I don't know anything about what you do.. but I do know what you say and recommend. I can't imagine that the two would be all that different. And if they are, why are they?
I would love to think I would be endlessly wrong about you, but everything you say leads us to believe that we are not wrong.
I know it doesn't matter to you what I think so I don't see any reason to change it based on what you recommend to others. When someone has character, they want to pass that on to others. Telling others to abuse credit cards and then file bankruptcy is not an example of that. All situations are different and I don't judge Buddy Craig or anyone else in this thread for the situations they have found themselves in. I may not agree with their steps to get out of it, but that is a different matter. But what I can wholeheartedly disagree with is your recommendations for how to screw over the system - and then blame the system for it. I hope to God no one follows your example or recommendations because they take a chance of royally screwing up their lives.
And do you really want self control legislated? Well.. nevermind. From some of your other political ideas, it is not beyond the realm of possibility that you do want the government to control that too. It is not the government's job.. But it is our right and maybe even responsibility to teach others to do the right thing. Certainly not to rape the system as you indicated. The public can change things for the better.. the government is certainly not going to. Especially not the current government.
[This message has been edited by Songman (edited 11-10-2009).]
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03:06 PM
pokeyfiero Member
Posts: 16203 From: Free America! Registered: Dec 2003
I've done it twice, but that was before Bush let the credit card companies write the "new" bankruptcy law. Very bad for small business, seeing how they usually fail within 5 years. Now they have no reason to correct their previous mistakes and start over because they can't get a clean slate.
WOW
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03:55 PM
82-T/A [At Work] Member
Posts: 24110 From: Florida USA Registered: Aug 2002
Just what we like to see around here. Class ... real class!
[/SARCASM]
I'm sure Buddy Craig would have been thrilled to have not had your free bump.
Interesting though that I made enough of an impression on you that you did a search for every time I said "ass" and "suck" on here? Hahah... (kinda odd though?)
Aw go ahead and do it. I am tired of people getting to write down unpaid taxes or wipe out credit card debt that were run up for any reason. I am tired of it because I am jealous that I have had the character to suffer and cheat myself out of a good time and be responsible and not leave the other guy / guys paying my burden. Do it, seems like everybody else has had some unnatural advantage. I guess mine right now is my wife... no matter how mean she is.
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11:31 PM
Nov 12th, 2009
rogergarrison Member
Posts: 49601 From: A Western Caribbean Island/ Columbus, Ohio Registered: Apr 99
At sometimes even OVER 30% interest rates card companies charge, the people who dont/cant pay them back is already built into the system. They still make a ton of money. Dont want to pay that high rate because its paying off someones bad debt, dont carry a balance. Pretty simple.
Sometimes people just get in over their head and have to bail out, maybe even not a fault of their own making. I ran a business years ago using what another company owed me as a running balance as my security to keep open. They went out of business owing me over $150K. Ya like I was ever going to be able to repay that on $300 @ week and still pay my own bills.
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03:48 PM
Nov 13th, 2009
buddycraigg Member
Posts: 13606 From: kansas city, mo Registered: Jul 2002
Aw go ahead and do it. I am tired of people getting to write down unpaid taxes or wipe out credit card debt that were run up for any reason. I am tired of it because I am jealous that I have had the character to suffer and cheat myself out of a good time and be responsible and not leave the other guy / guys paying my burden. Do it, seems like everybody else has had some unnatural advantage. I guess mine right now is my wife... no matter how mean she is.
Current philosophy is that your prudence, sacrifices, and frugality had absolutley nothing to do with it. Haven't ya heard? You were just lucky and got all the "breaks"--same as I did when I raised 4 kids by myself, with absolutely no social life, no 'toys' for myself, worked 1 full time job and 2 part time jobs, and drove a beat up old pos pickup held together with rust. wire, and a prayer. I didn't have time to play pool, or 75 cents for the table, much less buying one--every penny I could make went to my kids. Discretionary spending meant--"10 lbs of leg quarters or spend a few cents more on ground beef?". Hobby?--I would have taken up whittling if I could have afforded a knife. Hurt my back, 2 ruptured discs, needed surgery, but couldn't lose time from work--kids had needs and depended on me. I just suffered with it, and do till this day. Some mornings I have to lay on the floor to put on underwear and socks. Banckruptcy wouldn't have helped me because I never went into debt. Scrounged and hauled scrap iron for awhile @ a penny/lb, and was glad to get it. In more recent years. I've had more credit cards come in the mail than I could count--cut em up, usually without opening the envelope. "If I can't afford it on cash today--how can I afford it later when the bill + intererst comes in?". I've just never understood that concept--buying stuff one knows they can't afford. I simply can't get my mind wrapped around that. Except for a mortgage, and perhaps a college loan, a person can make it in this world without credit.
