Life Bankruptcy

mcan · 10-13-2009, 09:16 AM

Anybody here ever do it? What was your experience with it? I have a lot of very old credit card debt that I couldn't afford to keep paying on, and a lot of student loans that I have yet to really start on. Got my degree (in theater = dumb). I was teaching guitar lessons for cash through most of college and living off of student loans, then I was out of work for a while and now I'm living back home at the age of 29 (ouch). I did get a job on the production line of a fiberglass company for now, but the job isn't supposed to last past November. Got my summons a few weeks ago for a Discover Card debt. They want their money, and I don't blame them. But man, I really don't want to get my wages garnished and bank accounts frozen. This is a HUGE hole. Need out.

Any advice?

Demonpenz · 10-13-2009, 09:18 AM

Hang in there and remember It's not your fault

mcan · 10-13-2009, 09:22 AM

Quote:

Originally Posted by Demonpenz

Hang in there and remember It's not your fault

Ha ha ha. (I assume that's sarcasm)

Seriously, I know I made this hole. Regardless of how I got here, I'm here. Now it's about what to DO.

kstater · 10-13-2009, 09:28 AM

Quote:

Originally Posted by Demonpenz

Hang in there and remember It's not your fault

**Scorp** · 10-13-2009, 09:21 AM

Gun....bullets......nah just drink the poison under the sink.

mcan · 10-13-2009, 09:24 AM

Quote:

Originally Posted by Scorp

Gun....bullets......nah just drink the poison under the sink.

It tastes like shit. I'd go buy some differently flavored poison, but it's precisely that kind of frivolous spending that got me here in the first place!

Demonpenz · 10-13-2009, 09:23 AM

when i was having my credit problem i went to a self help group (which was surprisingly cheap 30 bucks a week or so). some of the steps were

1.) admitting that it wasn't your fault this happened. Credit companies use preditory tactics to seal your fate.
2.) trusting a higher power to get yourself out of debt
3.) Try to hold on to as many things you worked so hard to get.
4.) Reconize the kindness in others to help you get out or DON'T BE AFRAID TO ASK FOR HELP!

mcan · 10-13-2009, 09:33 AM

Quote:

Originally Posted by Demonpenz

when i was having my credit problem i went to a self help group (which was surprisingly cheap 30 bucks a week or so). some of the steps were

1.) admitting that it wasn't your fault this happened. Credit companies use preditory tactics to seal your fate.
2.) trusting a higher power to get yourself out of debt
3.) Try to hold on to as many things you worked so hard to get.
4.) Reconize the kindness in others to help you get out or DON'T BE AFRAID TO ASK FOR HELP!

Well, I should have known better. I didn't have the money, and thought I was going to be a rockstar (not literally) in a few years. Stupid. But I def agree that the credit card companies have dicked me with interest rates and penalties. I paid them for years without ever using it and never even made a dent. As for holding on to the stuff. The stuff is all gone. I sold some of the bigger items to pay for my move and some stuff I had to pay off when I came home from college. Had to sell stuff quick and cheap too. (instruments and electronics). As for asking for help... I guess that's what bankruptcy is for. And I certainly wouldn't be the first. But it's embarrassing to have gotten so far behind the 8ball. My debt is quickly going from nuisance, to problem and now I'm afraid it's going to wind up being a "gateway to a shitty rest of my life" if I don't act on it now.

Brock · 10-13-2009, 09:35 AM

Quote:

Originally Posted by mcan

I'm afraid it's going to wind up being a "gateway to a shitty rest of my life" if I don't act on it now.

The first step through that gate will be a bankruptcy.

mcan · 10-13-2009, 09:38 AM

Quote:

Originally Posted by Brock

The first step through that gate will be a bankruptcy.

So your advice is for me to NOT do it, huh? Care to elaborate?

This is the kind of thing I was hoping to get out of this thread. (besides getting flamed a bit by the crowd)

Brock · 10-13-2009, 09:44 AM

Quote:

Originally Posted by mcan

So your advice is for me to NOT do it, huh? Care to elaborate?

This is the kind of thing I was hoping to get out of this thread. (besides getting flamed a bit by the crowd)

You're going to be carrying that bankruptcy around with you for a long time. You need to give Mr. Flopnuts a PM. He can give you good advice.

wild1 · 10-13-2009, 09:39 AM

Quote:

Originally Posted by Brock

The first step through that gate will be a bankruptcy.

