anyone filed bankruptcy?

RideND · Jul 22, 2004

You can sell your bike videos. I know people on here always like watching new videos. Might not get much but it will be a little.

SirChomps-a-Lot · Jul 22, 2004

If I ever get neck deep in financial sh!t, I'm gonna ditch all the MTBs and go straight BMX, there's several thousand dollars towards your debt right there.

reflux · Jul 22, 2004

*look into taking a loan against your 401k plan. talk to your boss or hr admin

*DON'T close out your 401k. contrary to some belief, ira's and 401k's are great investments. over the course of your lifetime, you'll earn on average inflation plus seven percent. plus, like someone else said earlier, you'll get hit HARD with early withdrawal penalties if you close your 401k.

*if you are on good terms at work, ask your employer about a pay advance. a lot of companys will do so in order to make retain good employees and make sure they're happy and comfortable.

*sure, you might not want to own a new car or a house right now. but if you file for bankruptcy, you'll be screwed for seven years. what happens if you start thinking about buying one of those within the next seven?

NFLPATS1 · Jul 22, 2004

See if your parents will loan you the money. If not, you'll have to sell the bikes. I would sell everything in my apartment to avoid claiming bankruptcy because I'd like to buy a house someday.

SkaredShtles · Jul 22, 2004

biggins said:
i already work 9-6 in a very high paced job and often times 6 days a week. a second job would make my performance suffer at my current job. again something i have considered. and i appreciate everyones suggestions. maybe a combination of of several suggestions may work. does anyone know how much a financial advisor/planner to help me would cost?

Tell your current employer that you can't make it on what you're making now - and that you're going to have to look for a second job. They might bump you up to keep you at peak performance...... might be worth a try?

-S.S.-

dante · Jul 22, 2004

first off, I'll echo the people who say DO NOT DECLARE BANKRUPTCY over $5700. Ask your boss for more money, find a second job, sell random crap in your apt, and above all, do NOT spend money that you don't have to. Write down everything you buy/spend money on, and figure out a way to reduce that. My biggest thing was eating breakfast/lunch at the deli close to work. $3/breakfast, $7/lunch. Not bad, right? $10/day, $50/week, $200/month, $2400/year. all because I was too lazy to slap some lunch meat on some bread and cook eggs before I left the house.

It's hard, but you can do it.

Wumpus · Jul 22, 2004

Thought about selling your car and getting a beater to get to work. With your current car payment and what you're paying on your cards you would be done in a year and half.

SkaredShtles · Jul 22, 2004

Wumpus said:
Thought about selling your car and getting a beater to get to work. With your current car payment and what you're paying on your cards you would be done in a year and half.

Yeah. As long as he didn't have to sink $3000 into the beater...... :eek:

Of course, he probably owes more on the car than it's worth. :rolleyes:

-S.S.-

Brian HCM#1 · Jul 22, 2004

$5700 is nothing, what you need is a real job that pays some $. $1500 a month is a complete joke unless you're 16 years old. At 28 you should be making more money than that. Do you have your degree?

Knuckleslammer · Jul 22, 2004

Yeah dude, your smart, have some confidence and get out there and get a different job, then tell those idiots to GPFS. Hey, don't listen to me, I don't know the phone business and what potential there is, but if someone thinks you are to have any sort of life working 6 days a week and only paying you that, they are blood sucking pigs. Get out of there man. Degree or not, there are jobs and there is money. I'm an idiot, and I make good money. I know nothing, but I figure sh*t out. Have some confidence. Make a fake resume and have fake contacts(friends) and businesses that never existed (welp, went out of business) on it. I use to do it, all the time. Big elaborate scheme once to get a job as a mechanic. Skrew the employer, caus when you have a 2000/mo mortgage and they decide they don't need you anymore, they don't give a flying fu*k about your mortgage and your life. SO PHUCK EM. That's what I do. Milk every penny out of them and I'm a horrible employee, but always come out shining. I know how companies run and the PIGS that run them. There are no good pigs either so get that out of your head too. When they decide they don't need you, your gone. I start looking for work 2 weeks after I start a job, caus there is always something less stressful that pays more money. You just have to have confidence man. If you've got 1/2 a brain and some skillz, you can worm your way into a decent paying job. Now I'm not gonna get into the whole degree thing. That's a whole another farse.
"Well sir, you need a BS, MS, PHD and 18 years of underwater welding experience to assemble these here boxes with this here screw driver and these here 4 screws" for $6 per hour

