I don’t even MAKE 00 a month, gross!
My husband and I are filing jointly but I’m having second thoughts. His debt is 30k mine is less than 15k. I can’t work because I just had my baby and want to raise her but I’m thinking that 15k is relatively low although very big for me since I don’t work. My husband is having a hard time paying all the bills, rent, car payment etx. since I don’t work. I feel bad to have him pay my debt for me. If I decided to pay my debt I would have to work and leave my baby. I don’t know what to sacrifice. I really want to watch her grow.
On the other hand, a big, huge problem I have is that I came here with a permit and overstayed. Once I got married, immigration forgave me and gave me permanent residency. The problem is that all of my debt, even the debt I got on my permanent ssn keeps going to the old ssn number that I kept using when I wasn’t supposed to. Now, how I am supposed to explained to court that my debt is under a non-working ssn? And how can I build credit on my current # when it automatically goes to the other one even if I apply with it?
I believe I should just pay but I’m having a hard time deciding between my daughter and my obligation to pay. The lawyer is about to submit the case and he hasn’t called me back to tell me what to do.
It was my husband’s decision. I always had above 700 credit til I stopped working and he was late by days.
I have never missed a bill.
between the time I spoke to him last Tuesday and today. I didn’t have insurance on it, it was something I was working on and was going to be required in order to file bankruptcy. My car payment is almost 3 months behind now and is in danger of being repossessed. My question now is, should I not file bankruptcy and just let them repo my car? I mean if I could get back the 0 bucks I gave the attorney, and save the other 5 that I would have to pay him, I could use that to get caught up on the rest of my bills. Also, doesn’t he have to give that money back to me if I change my mind, right? Nothing has been filed. Thanks for any suggestions, I hate money.
I am beginning to regret going to college, it seems the only thing I have attained from it, is debt. When I went to school I was allured to the dream of being an airline pilot. I finally got my pilot’s license, but it got to expensive, so I switched to Aviation Management. I am so depressed and mad at myself for letting this happen, and it seems like there is no way out. A few times I forgot to fill out the FAFSA so I had to take out loans to cover the expenses, or I was late getting it in and got no money.
Here’s where I am at:
1 Loan for ,000 (Monthly Payments of 476/mo); 1 Loan for 620 (Monthly Payments of 128); 1 Loan for 00 (Monthly Payments of 50), and Credit Card Debt of about 00. So I have loans totaling 420.
I also have a car payment, cell phone, however I pay no rent, but my grandparents will soon be asking for that.
I just got a new job that pays me 000 per year. So if I don’t put anything into savings I can pay off my loans in about 4 years, however when you begin to figure in my other expenses it’s more like 7 years.
Consolidation is not really an option, because the 000 is an “Education Alternative Loan”, it’s not a federal loan. The 00 loan is a no interest loan. And the 620 is a direct federal loan.
-My dilemma is that, I have a girlfriend that I want to begin a life with. I wish to get an apartment with her maybe in the next year or so. And I want to marry her.
Situation 1- Do I put no money into savings and just tackle the loans head on? I will have no money for retirement or a down payment on a house.
Situation 2- I put some money aside into savings, and it will take longer to pay off?
Situation 3- Declare bankruptcy if I can?
I apologize for this taking so long, but I don’t know what to do. Thank you for your help.
We have been struggling month to month to make our car payment, which has really high interest since Jan. of 2007. At the time the dealers told us most people just take the high rate and refinance after 6-18 months, well we’ve had the SUV for two years now, and no one will refinance, and my husband is getting out of the military which doesn’t even pay enough, but it pays for your housing, so we are looking at a thousand less a month to stretch our budget. I’m wanting to file for bankruptcy, but my husband is insisting we don’t. Is there another alternative?
I am filing chapter 7 bankruptcy pro se… I have never been late on a car payment and it is more than half way paid for. I need it for medical reasons…if I have never been late on the payment do I need to reaffirm it or keep paying the payments? thank you
I got into financial trouble after my divorce when my ex wasn’t paying child support. I am still so far behind there is no way I can ever catch up! I want to file bankruptcy, but when I called a bankruptcy attorney he said it will cost me 00 up front to file. If I could afford to pay that, I wouldn’t need to file bankruptcy! Help! Is there another way to file without paying all those fees?
