[biggins]

i think im gonna do it.anyone have any experiences with it? my debts are all unsecured loans like credit cards and student loans but i am having lots of trouble staying afloat. my credit is already shot to hell running a current beacon score of about 437. any advice from anyone that has done this?

 

[jmvar]

bro, talk to a financial advisor or someone who knows what they are talking about before you do anything. No offense to anyone here but, don't take the advice of people on a cycling forum for a matter of this importance. Unless they are knowledgeable which is always hard to tell, or you wouldn't be asking in the first place right?

 

[biggins]

there are several people that have gone through it on here. i just decided i would start here.further research will be conducted before i make my final decision. however i do appreciate the advice all the same.

 

[laura]

my first suggestion would be to put the plans for the rally car on the back burner for a while.

 

[binary visions]

I agree that you should talk to a financial advisor.

Just FYI, regardless of your current credit score, filing for bankruptcy is the worst thing you can do to your credit. I believe it goes off your record in 7 years, and until then you won't be able to get a credit card or a loan to save your life.

You can usually manage to get car loans even after filing for bankruptcy, but good luck with those 20% interest payments..

Sorry to hear your finances are shot, though - best of luck to you, and get a lot of professional advice before deciding what to do.

 

[llkoolkeg]

Here's a bit of advice concerning the student loans- you cannot get out from underneath them through bankruptcy. They are a debt that does not go away because the Federal Government secures them. If you default on them, you will never see another tax refund. The gov't. will seize any refund you get and the penalties and fees you incur will ensure that the debt will only grow bigger. The seized tax refunds will basically vanish because not a penny will go towards principal.

Bankruptcy only works well if you have no seizable assets and your debt is to credit card companies, etc. Bear in mind that you'll also need at least a grand in cash to pay the lawyer to process the bankruptcy. Filing is inexpensive but the process is not.

 

[llkoolkeg]

my first suggestion would be to put the plans for the rally car on the back burner for a while.

Hahahahahaha!

 

[biggins]

my first suggestion would be to put the plans for the rally car on the back burner for a while.

well that would not be until next year. i was just gettin a jump on it.

 

[COmtbiker12]

well that would not be until next year. i was just gettin a jump on it.

If you do file bankruptcy, I think it would be smart to 'give' any assets you have to friends so that you dont get them repo'd or anything, and then after a you get back on your feet take them back, lol.

 

[LordOpie]

I don't think student loans get discharged in a bancruptcy.

And as for credit cards, I've *HEARD* that you can get 'em afterwards cuz you cannot file again for 7-10 years, meaning you cannot hide from them during that time and you must pay 'em off. So I think it's a myth that you can't get credit afterwards. Just speculation.

 

[binary visions]

And as for credit cards, I've *HEARD* that you can get 'em afterwards cuz you cannot file again for 7-10 years, meaning you cannot hide from them during that time and you must pay 'em off. So I think it's a myth that you can't get credit afterwards. Just speculation.

Dunno.. Had a family friend that filed, and she absolutely could not get a card. No way, no how. Turned down flat out for probably two dozen credit cards, and she wasn't applying for super-platinum-kryptonite cards either.

 

[biggins]

Here's a bit of advice concerning the student loans- you cannot get out from underneath them through bankruptcy. They are a debt that does not go away because the Federal Government secures them. If you default on them, you will never see another tax refund. The gov't. will seize any refund you get and the penalties and fees you incur will ensure that the debt will only grow bigger. The seized tax refunds will basically vanish because not a penny will go towards principal.

Bankruptcy only works well if you have no seizable assets and your debt is to credit card companies, etc. Bear in mind that you'll also need at least a grand in cash to pay the lawyer to process the bankruptcy. Filing is inexpensive but the process is not.

this is the kind of stuff i need to hear. i like to hear things like this.

 

[biggins]

I agree that you should talk to a financial advisor.

Just FYI, regardless of your current credit score, filing for bankruptcy is the worst thing you can do to your credit. I believe it goes off your record in 7 years, and until then you won't be able to get a credit card or a loan to save your life.

You can usually manage to get car loans even after filing for bankruptcy, but good luck with those 20% interest payments..

Sorry to hear your finances are shot, though - best of luck to you, and get a lot of professional advice before deciding what to do.

i have spoken with a very good one. in actuality the credit consolidation thing that im in for my credit cards is more damaging to me than the bankruptcy would be.