I'd like to take the person that comes up with these job descriptions and requirements and mash their god damn head into the cement till they bleed out. A****LES

RRRRRRRRRRRRRRRRRRRRRRRRRRRAAAAAAAAAAAAAAAAAAAARRRRRRRRRRRRRRRRRRRRRRRRRRRRRr

Knuck

Wumpus · Jul 22, 2004

Knuck, you need to get out and ride more.

Cooter Brown · Jul 22, 2004

dude, don't get your 401k out to pay this f#cking schit off, leave it in there for now. you'll take one f#ck of a hit (like 46%) if you pull it out. and like Knuck says, spend your cash munny bling bling now while you're young and can have fun with it. f#ck it when you're old and have old balls and schit

I say go for the bankruptcy, my folks did it, literally lost their farm, had CC companies sending them apps in the mail within 6 months and they are far better off now. they can afford to go off and do schit that they want to do now

oh, and the student loans won't go away with bankruptcy. go on forbearance as long as you can and just keep the interest up to date, and when you've run out of forbearance time, go back to school on your company's tip, they don't make you make the payments when you're a student (although, you have to be full time, 12 hrs) i think

good luck to ya homz

dante · Jul 22, 2004

oh yeah, and by the way, how about getting a job in a bar or restaurant on friday and sat nights? sucks giving up your evenings, but it's during a time when it won't interfere with your other job. also, friday and sat. nights are the most $$$$ (and most hectic), so that's another plus. basically there's a whole lot of options other than bankruptcy or cashing out your 401k (another REALLY bad idea).

Brian HCM#1 · Jul 23, 2004

And biggins, do yourself a huge favor and DO NOT take financial advice from someone from Tulsa. YOU NEED A NEW JOB!!!!!!! Or hit you're company up for a huge raise and I mean HUGE!!!!!!

SkaredShtles · Jul 23, 2004

biggins said:
word. thats what i think. the company i work for is very good to their employees on everything except pay.<snip>

This is kinda like saying "My wife is really good to me except for that sleepin'-around thing she does.........."

It also sounds like the hours blow. So you now have ****ty hours AND crap pay. This job kinda sounds like a blow. :think:

-S.S.-

Brian HCM#1 · Jul 23, 2004

biggins said:
word. thats what i think. the company i work for is very good to their employees on everything except pay.thecomparable job with verizon pays about 8000 more a year for starting position. if i had that kind of money id just pay it all off. as it is right now my debtn equals pretty much a quarter of my annual income.

Well start looking, at your age with a degree you should make a min of 1K a week.

Brian HCM#1 · Jul 23, 2004

Where do you live?

BarbaRosa · Jul 23, 2004

298 on the car payment? i agree on the car thing. sell it. 1000 car can be a good car and run for a while... that is like 4 car payments ... my car is valued at 1000 to 1200 but i have had it since 1992, has 230k miles on it, all mine, it looks like shi it but it runs and there you go, a good subaru for a grand. if it 'needs' something... heck man run it till it dies. run crap tires or bald and go slow in rain. if you add 300 a month to your 150 cc debt plan you will have that debt gone in about a year and a half. suck it up.... heck, go to the local college and pose for nude study art classes, get a 2nd job like night desk at a motel where you sit and do dik ... somthing that wont be as taxing as restocking shelves... but fella, that is life. coffee up and do it. DO NOT FILE BANKRUPTCY over what you listed as 'killer debt' it gets worse... the debt to earning ratio, when you have a kid and house and an ex wife... and still really want to get that new KTM or some kind...

so, sell the nice car, get a POS whith no car payments
get a 2nd job
talk to your boss, make sure you have clear action plan so you can get promoted
keep your eyes open for jobs that are opportunities

put less into your 401 right now
eat rice and beans and v8 juice

tell the twins accross the way that you will **** anything for them for 20$ here or 50$ there...

instead of 2nd job, do work for yourself that is cash under table, like window washing, help carpet installers for cash, yard work, stuff like that and use that cash for food money and gas money

good luck dog

jmvar · Jul 23, 2004

biggins, you can definitely do this, you have lots of good advice on this thread and now that you got the roommate you are on the right track. Are you going to split everything 50/50? Just make sure that person is responsible and is not going to rack up $2000 worth of 1-900-hot-chix converstations on the phone bill and run off.