It used to be that bankruptcy was on your credit for 10 years. Don't know if that is still the case.

I am not sure that at age 30, doing something that will cause no one to loan you a cent until you are 40 is a good solution. No cars (unless you want to pay a rate that should be criminal), no buying a home, in some cases getting rejected for rental housing, paying more for all forms of insurance. The cure is worse than the disease, and it will last longer than the suffering would in actually paying the debt off (which is how it should be).

I would think it would be much better to just live at home and work two jobs for the foreseeable future to start digging out. Waiting tables, tending a bar, whatever.

mcan · 10-13-2009, 09:43 AM

Quote:

Originally Posted by wild1

It used to be that bankruptcy was on your credit for 10 years. Don't know if that is still the case.

I am not sure that at age 30, doing something that will cause no one to loan you a cent until you are 40 is a good solution. No cars (unless you want to pay a rate that should be criminal), no buying a home, in some cases getting rejected for rental housing, paying more for all forms of insurance. The cure is worse than the disease.

I would think it would be much better to just live at home and work two jobs for the foreseeable future to start digging out. Waiting tables, tending a bar, whatever.

Sounds like good advice. Just not sure it's feasible. The job I have is swing shift now. It's good money, but like I said, when they hired me on, it was with the knowledge that I probably would get laid off sometime in November.

Mile High Mania · 10-13-2009, 09:35 AM

Quote:

Originally Posted by mcan

Well, I should have known better. I didn't have the money, and thought I was going to be a rockstar (not literally) in a few years. Stupid. But I def agree that the credit card companies have dicked me with interest rates and penalties. I paid them for years without ever using it and never even made a dent. As for holding on to the stuff. The stuff is all gone. I sold some of the bigger items to pay for my move and some stuff I had to pay off when I came home from college. Had to sell stuff quick and cheap too. (instruments and electronics). As for asking for help... I guess that's what bankruptcy is for. And I certainly wouldn't be the first. But it's embarrassing to have gotten so far behind the 8ball. My debt is quickly going from nuisance, to problem and now I'm afraid it's going to wind up being a "gateway to a shitty rest of my life" if I don't act on it now.

Well, it's definitely going to suck for a while... but you'll get through it.

Brock · 10-13-2009, 09:24 AM

I don't think bankruptcy gets you off the hook for those student loans. I'd start working 2 jobs if I were you.

10-13-2009, 09:16 AM	Topic Starter
mcan Apr 13,1949 – Dec 15, 2011 Join Date: Aug 2000 Location: Kansas City, MO Casino cash: $9996085	Bankruptcy Anybody here ever do it? What was your experience with it? I have a lot of very old credit card debt that I couldn't afford to keep paying on, and a lot of student loans that I have yet to really start on. Got my degree (in theater = dumb). I was teaching guitar lessons for cash through most of college and living off of student loans, then I was out of work for a while and now I'm living back home at the age of 29 (ouch). I did get a job on the production line of a fiberglass company for now, but the job isn't supposed to last past November. Got my summons a few weeks ago for a Discover Card debt. They want their money, and I don't blame them. But man, I really don't want to get my wages garnished and bank accounts frozen. This is a HUGE hole. Need out. Any advice?
Posts: 3,761

10-13-2009, 09:18 AM	#2
Demonpenz Woman should only make babies Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $-423864	Hang in there and remember It's not your fault __________________
Posts: 54,957

10-13-2009, 09:21 AM	#5
Scorp Whiskey Tango Foxtrot OVER! Join Date: Dec 2003 Location: Hell Casino cash: $6629000	Gun....bullets......nah just drink the poison under the sink. __________________
Posts: 4,507

10-13-2009, 09:23 AM	#7
Demonpenz Woman should only make babies Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $-423864	when i was having my credit problem i went to a self help group (which was surprisingly cheap 30 bucks a week or so). some of the steps were 1.) admitting that it wasn't your fault this happened. Credit companies use preditory tactics to seal your fate. 2.) trusting a higher power to get yourself out of debt 3.) Try to hold on to as many things you worked so hard to get. 4.) Reconize the kindness in others to help you get out or DON'T BE AFRAID TO ASK FOR HELP! __________________
Posts: 54,957

10-13-2009, 09:24 AM	#15
Brock Say hello to my little friend Join Date: Aug 2000 Location: Larryville Casino cash: $9598422	I don't think bankruptcy gets you off the hook for those student loans. I'd start working 2 jobs if I were you.
Posts: 47,314