Life Bankruptcy - Page 5

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?

joesomebody · 10-13-2009, 09:57 AM

Quote:

Originally Posted by Demonpenz

You don't have to go in the military, there is always the air force

<-- not qualified to make that joke

<---- qualified to make that joke.

I laughed and I was in the Air Force. We do our part, but we are by no means bad asses or at anywhere near the kind of risk that the other branches are in.

Mile High Mania · 10-13-2009, 09:57 AM

Quote:

Originally Posted by KC Dan

Are your student loans in deferrment? Have you the ability to put together some cash to settle with Discover? Maybe parents? You could probably get them to take $0.30 or $0.40 on the dollar to settle. Someone said $10k isn't that much CC debt nowadays. You should be able to work something out like others have said. If you haven't yet, I would try to defer the student loans also.

If he's been summoned to court, I'm guessing Discover has turned his debt over to a collection agency... so, he's likely dealing with them now on behalf of Discover.

**Buehler445** · 10-13-2009, 09:58 AM

70K for your student loans? **** me.

Anyway, shoot Flopnuts a PM. I think he is one of the best resources on the board. Fraz had a good suggestion also.

My suggestion is cut all of your unecessary expenses (cable, internet, get a prepaid cell, eat Ramen, live in a buddie's basement, etc.) And get to work. Work 2 jobs and do as much as you can on the side.

Prioritize your debt by interest rate and get to work.

For your student loans, you may be able to get on a graduated plan that allows you to pay less now, and increases your payments. You have to understand what you're doing there, but it may allow you to get out from under CC loans.

The biggest thing you can do is change your lifestyle to free up cash.
Posted via Mobile Device

**BigRedChief** · 10-13-2009, 09:59 AM

Quote:

Originally Posted by joesomebody

While usually good advice, they won't accept him more than likely.

Credit problems (even pretty reasonable credit problems) are a major no no in the military. And since he's been ordered to court already, and is on the verge of Bankruptcy it will be dicey.

I would say zero chance a theater major is going to be commissioned with debt problems. I mean zero offense by this, but military deals with a different kind of theater anyway.

If you were a doctor, engineer, lawyer, something of high demand they might work with your debt problem.

They view debt as a liability, as you are prone to take bribes. This keeps you from getting a security clearance, which is important for enlisted folk, let alone officers.

I'm not saying don't try it, can't hurt and he is right. You'll have a house and food. O-1s make around 26k a year, plus probably 10k more in nontaxable/ungarnishable food and housing money.

I don't even have to be in financial trouble to lose my security clearance. Just not maintaining excellent to good credit is enough to cost me my job.

When I was at the Dept. of Homeland Security about 1/2 the poeple they hired were fired within 6 months for financial issues. They didn't lie on their background checks but the check goes much more deeper than just a credit score background check.

**Scorp** · 10-13-2009, 10:00 AM

Just go back to school. While you are in school you don't have to repay student loans. Just stay in school the rest of your life.

InChiefsHeaven · 10-13-2009, 10:01 AM

FInd a non-profit debt consolidation company, like Consumer Credit Counseling Service. I've used it, and it's great. For a nominal fee (25.00 a month) they will work out everything with all your creditors, get them to stop interest and late fees, and they come up with a payment you can afford and a timeframe. Then you just make your payment to them once a month until it's paid off.

The student loans...well, that just sucks. But you need to get 2 jobs. If you kNOW you are going to be laid off in November, then don't sit around waiting for that crap. Get out there and get a couple of jobs, quit the one that's only good for another month anyway, get your credit cards in order like I mentioned above, and just start pounding on those things along with your student loans. If you ever want to get out of your mom's basement and buy a house or even rent an apartment, the last thing you want is a bankruptcy on your record.

Good luck!

Mile High Mania · 10-13-2009, 10:01 AM

Mcan - question for you.

Have you been consistently paying 'anything' to the CC or the student loans each month ... or have you just said 'to hell with it, I don't have the money'?