I hope you don't feel like we are ganging up on you, we just wanna help you out, especially because some of us have been there before.

To make you feel better, I have some friends that watched Glenn Garry Glenn Ross one too many times in the late '90's and put dot com stocks on their credit cards. They were making so much money that they thought they were stock market geniuses....

one owes about $25,000, others got over the $50,000 mark.....and of course their life styles are rediculous, designer everything, cars, vacations, etc.

Wumpus · Jul 23, 2004

biggins said:
i have never seen a thousand dollars in my entire life.

Every town has one of those streets with all the used car dealers. That is where you find cheap cars.

You are right, though, I doubt you can break even on a 2003 esp. if you bought it new.

SkaredShtles · Jul 23, 2004

biggins said:
well, i think it would be close since it is financed at 0 percent but the problem would be coming up with money to buy another car.the point being that i cant come up with extra cash.

If you can get close to even, you trade it in on a P.O.S. and make $50/mo car payments instead of $300.

-S.S.-

binary visions · Jul 23, 2004

Try starting a spreadsheet and tracking all the money you spend on everything. Even small things. Did you pick up a bag of chips and a soda on the way home from work? Keep the receipt. Write it down.

Most people are very shocked at how much money they spend in the course of the week on very insignificant things. Once you see that kind of thing on paper, it's a whole lot easier to stop doing.

I started a spreadsheet when I was paying off $1000 of my own credit card debt and I didn't think I could do it. Once I saw just how much money I was spending on stupid expenses that I could live with out... I cut my gas usage by a third, stopped buying dinners that I felt like and bought what was on sale at the beginning of the week... I had it paid off in 3 months. It was like the $300/month just magically appeared.

reflux · Jul 23, 2004

i really liked the idea of picking up a restaurant job on the weekend. it's crap work (i only had to do it for 3 years), but the (mostly) tax free cash is unbeatable.

binary visions · Jul 23, 2004

reflux said:
i really liked the idea of picking up a restaurant job on the weekend. it's crap work (i only had to do it for 3 years), but the (mostly) tax free cash is unbeatable.

If you ever get audited and haven't claimed the tips you made, you can get screwed big time. The only reason resturants are allowed to pay their waitstaff so little is because tips are an assumed part of the income.

SkaredShtles · Jul 23, 2004

binary visions said:
If you ever get audited and haven't claimed the tips you made, you can get screwed big time. The only reason resturants are allowed to pay their waitstaff so little is because tips are an assumed part of the income.

Definitely - make sure to claim enough so they don't get suspicious. And the cardinal rule in a cash transaction: do NOT put the cash in the bank. Spend the cash on living expenses. Use your "real" income to pay bills.

-S.S.-

los jefes · Jul 23, 2004

For those telling Biggins to get another job because 1500 a month ain't ****e.
You have to keep this in perspective, I live in Asheville as well and the median household income here is 27000 a year. So that is about average. I noticed someone who told him to get another job lived in the bay area (median household income: 41,000). Big difference. Also this is a tourist town. There is virtually no job market other than tourism, retail and service industry. Not exactly high paying positions. I agree with the weekend work. Bartending on Fri and Sat nights is a great way to make xtra cabbage and meet ladieeezzzz.

stosh · Jul 23, 2004

Man this thread is still alive. I totally gave it a 4hr expiration date.

los jefes · Jul 23, 2004

Probably. I used to wrench @ Liberty. I sold and installed the Junior T on your Foes. I also think you are riding my old XCE. Whas hapenin'. How's the lovely turner treatin' ya?

SkaredShtles · Jul 23, 2004

biggins said:
nope on the second job, sorry to shoot down the idea so definately but that is not much of a posibility

<shrug> Well, man - it's your debt. You'll just have to figure it out. Hopefully the roommate thing will help.

-S.S.-

anyone filed bankruptcy?

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