 

[Knuckleslammer]

F-credit man. Who needs it. I got a crib, so when someone threatens me with scarring my credit rating, I say gohead as***les do it. I already got a house, car, etc. Who needs it. I've been there many times man. Credit card debt. It's not that hard to get out of it. You just have to take these four steps/questions.
1. what's the problem.
2. What's the cause of the problem.
3. How am I going to fix it.
4. Act upon fixing it.

I never realized how easy it is. Well it's not that easy depending on number 3. But I the way I look at, the real thing that gives me inner peace is this.
Every time I get ahead, some BSP (BLOOD SUCKING PIG) comes along and wants a huge chunk of my money and I'm back where I started. So I ask myself, what's the worst thing in life that can happen to me?
DEATH

And you know what? Once your dead, none of these BSP's will get a cent out of you. They can go rot in hell as far as I'm concerned. I don't have pot to piss in. I got a crib, a couple cars, a few nice bikes. Nothing outrageous. And some phuck is always trying to get a piece of me. This is why people go insane in this country. LEAVE ME ALONE, I'm living the American dream right? Credit card debt, car payment, house payment.
Great ain't it? YEAH HA? I have 0 dollars in savings and I really don't give a phuck either. I have no means of making mortgage payments if I lose my job. I'm skrewd, and I don't care. Why? Ima live now, not later when I'm 70 years old, retired maybee and all my bonz are falling apart. I have a college plan and mutual fund for my daughter. She's good, I'm not.
Welp, Ima go back to RIC.

Knuckle

 

[ghostrider]

F-credit man. Who needs it. I got a crib, so when someone threatens me with scarring my credit rating, I say gohead as***les do it. I already got a house, car, etc. Who needs it. I've been there many times man. Credit card debt. It's not that hard to get out of it. You just have to take these four steps/questions.
1. what's the problem.
2. What's the cause of the problem.
3. How am I going to fix it.
4. Act upon fixing it.

I never realized how easy it is. Well it's not that easy depending on number 3. But I the way I look at, the real thing that gives me inner peace is this.
Every time I get ahead, some BSP (BLOOD SUCKING PIG) comes along and wants a huge chunk of my money and I'm back where I started. So I ask myself, what's the worst thing in life that can happen to me?
DEATH

And you know what? Once your dead, none of these BSP's will get a cent out of you. They can go rot in hell as far as I'm concerned. I don't have pot to piss in. I got a crib, a couple cars, a few nice bikes. Nothing outrageous. And some phuck is always trying to get a piece of me. This is why people go insane in this country. LEAVE ME ALONE, I'm living the American dream right? Credit card debt, car payment, house payment.
Great ain't it? YEAH HA? I have 0 dollars in savings and I really don't give a phuck either. I have no means of making mortgage payments if I lose my job. I'm skrewd, and I don't care. Why? Ima live now, not later when I'm 70 years old, retired maybee and all my bonz are falling apart. I have a college plan and mutual fund for my daughter. She's good, I'm not.
Welp, Ima go back to RIC.

Knuckle

Ahahahahaha, biggins, let me refer you back to the second post in this thread.

 

[stosh]

Ahahahahaha, biggins, let me refer you back to the second post in this thread.

I can't believe that guy has a wife? Anybody know if he's got kids too?

 

[Knuckleslammer]

Oh, and this is coming from a certified financial advisor for Putnam (which I was for 5 years) before getting into this IT hell.

Knuckle

 

[SkaredShtles]

A few really quick questions:

Do you have cable?
Do you have a cell phone?
Do you have anything more than basic phone service?
Do you have a car payment?

The right thing to do is buckle down and *quit* spending money for awhile. It's actually pretty easy to pay off credit cards, if you're serious about doing it. It does take a pretty fundamental change in behavoir, though.

And once you're done, you may have learned to live a bit more frugally, which helps when you decide to take an unpaid leave from work to travel Europe for 4 months in the summer.

-S.S.-

 

[Knuckleslammer]

All me to lift your spirits man

 

[reflux]

If you do file bankruptcy, I think it would be smart to 'give' any assets you have to friends so that you dont get them repo'd or anything, and then after a you get back on your feet take them back, lol.

I know this applies to business, but if bankruptcy is inevitable and known to the poor one, any assets given away or favorable treatment to a certain creditor is invalid or something like that if done 30, 60, 90 days, or one year. Anyone familiar with law can help me out on this one.

 

[Knuckleslammer]

So the bastards will take anything and everything you own, including bikes?

 

[SkaredShtles]

So the bastards will take anything and everything you own, including bikes?

Goddammit, that's the point. If you're filing bankruptcy you *don't* own $hite. The creditors own it. And I don't blame them for wanting to get some of *THEIR* cash back.