If you're making any effort at all to pay something monthly, while it isn't making a dent, it's showing you are trying and could help your cause. If you are months behind with no payments and no proactive phone calls to state why... I don't know that they will do anything to help you.

joesomebody · 10-13-2009, 10:03 AM

I think there are teaching programs out there that forgive some student loans if you serve in an underprivileged public school in the same state you went to college in. Might want to look into that. You'll have to take the Praxis and become certified, probably have to go to grad school and work on an Education degree as well. Just a thought. I don't know.

Demonpenz · 10-13-2009, 10:08 AM

The resources are out there, you just need to work for it The pet business right now is booming, try stealing a dog, then call a local chinese place and see what they offer for it's pelt and meat, then wait to see what the rewards are for lost dog, then take the best offer.

joesomebody · 10-13-2009, 10:15 AM

Quote:

Originally Posted by Demonpenz

The resources are out there, you just need to work for it The pet business right now is booming, try stealing a dog, then call a local chinese place and see what they offer for it's pelt and meat, then wait to see what the rewards are for lost dog, then take the best offer.

Sadly there are a lot of poor pet owners that would be oh to happy to pay you for bringing back the dog you stole from them.

Dumb bastards like me think of them like kids. Ransoming a dog probably doesn't have the same penalty as ransoming a child though...

Nice cross thread humor Demonpenz, was good meeting you the other night too.

Mile High Mania · 10-13-2009, 10:16 AM

Well, I don't know much about where you live... but, knowing your current job is ending in about 3 weeks... I would wait as many tables as I could. Do some telemarketing or something like that.

Demonpenz · 10-13-2009, 10:18 AM

simple income statement can help you keep afloat

Frazod · 10-13-2009, 10:18 AM

Quote:

Originally Posted by joesomebody

While usually good advice, they won't accept him more than likely.

Credit problems (even pretty reasonable credit problems) are a major no no in the military. And since he's been ordered to court already, and is on the verge of Bankruptcy it will be dicey.

I would say zero chance a theater major is going to be commissioned with debt problems. I mean zero offense by this, but military deals with a different kind of theater anyway.

If you were a doctor, engineer, lawyer, something of high demand they might work with your debt problem.

They view debt as a liability, as you are prone to take bribes. This keeps you from getting a security clearance, which is important for enlisted folk, let alone officers.

I'm not saying don't try it, can't hurt and he is right. You'll have a house and food. O-1s make around 26k a year, plus probably 10k more in nontaxable/ungarnishable food and housing money.

Wow. I wouldn't even think about the military doing credit checks on new recruits. That's ****ed up.

patteeu · 10-13-2009, 10:19 AM

I agree with these points in this thread:

1. Avoid bankruptcy at all costs
2. Call your creditors and try to work something out
3. Work 2 jobs. Don't be proud about what kinds of jobs they are either. Take what you can get.
4. Don't spend any more money. If you buy your own food, eat cheap. No cable, no cell phones, no monthly expenses that aren't absolutely necessary.
5. Sell what you don't need. If you have a car that's worth something, sell it and buy basic transportation to get to your jobs. Take any surplus and apply it to debt.
6. Consider the military option that Frazod suggested.
7. Talk to Flopnuts.

Good luck.

Cannibal · 10-13-2009, 10:20 AM

You should not be allowed to declare bankruptcy, you should be spending time in prison for grand larceny.

10-13-2009, 09:16 AM
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, 09:58 AM	#63
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1635266	70K for your student loans? **** me. Anyway, shoot Flopnuts a PM. I think he is one of the best resources on the board. Fraz had a good suggestion also. My suggestion is cut all of your unecessary expenses (cable, internet, get a prepaid cell, eat Ramen, live in a buddie's basement, etc.) And get to work. Work 2 jobs and do as much as you can on the side. Prioritize your debt by interest rate and get to work. For your student loans, you may be able to get on a graduated plan that allows you to pay less now, and increases your payments. You have to understand what you're doing there, but it may allow you to get out from under CC loans. The biggest thing you can do is change your lifestyle to free up cash. Posted via Mobile Device
Posts: 60,031

10-13-2009, 10:00 AM	#65
Scorp Whiskey Tango Foxtrot OVER! Join Date: Dec 2003 Location: Hell Casino cash: $6629000	Just go back to school. While you are in school you don't have to repay student loans. Just stay in school the rest of your life. __________________
Posts: 4,507

