Bankruptcy

[mcan]

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]

Originally Posted by Scorp

Don't listen to this crap. Society owes you. The American people will pay your debt off. Consult an attorney and file Chapter 7.

Society does owe him, but bancruptsey is just another way the game gets you hooked. You will never get out of debt unless you take responsibilty and steal some shit and pawn it in.

[CoMoChief]

Originally Posted by mcan

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?

No offense but the only way to get a job with a theatre degree is to teach......Theatre.

[CoMoChief]

[QUOTE=Demonpenz;6168184]Society does owe him, but bancruptsey is just another way the game gets you hooked. You will never get out of debt unless you take responsibilty and steal some shit and pawn it in.[/QUOTE]

[mcan]

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.

[Demonpenz]

have you ever thought about selling drugs?

[wild1]

Originally Posted by CoMoChief

No offense but the only way to get a job with a theatre degree is to teach......Theatre.

Most theatre majors have two hands and two feet, which means they can find work somewhere.

[Brock]

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.

[Mile High Mania]

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.

[Demonpenz]

Alot of my friends needed money to get their gigs going to by decent guitars etc, and then the bars they were playing at wouldn't pay them shit. Well you could see that they weren't going to make their money back playing at bars. Their only choice was to start selling weed and picking up a few more gigs on the side. It was hard work, and they even had to swallow their pride and play mustang sally instead of their original songs, but it seems like they are doing better now. You just need to play more gigs.

[Demonpenz]

Originally Posted by wild1

Most theatre majors have two hands and two feet, which means they can find work somewhere.

he paid for his degree, he is above working labor jobs for sure.

[Scorp]

Shooting Heroin has gotten me through some rough times. Keep your chin up!

[Mile High Mania]

Originally Posted by Demonpenz

Alot of my friends needed money to get their gigs going to by decent guitars etc, and then the bars they were playing at wouldn't pay them shit. Well you could see that they weren't going to make their money back playing at bars. Their only choice was to start selling weed and picking up a few more gigs on the side. It was hard work, and they even had to swallow their pride and play mustang sally instead of their original songs, but it seems like they are doing better now. You just need to play more gigs.

And, sometimes... when life has you by the balls (by your own doing) you have to buckle down, set your priorities correctly and focus on a more consistently paying line of work.

[mcan]

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)

[wild1]

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]

Originally Posted by Demonpenz

he paid for his degree, he is above working labor jobs for sure.

I'm currently working a "labor job," thank you very much.