-S.S.-

 

[Knuckleslammer]

Goddammit, that's the point. If you're filing bankruptcy you *don't* own $hite. The creditors own it. And I don't blame them for wanting to get some of *THEIR* cash back.

-S.S.-

Welp, I own my bikes, I paid for them, with cash. Anyone comes to take them, I'll cut their phucking head off yo. Welp, well in advance, I'd stash all my bikes at a buddies house far far away. Nobody taking my sheite. They can have my car, my house, IDGAF, but don't you dare think your gonna take my bicycles or your gonna be impaled with a sharp stick and bloodletted.
Knuckle

 

[biggins]

A few really quick questions:

Do you have cable?
Do you have a cell phone?
Do you have anything more than basic phone service?
Do you have a car payment?

The right thing to do is buckle down and *quit* spending money for awhile. It's actually pretty easy to pay off credit cards, if you're serious about doing it. It does take a pretty fundamental change in behavoir, though.

And once you're done, you may have learned to live a bit more frugally, which helps when you decide to take an unpaid leave from work to travel Europe for 4 months in the summer.

-S.S.-

i dont have cable
i have a cell phone (its free cause i work for the cell phone company)
no home phone
yes a car payment (financed at 0% interest through my folks so it is safe from bankruptcy)

right now i am in a credit consolidation program for all of my cc debt. the problem is is that i stil live a pretty sparse life. i spend $10 a week on entertainment (i go out on wednesday evening). i have not bought any bikes or cd's or anything. im just broke.

 

[biggins]

the other possibility would be to pull the money out of my 401k which would cover 3/4 of the debt. im only 28 my 401k can recover. also i am in a tax bracket that has me still gettin money back at the end of the year so the end of year tax would be covered by the refund i would normally get. it seems like a more sound route to go and as far as retirement goes i can make up that money easily cause once my debt is paid i can put more money into it than i am currently.
also i will be getting a room mate in november to help cut rent costs so that will free up some money.

 

[binary visions]

You know that your 401(k) will be cut nearly in half if you withdraw it early, right? They tax it at a rediculous rate for early withdrawl. So whatever is in there, don't count on having it all to pay off debt.

 

[golgiaparatus]

A few really quick questions:
Do you have cable?
Do you have a cell phone?
Do you have anything more than basic phone service?
Do you have a car payment?

Word... cut all non essentials and start gettin-er-done.

 

[Lex]

the other possibility would be to pull the money out of my 401k which would cover 3/4 of the debt. im only 28 my 401k can recover. also i am in a tax bracket that has me still gettin money back at the end of the year so the end of year tax would be covered by the refund i would normally get. it seems like a more sound route to go and as far as retirement goes i can make up that money easily cause once my debt is paid i can put more money into it than i am currently.
also i will be getting a room mate in november to help cut rent costs so that will free up some money.

I'm hearing gasps of horror in the back of my mind for even suggesting this, but, if it's possible, you should move in with your parents for 6 months to a year. Imagine all money you could put toward debt if you cut your living expenses like that. Don't get me wrong, you would need to compensate your parents in some way, but probably nothing like normal rent and bills.

I know at 28 it seems crazy, but it could give you the boost you need to get rid of the credit card debt. I was living with my parents at 22 and 23 to accomplish the same thing and I was able to get out of debt, afford a new car, and eventually buy a house because of the time I spent there.

I don't know what your relationship with your parents is like, but mine were more than happy to help out for what they saw as a good cause. Hell, My younger brother moved in there at 27 last year to save up cash while looking for a house to buy. Now he has a house and he's just house poor instead of credit card debt poor. Pretty good tradeoff.

 

[biggins]

You know that your 401(k) will be cut nearly in half if you withdraw it early, right? They tax it at a rediculous rate for early withdrawl. So whatever is in there, don't count on having it all to pay off debt.

yeah but that is factoring inthe hit i will take for with drawing. i would rather take that hit than continue a downward spiral such as the one i am in. does that make sense at all?

 

[Brian HCM#1]

So, how much are you exactally in debt, and how much do you make a month?

 

[biggins]

I'm hearing gasps of horror in the back of my mind for even suggesting this, but, if it's possible, you should move in with your parents for 6 months to a year. Imagine all money you could put toward debt if you cut your living expenses like that. Don't get me wrong, you would need to compensate your parents in some way, but probably nothing like normal rent and bills.

I know at 28 it seems crazy, but it could give you the boost you need to get rid of the credit card debt. I was living with my parents at 22 and 23 to accomplish the same thing and I was able to get out of debt, afford a new car, and eventually buy a house because of the time I spent there.