10-13-2009, 10:01 AM	#66
InChiefsHeaven Rockin' yer FACE OFF! Join Date: Feb 2003 Location: Omaha, Nebraska Casino cash: $565437	FInd a non-profit debt consolidation company, like Consumer Credit Counseling Service. I've used it, and it's great. For a nominal fee (25.00 a month) they will work out everything with all your creditors, get them to stop interest and late fees, and they come up with a payment you can afford and a timeframe. Then you just make your payment to them once a month until it's paid off. The student loans...well, that just sucks. But you need to get 2 jobs. If you kNOW you are going to be laid off in November, then don't sit around waiting for that crap. Get out there and get a couple of jobs, quit the one that's only good for another month anyway, get your credit cards in order like I mentioned above, and just start pounding on those things along with your student loans. If you ever want to get out of your mom's basement and buy a house or even rent an apartment, the last thing you want is a bankruptcy on your record. Good luck! __________________ We have a million reasons for failure, but not one excuse... Die Donks, DIE!! Holy Crap fellas!!! We did it!!! THREE TIMES!!!
Posts: 27,268

10-13-2009, 10:01 AM	#67
Mile High Mania #triggering Join Date: Aug 2000 Location: Tejas Casino cash: $877229	Mcan - question for you. Have you been consistently paying 'anything' to the CC or the student loans each month ... or have you just said 'to hell with it, I don't have the money'? If you're making any effort at all to pay something monthly, while it isn't making a dent, it's showing you are trying and could help your cause. If you are months behind with no payments and no proactive phone calls to state why... I don't know that they will do anything to help you. __________________
Posts: 30,911

10-13-2009, 10:03 AM	#68
joesomebody Waiting to be voted off Join Date: Feb 2004 Location: Baltimore, MD Casino cash: $9994900	I think there are teaching programs out there that forgive some student loans if you serve in an underprivileged public school in the same state you went to college in. Might want to look into that. You'll have to take the Praxis and become certified, probably have to go to grad school and work on an Education degree as well. Just a thought. I don't know.
Posts: 2,584

10-13-2009, 10:08 AM	#69
Demonpenz Woman should only make babies Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $-423864	The resources are out there, you just need to work for it The pet business right now is booming, try stealing a dog, then call a local chinese place and see what they offer for it's pelt and meat, then wait to see what the rewards are for lost dog, then take the best offer. __________________
Posts: 54,959

10-13-2009, 10:16 AM	#71
Mile High Mania #triggering Join Date: Aug 2000 Location: Tejas Casino cash: $877229	Well, I don't know much about where you live... but, knowing your current job is ending in about 3 weeks... I would wait as many tables as I could. Do some telemarketing or something like that. __________________
Posts: 30,911

10-13-2009, 10:18 AM	#72
Demonpenz Woman should only make babies Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $-423864	simple income statement can help you keep afloat Attached Thumbnails __________________
Posts: 54,959

10-13-2009, 10:19 AM	#74
patteeu The 23rd Pillar Join Date: Sep 2002 Casino cash: $10019237	I agree with these points in this thread: 1. Avoid bankruptcy at all costs 2. Call your creditors and try to work something out 3. Work 2 jobs. Don't be proud about what kinds of jobs they are either. Take what you can get. 4. Don't spend any more money. If you buy your own food, eat cheap. No cable, no cell phones, no monthly expenses that aren't absolutely necessary. 5. Sell what you don't need. If you have a car that's worth something, sell it and buy basic transportation to get to your jobs. Take any surplus and apply it to debt. 6. Consider the military option that Frazod suggested. 7. Talk to Flopnuts. Good luck. __________________ “Boy, you all want power. God, I hope you never get it.” - Lindsay Graham
Posts: 110,871

10-13-2009, 10:20 AM	#75
Cannibal Better to burn out... Join Date: Aug 2000 Location: Bible Thumping Country Casino cash: $10010618	You should not be allowed to declare bankruptcy, you should be spending time in prison for grand larceny.
Posts: 9,306