statute of limitations credit card debt limit?
(and he knows it…. like if I find out I don’t need him in a few months, he would lose out on the fees I’d have to pay him to file bankruptcy?)
The information is online, everywhere — just do a search for it!
http://education.cardhub.com/statute-of-limitations-for-credit-card-debt/
….If they never signed a contract or any kind of written agreement?
My grandfather loaned his sister’s grandson, Zach,(my second cousin) a loan of twenty thousand dollars. He claimed he was going to better his life by taking flying lessons to become a pilot. He convinced my Papaw that this was basically a "education" loan. My grandfather, being the generous and giving person he is lent him the money and set up a payment plan with Zach to get the money back over time. This was in April of 2009. My Papaw was diagnosed with cancer in June 2009 and passed away in November 2009. Zach made payments until November 2009, when my Papaw passed away.
Before my Papaw passed, he told my aunt (which is over his estate) to make sure that Zach keeps making payments. Now Zach has become extremely disrespectful to our immediate family. He doesnt make any payments, he doesnt return calls or texts and he gloats and posts pictures of a new small business he has opened on Facebook. My aunt even met with him and lowered his payment so he would be able to pay.
So what I am wanting to know is, without having any written agreement between Zach and my grandfather, can we take him to court to get the money back?
Also another detail is today we ran into him at the bank and he said "I just filed bankruptcy, my lawyer should be in contact with you"
I’m thinking about filing Chapter 7 but do not know if im eligible. Here’s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car’s creditor and that’s the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don’t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don’t want to do Chapter 13 for my credit card debts– this will waste my time, money and get a ruined credit report.
I’ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
My question is if i’m eligible to file for CHAPTER 7.
I can’t help but feel sorry for people who are going into debt for a fake education. The job market is horrible, and you can’t file for bankruptcy on student loans…not to mention half the degrees are for jobs that don’t even exist.
The parent plus loan was for my education in the amount of 18,000. Will they make me pay it or does the loan get erased or something because he is filing bankruptcy?
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.
My boyfriend is having a hell of a time with the financial aid department at our university. We attend a university that is ranked 3rd in the Midwest and they definitely make you pay for that type of education. He is in his second of four years here and this year with the economy being as bad as it is, his parents have been forced to file bankruptcy. They are fighting garnishments and all sorts of stuff. Needless to say, they have absolutely no money to send him whatsoever. His fafsa did get filled out, but he can not get approved for any private student loans without a cosigner. His aunt has cosigned for him for 8000 already. The university just told him today that he is still going to owe another 16000 in order to finish JUST THIS SCHOOL YEAR! we are in the second of 3 quarters and he is not even allowed to schedule classes until the bill is paid. I don’t understand how there is no help for him. The Financial Aid department is telling him that he has no choice but to find a cosigner. Isn’t there something the government can do? I mean, I’m in a similar boat, but not that much money. And I have an EFC of 0 which is supposed to mean that my education is paid for. We are both struggling financially and I really want to help him out. Anything that you can tell me about this is great since our financial aid department doesn’t seem to be helping. =( thanks so much!