Let me add that I have not been paying these creditors for a very long time. I can barely afford to pay rent, utilities, car payment and put food on the table for my kids. There is NO WAY I can come up with that kind of money!
my credit was stolen about five years ago, i was in hawaii with my husband who was in the army at the time, but my credit says i bought a car in Oh and a house in WV, the thing is my parents stole my credit. i can’t press charges against them, even though my husband wanted nothing more than for me to do that. they also got several credit cards in my name. basically my credit is shot. i refused to press charges on them because they are my parents, but w/o pressing charges i am responsible to pay back the debt, it’s been 5 years and the debt just keeps adding up, we’ve already paid several thousands of dollars to try and restore my credit. i was estranged from my parents for 8 years and we just started building a relationship before all this happened. is it wrong to file bankruptcy to get rid of the debt, my credit is shot, i still owe about 20,000 that i know of, nothing me and my husband own is in my name, but with a new baby and another child in the house and a car payment, we can’t afford to keep paying on stuff we didn’t even get. is it wrong to file bankruptcy in this case? or to press charges against your parents when they do that? they admitted it when they got caught, but never even apologized to me. what do you think? and which bankruptcy should i file? 7 or 13 thank you
my parents already made it clear they won’t pay any of it back. they said we should ignore the bills. we can’t do that. i’m just afraid of how it will look to my children, if i put their grandparents in prison, especially when they are older. and isn’t it mean to put your parents in jail, though they did ruin my credit, and our lives. we have had to cut back on so much stuff because we’re paying off their bills. so bankrubtcy is not an option, will my kids hate me later for putting my parents in jail?
Is it ok to surrender my car back to the bank before my Chapter 7 Bankruptcy is finalized? I’ve already attended the hearing, I am expecting a successful Chapter 7 release soon but not sure exactly what date, I have the car listed on my Debtors Statement of Intention as "Surrender", the next car payment is due this Saturday, I don’t have the money to pay it, will I jeapordize my Chapter 7 release by surrendering the car back to the bank now, should I wait until my release arrives in the mail, or does the timing of this not really make a difference?
I am confused as to what to do – my husband and I recently reconciled and between the two of us, we have ,000 in unsecured credit card debt. Although he makes very good money, approx. 00 per month, we cannot keep up on all the minimum payments for these cards, let alone trying to pay the principal.
He has a car payment and we own our house (or we will in 27 years anyway 
– we have not been late on the mortgage as that is our top priority. We also have 4 kids…… should we file? We figure since we have the house and vehicles that we can deal with the bad, bad credit that this will result in but are we forgetting something?
We considered a debt consolidation but we heard this is more often then not a scam and ruins your credit as much as or more then a bankruptcy. Any advice is appreciated ~ thank you.
Unfortunately all the late payments have resulted in a credit rating in the 500’s which is too low to qualify for a re-fi.
Bought a brand new car 6 mo’s ago. Had 2 g’s in negative equity in previous car which obviously rolled over to this one. Have a 600 beacon so got high interest rate on new car. Just made 6th payment and owe about 7 g’s more on it than what Kelly blue book says its worth on trade. With the credit market the way it is I don’t see a way out of this vehicle. The payment is too high on it for me now because I lost my job and have been unable to find a similar paying job for past 3 months, and I can’t get unemployment. Haven’t missed a payment or been late on this car or the previous one I had for just over a year. I only have about 0 in credit card debt, but am maxed out basically. Have other various debt from years back. At this point I don’t see how I’ll be able to come up with car payment and rent at the end of December, so I need to figure something before then.Is there anything I can do?
I recently had an unwilling job change with my company and took a ,000 a year pay cut. I can’t even afford to eat. I have three credit cards, a computer that’s financed and about 00 in hospital bills. My car payment is 0 a month. Yah, I know but I could afford it a year and a half ago. Should I file bankruptcy or try to take out a personal loan to pay everything off and get caught up. My car is about to get repossessed unless I voluntarily surreder it. Who knows best?
I need to file for bankruptcy and need to know if i need to take any classes for financial management to sastify the courts and what will I need for the courts and such. Im so scared but I need to do this.
To fill everyone in before you judge my husband ( now seperated) stole all of my bill money while I was working 16 hour days and was pregnant with our child. As he was sitting on his lazy ass at home doing whatever drugs he choose to spend my car payment and credit card payments on I was going bankrupt and didnt know it till they took my car and shut off my electric with a newborn son! Thank everyone for juding me claiming I was irresponsible when I wasnt! I had excellent credit before that douche bag! Also do I file for bankruptcy or divorce first?