I don't know what your relationship with your parents is like, but mine were more than happy to help out for what they saw as a good cause. Hell, My younger brother moved in there at 27 last year to save up cash while looking for a house to buy. Now he has a house and he's just house poor instead of credit card debt poor. Pretty good tradeoff.

i had thought about that but that means quitting my job, breaking my lease and things of that nature. i am fairly established at this point with the company i work for and do not want to leave the job. quitting my job and takin a couple dollar hour pay cut is not gonna help the situation at all even if i do move in with the folks. and my folks are way cool too.

 

[biggins]

So, how much are you exactally in debt, and how much do you make a month?

i only make about 1550.00 a month
my debt (credit card) is about 5700.
rent 545
car 298
power 'bout 60-80 bucks
gas 100 bucks
credit consolidation program 150

factor in food, vehicle maintenance, blah blah blah and you see why i have no money to do things like get new tires for my car.

 

[Knuckleslammer]

phocking blows man. If I diddn't have my wife, I'd be in a phocking hole with child support and all. I don't even have a 401k. They make it so God Damn complicated with all their BS stocks/bonds/bullsh*t to figure out what's what with the 2" thick PILE OF SH*T they give you. "HERE'S THE INFO FOR YOUR 401K". Well HR_PERSON, you can take the 401k and shove it up your ass. Anyhow when the Gub't goes belly up, they're gonna steal everyones 401k anyhow, or your 401k is gonna go belly up. All a big phucking scam anyhow. For what? All so you can have $500k when your old? Only for the nursing home/and or/ hospital to steal it? This country sucks asss man. I don't care what anyone says. It's run by BLOOD SUCKING PIGS. I'm in a piss poor mood today as well mang. I just upped my CC limit to 13000 so I can afford to rent a car for my trip to Florida in September
Plus I gotta figure out how to scrounge together money for my FQ and all the parts it's gonna need to build it :mumble:
Money don't make ya happy ha? I'd like to take the originator of that little catchy phraze, drain them dry of blood and make them drink it, then pull out their eyeballs and stuff em up their nostrils. Money don't make you happy though ha? F-THAT NOIZE

Knuckle

 

[jmvar]

so biggins, your money goes to rent, car payment, utilities, insurance, food, and $10 on wed. nights?

If this is so, Lex gave you some very good advice. This is how I got out of credit card debt once out of college, lived with my parents for 2 years, paid off credit cards, and saved a sh!t load of cash. It will motivate you to pay off faster, and it will teach you to save. Once you have paid of the CC billz you will be so used to paying a huge sum of cash per money, that you can start putting it in your savings acc.

This is all dependent on whether your parents are local to your job. If not, then you are doing the next best thing, getting a roomate, just make sure they are responsible and will help you with utilities ect.

The secret to paying of CC billz is paying them first every month. Don't just send them the $$ you have left over at the end of the month. If you pay them first, you will force yourself to survive on the rest. Also, cut them up!!!! My mentality when i had the debt was "whats another $50 added to $7500..." well that $50 adds up.

Once you get rid of the debt you will feel so much better. I always thought about my debt when I had it and it dragged me down. I felt trapped. It is a great feeling when you don't owe any Sh!t!!!!!!!!!!

It takes commitment and sacrifice but it can be done, and if we yell at you for things you want to buy, it is only because we have been where you are and we see the light....that VP free you buy now will cost you 3x its price in the end because of intrest....even if you don't put it on a card because it was cash you could have sent the bloodsuckers....

 

[Knuckleslammer]

so biggins, your money goes to rent, car payment, utilities, insurance, food, and $10 on wed. nights?

If this is so, Lex gave you some very good advice. This is how I got out of credit card debt once out of college, lived with my parents for 2 years, paid off credit cards, and saved a sh!t load of cash. It will motivate you to pay off faster, and it will teach you to save. Once you have paid of the CC billz you will be so used to paying a huge sum of cash per money, that you can start putting it in your savings acc.

This is all dependent on whether your parents are local to your job. If not, then you are doing the next best thing, getting a roomate, just make sure they are responsible and will help you with utilities ect.

The secret to paying of CC billz is paying them first every month. Don't just send them the $$ you have left over at the end of the month. If you pay them first, you will force yourself to survive on the rest. Also, cut them up!!!! My mentality when i had the debt was "whats another $50 added to $7500..." well that $50 adds up.

Once you get rid of the debt you will feel so much better. I always thought about my debt when I had it and it dragged me down. I felt trapped. It is a great feeling when you don't owe any Sh!t!!!!!!!!!!

