Bankruptcy - anyone gone through it?

[Dayze]

well, after a 12 month fight with our mortgage company and creditors; exhausting all savings; cashing out 401ks; stopping 401k contributions.....

it appears the end is near. We are being foreclosed upon 10/15/09.

our lender has being jerking us around for 5 months with a loan modification and I was informed today by the VA that even if the mod is approved, it will likely be a very miminal impact to our monthly commitment/cashflow etc.

Anyone have any suggestions, opinions on the matter? It's really tough right now.

Thanks guys/gals.

Dayze

[R8RFAN]

Originally Posted by Mr. Flopnuts

Credit is a tool that should be used wisely. Just because so many people are unable to control themselves with it, doesn't mean that it is an evil entity. It's a matter of personal responsiblity, and education. I provide both as a means of avoiding a return trip to my office. As far as not respecting the business I'm in, that's fair. It's full of assholes, douchebags, and thieves. Which is why I felt the need to defend myself in the first place.

If you truly are trying to help people then I am sorry if I painted with too wide of a brush.
I know I am weird to most but I see all credit as bad except for a 15 year mortgage with a payment of 25% or less of net income, this enables people to sometimes double up on payments and pay that house off early,become 100% debt free and live on what you make instead of being a slave to the lender.

I was dumb when I got a 30 yr mortgage, but I paid it off in less than 5.5 years.

I was not trying to offend you, it's just you are in business to help people improve their credit score, I am totally opposite, I don't want to have credit and think it is the root to most of American family problems including causing more divorces in America than infidelity

I want to see people prosper, I want people to be able to take a day off and relax without worrying if they are going to make the bills.

[R8RFAN]

Originally Posted by Bugeater

And all that means is the car is losing value as fast as you pay for it, which is true. Where you're losing me is when you say it costs an additional $500 each month, when does that money come out of your wallet?

You buy a 30k car on credit, will probably cost you 40 by the time you get it paid off ,When you get it paid off you have spent 40 k
when you sell it after 4 years it will hopefully be worth 10k.

I didn't say you would totally lose 1000 per month but if you are making payments of 500 per month and your car is being devalued 400 per month and you are having to pay an extra 100 per month for the collision on it, that car is costing you 1000 per month.

It's all about cash flow

A car is something that is consumed or used up and everyday and every mile the car loses value. The less you pay and the more miles you get results in lower costs
Better scenario
Pay 10k for a good used car...Drive the hell out of it for 5 yrs, repeat

[R8RFAN]

the money is coming out of your wallet when you wind up paying 40 for a car that costs 30 and you sell it for 10 if you are lucky in 4 years
That is if you put 15k or less miles per year on it....

I love to look on craigslist at the people who have cars with 180k on them trying to get half of what they gave for them

[Bugeater]

Originally Posted by R8ers

the money is coming out of your wallet when you wind up paying 40 for a car that costs 30 and you sell it for 10 if you are lucky in 4 years
That is if you put 15k or less miles per year on it....

I love to look on craigslist at the people who have cars with 180k on them trying to get half of what they gave for them

[Dayze]

My car will be paid for in 11 months; thank god. Or, depending on how all this stuff shakes out I might be about to just pay it off and use that payment for cashflow.
Haven’t made that call yet.

I’m done with buying ‘new’ cars. Even though I’ve never owned a ‘new’ one per se, they have been 17-20k ish. Screw that. when this one dies (hopefully a long time from now) I’ll spend 8k on a 2 yr old car with 20k miles on it. And drive it until it dies.

[Bugeater]

Originally Posted by Dayze

My car will be paid for in 11 months; thank god. Or, depending on how all this stuff shakes out I might be about to just pay it off and use that payment for cashflow.
Haven’t made that call yet.

I’m done with buying ‘new’ cars. Even though I’ve never owned a ‘new’ one per se, they have been 17-20k ish. Screw that. when this one dies (hopefully a long time from now) I’ll spend 8k on a 2 yr old car with 20k miles on it. And drive it until it dies.

Dude, find me a 2 yr old car with 20K on it for $8,000 and I'll take ten of them.

[Skip Towne]

Originally Posted by Bugeater

Sorry to tell you this, but playing with your toy trucks on your mom's kitchen floor does not make you a truck driver.

And why would I envy you, you're a Raiders fan FFS.

Rep

[R8RFAN]

Originally Posted by Dayze

My car will be paid for in 11 months; thank god. Or, depending on how all this stuff shakes out I might be about to just pay it off and use that payment for cashflow.
Haven’t made that call yet.

I’m done with buying ‘new’ cars. Even though I’ve never owned a ‘new’ one per se, they have been 17-20k ish. Screw that. when this one dies (hopefully a long time from now) I’ll spend 8k on a 2 yr old car with 20k miles on it. And drive it until it dies.

You have the right mentality there...

Save 3-6 months of living expenses then buy what you can afford in a car beyond that, if you only have 2000 dollars beyond that then guess what, you are going to have to drive a 2000 dollar car.

Don't give in and do not cut corners and DO NOT FINANCE no matter how much you like car A versus car B

Dave Ramsey says, Live like no one else today so you can live like no one else tomorrow

[Red Coater]

Sorry to hear about that. Only thing I can say is Be Strong and have Faith. Things will get better.

[Mr. Flopnuts]

Originally Posted by R8ers

If you truly are trying to help people then I am sorry if I painted with too wide of a brush.
I know I am weird to most but I see all credit as bad except for a 15 year mortgage with a payment of 25% or less of net income, this enables people to sometimes double up on payments and pay that house off early,become 100% debt free and live on what you make instead of being a slave to the lender.