It takes commitment and sacrifice but it can be done, and if we yell at you for things you want to buy, it is only because we have been where you are and we see the light....that VP free you buy now will cost you 3x its price in the end because of intrest....even if you don't put it on a card because it was cash you could have sent the bloodsuckers....

You mean BLOOD SUCKING PIGS (BSP's)
:mumble:

 

[jmvar]

YOUR CREDIT CAR DEBT IS ONLY 5700 DOLLARS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

How much was your debt when you went into the cosolidation proram? If you don't want to share publicly I understand.

Bro, get a roommate and cinch up the spendature, sell some stuff you have laying around, get a second job. I don't want to jump to conclusions because I don't know all the facts but your situation does not sound that bad...

Ways to save $$....don't eat out, buy cereal and bologna and bread, get that roomate and split living costs.

The barter system lives today and it is a wonderfull thing. Get a guy that works at a tire shop to hook you up. find a buddy that works on cars to do your maintenance, do it for an exchange of something you can provide. If you were in MD i would do your maintenance for free just cuz i like working on cars, find an idiot like me to hook you up....but first find that roommate.

 

[biggins]

so biggins, your money goes to rent, car payment, utilities, insurance, food, and $10 on wed. nights?

If this is so, Lex gave you some very good advice. This is how I got out of credit card debt once out of college, lived with my parents for 2 years, paid off credit cards, and saved a sh!t load of cash. It will motivate you to pay off faster, and it will teach you to save. Once you have paid of the CC billz you will be so used to paying a huge sum of cash per money, that you can start putting it in your savings acc.

This is all dependent on whether your parents are local to your job. If not, then you are doing the next best thing, getting a roomate, just make sure they are responsible and will help you with utilities ect.

The secret to paying of CC billz is paying them first every month. Don't just send them the $$ you have left over at the end of the month. If you pay them first, you will force yourself to survive on the rest. Also, cut them up!!!! My mentality when i had the debt was "whats another $50 added to $7500..." well that $50 adds up.

Once you get rid of the debt you will feel so much better. I always thought about my debt when I had it and it dragged me down. I felt trapped. It is a great feeling when you don't owe any Sh!t!!!!!!!!!!

It takes commitment and sacrifice but it can be done, and if we yell at you for things you want to buy, it is only because we have been where you are and we see the light....that VP free you buy now will cost you 3x its price in the end because of intrest....even if you don't put it on a card because it was cash you could have sent the bloodsuckers....

thats the problem that my parents are not local to my job and i have a good amount of job security and the uppers in the comapny like me so it leaves me some areas for advancement. the credit cards are in a consolidation thing right now. if i got them paid off it would give me another 150 bucks a month.

 

[biggins]

YOUR CREDIT CAR DEBT IS ONLY 5700 DOLLARS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

How much was your debt when you went into the cosolidation proram? If you don't want to share publicly I understand.

Bro, get a roommate and cinch up the spendature, sell some stuff you have laying around, get a second job. I don't want to jump to conclusions because I don't know all the facts but your situation does not sound that bad...

Ways to save $$....don't eat out, buy cereal and bologna and bread, get that roomate and split living costs.

The barter system lives today and it is a wonderfull thing. Get a guy that works at a tire shop to hook you up. find a buddy that works on cars to do your maintenance, do it for an exchange of something you can provide. If you were in MD i would do your maintenance for free just cuz i like working on cars, find an idiot like me to hook you up....but first find that roommate.

the roommate will behere nov. 15. i dont have anything to sell cause i dont have much to begin with lol. the bikes are out of question i refuse to sell them cause they are a source of pleasure that cannot be lived without. the only way i would sell them would be to get another bike. as for the maintenance i have been working on cars all my life, i love it but i cant get under the damn thing cause it sits so low.

 

[SkaredShtles]

i only make about 1550.00 a month
my debt (credit card) is about 5700.
<snip>

Wow, man. Do *NOT* declare bankruptcy for $5700. That's nothing. Have you thought about getting a second job, just to pay off the CC?

-S.S.-

 

[binary visions]

Wow, man. Do *NOT* declare bankruptcy for $5700. That's nothing. Have you thought about getting a second job, just to pay off the CC?

-S.S.-

You beat me to it.

Seriously, $5700 is peanuts. Suck it up and get a stupid second job, maybe be a waiter somewhere or move boxes for UPS. It'll suck for a few months but then you can quit, and be debt free.

Also, go through your house and find everything that you don't need. Old ski boots, bike parts that are in boxes, whatever. Put it all on eBay. Every piece of it - someone will buy it.