I was dumb when I got a 30 yr mortgage, but I paid it off in less than 5.5 years.

I was not trying to offend you, it's just you are in business to help people improve their credit score, I am totally opposite, I don't want to have credit and think it is the root to most of American family problems including causing more divorces in America than infidelity

I want to see people prosper, I want people to be able to take a day off and relax without worrying if they are going to make the bills.

I wasn't offended as much as defending myself because I know I work in a wacky, bullshit, arena. There are a lot of thieves and dickheads in my industry and I try to set myself apart by example.

Using credit for anything other than a means to an end is a bad idea. Whether you're trying to buy a home, get into investment properties, etc. it's imperative that you have a good credit score. The trick is making your credit work for you rather than vice versa which is how it is for a majority of Americans. My services are results driven, but also provide education and knowledge on how to accomplish the task I listed above. Making your credit work for you. Here's my website. I'm not a consumer credit counselor, but I understand the credit industry and the philosophies behind it. Most people don't.

www.thenegotiationstation.com

P.S - No offense taken. You didn't disrespect me. I just wanted to make it clear that I'm not "That guy."

[R8RFAN]

Originally Posted by Bugeater

Dude, find me a 2 yr old car with 20K on it for $8,000 and I'll take ten of them.

2-4 year range
Kias are on craiglist everyday, they can be found
Suzuki Forenzas 2-4 yr olds

You can find em if you will settle for them, but if you think you are a Prince or have a woman that thinks she is a Princess, it gets difficult.

[Kerberos]

Originally Posted by Dayze

Bankruptcy - anyone gone through it?

Dayze

Don't be a leach on the taxpayers you loser[quote:KyleProBowler/]

J/K

I have had to do it when I first got married. My wife was preggers. We had her mortgage and mine and she moved in to my house. She quit her job to stay home with the baby for the first year of his life. There was NO way for us to pay for 2 mortgages AND pay the bills AND care for a baby. Something had to give so we talked to an lawyer and that is what he suggested.

I now have a credit score of well over 700 so don't let anyone tell you it hurts you for a long time. I'm still in active bankruptcy since it hasn't even been 6 years yet.

I wish to hell I wouldn't of had to do it but there was no other choice for us.

[R8RFAN]

Originally Posted by Mr. Flopnuts

I wasn't offended as much as defending myself because I know I work in a wacky, bullshit, arena. There are a lot of thieves and dickheads in my industry and I try to set myself apart by example.

Using credit for anything other than a means to an end is a bad idea. Whether you're trying to buy a home, get into investment properties, etc. it's imperative that you have a good credit score. The trick is making your credit work for you rather than vice versa which is how it is for a majority of Americans. My services are results driven, but also provide education and knowledge on how to accomplish the task I listed above. Making your credit work for you. Here's my website. I'm not a consumer credit counselor, but I understand the credit industry and the philosophies behind it. Most people don't.

www.thenegotiationstation.com

P.S - No offense taken. You didn't disrespect me. I just wanted to make it clear that I'm not "That guy."

Good luck to you, If you have the heart of a teacher to teach these people to clean up their mess and stay that way then more power to you.

I am talking about the companies that tell people to intentionally get behind on their bills so they can negotiate lower payments or those charging thousands of dollars to get people out of 100's of dollars claiming they will save their credit and the world will be wonderful again.

Money is simple, if you have more coming in than going out you are making it but if you are cutting it close and living by the sword, you will die by it because rainy days happen.

I blame banks as much as the Ding Dongs that are borrowing it

I think a clearly defined credit to debt ratio should be established in this country and if a bank knowingly goes over it they should get fined and be liable for the balance.
I think credit card companies should have to abide by the same rules.
I dont think a bank should be able to write a mortgage on anything but a debt to credit ratio and the fica score should be abolished.

America wants you to be in debt, take that cash for clunkers scam, first off the car companies raised the prices on the cars say 2500, then they sold the cars and got 4500
As soon as these broke people go into a dealer, they are no longer looking at that cheap car because now they have 4500 more to spend off the bat.
The people traded good cars that were paid for in on new cars with payments.

DUMB DUMB DUMB DUMB

[Dayze]

Originally Posted by Bugeater

Dude, find me a 2 yr old car with 20K on it for $8,000 and I'll take ten of them.

intiially when this process started, we thought about gettign a different vehicle, simple to get more cash in the door (yeah, we'd be starting over in a term, but we needed cash badly). we looked at a 2008 Focus with about 24k miles for 8500.

not an awesome car by any means etc..just saying that the type of car I'll be looking for when my car kicks the bucket etc.

[R8RFAN]

Originally Posted by Dayze

intiially when this process started, we thought about gettign a different vehicle, simple to get more cash in the door (yeah, we'd be starting over in a term, but we needed cash badly). we looked at a 2008 Focus with about 24k miles for 8500.

not an awesome car by any means etc..just saying that the type of car I'll be looking for when my car kicks the bucket etc.

SEE thats what I am talking about....

Most people think they are "too good" for that focus though and they are "entitled" to whatever they want because they get up and go to work everyday.

I remember when I was in credit card debt bad when I was younger, I made pretty good money too, that credit card collector called me and I said to her " Lady, do you know how much money I make"? Like I was ENTITLED to the charges I put on that card.

She said to me that doesn't matter because their are plenty of millionaires out there that can't pay their bills either, I felt like an idiot