I dunno--the whole country has turned into Bailout Nation. But, I understand FriendGregory--where's our bailout?
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05:21 AM
PFF
System Bot
82-T/A [At Work] Member
Posts: 24110 From: Florida USA Registered: Aug 2002
Current philosophy is that your prudence, sacrifices, and frugality had absolutley nothing to do with it. Haven't ya heard? You were just lucky and got all the "breaks"--same as I did when I raised 4 kids by myself, with absolutely no social life, no 'toys' for myself, worked 1 full time job and 2 part time jobs, and drove a beat up old pos pickup held together with rust. wire, and a prayer. I didn't have time to play pool, or 75 cents for the table, much less buying one--every penny I could make went to my kids. Discretionary spending meant--"10 lbs of leg quarters or spend a few cents more on ground beef?". Hobby?--I would have taken up whittling if I could have afforded a knife. Hurt my back, 2 ruptured discs, needed surgery, but couldn't lose time from work--kids had needs and depended on me. I just suffered with it, and do till this day. Some mornings I have to lay on the floor to put on underwear and socks. Banckruptcy wouldn't have helped me because I never went into debt. Scrounged and hauled scrap iron for awhile @ a penny/lb, and was glad to get it. In more recent years. I've had more credit cards come in the mail than I could count--cut em up, usually without opening the envelope. "If I can't afford it on cash today--how can I afford it later when the bill + intererst comes in?". I've just never understood that concept--buying stuff one knows they can't afford. I simply can't get my mind wrapped around that. Except for a mortgage, and perhaps a college loan, a person can make it in this world without credit.
I dunno--the whole country has turned into Bailout Nation. But, I understand FriendGregory--where's our bailout?
Congratulations MaryJane, your children will grow up to be upstanding citizens that have respect, determination, and the worth ethic and perserverance necessary to succed in life, already built into their moral fiber. You did an excellent job, and I hope to raise my daughter and any future children in the same manner as you.
I did not ask for advice. I asked the people that have filed to share their story with me.
You know there are some here who can not wait to give you their advise, take, or whatyever they can come up with. They just donn't know what they are talking about but they MUST tell you what to do. Steve
------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
You know there are some here who can not wait to give you their advise, take, or whatyever they can come up with. They just donn't know what they are talking about but they MUST tell you what to do. Steve
You know there are some here who can not wait to give you their advise, take, or whatyever they can come up with. They just donn't know what they are talking about but they MUST tell you what to do. Steve
quote
Originally posted by 84fiero123:
If it is a solution to you Buddy take it.
The twit in Florida is nothing but lucky he is even working never mind get overpaid.
Steve
Interesting how people who are careful, avoid debt and it's pitfalls, and are frugal end up succesful. Just as interesting is the # of people who are the opposite, and blame it all on "luck". Wow.
You can be the financial master of circumstances around you---or let those circumstances master your finances.
[This message has been edited by maryjane (edited 11-13-2009).]
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09:51 AM
84fiero123 Member
Posts: 29950 From: farmington, maine usa Registered: Oct 2004
In my case, I bought and bought just figuring the cash would always be coming in. I had to have every new gadget when i was younger. I finally got the message and learned to buy what I needed and not just do that anymore. I also learned not to GIVE credit to others for stuff I did. After going to cash only...period... years ago, Ive been fine ever since. I had employees even ripping me off. I started doing EVERYTHING on my own and not depending on anyone else for anything. The result is I finally got successful with a great reputation that brought me even more. Hard work and honesty is what got me where I am, luck had nothing at all with it for me.
Funny how some people will let a murderer out of prison with minimum time and forgive him, but jump down someones throat if he needs to file a bankruptcy. GM filed it and there are still millions of people trying to support them. I guess the standard is whatever suits you at the time. People still have the same feeling whether you file chapter 11 or 13, so why go the pay it off route. Just be done with it. Only Buddy can make the choice he has to live with.
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10:27 AM
Pyrthian Member
Posts: 29569 From: Detroit, MI Registered: Jul 2002
Originally posted by maryjane: Interesting how people who are careful, avoid debt and it's pitfalls, and are frugal end up succesful. Just as interesting is the # of people who are the opposite, and blame it all on "luck". Wow.
You can be the financial master of circumstances around you---or let those circumstances master your finances.
you do know it is completely impossible for everyone to be well off, dont you? there are plenty of folk who do all the right things, and yet dont make it and plenty who do nothing right, and do make it
but - still - no excuse to not do all you can to make your little part of the world better.
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10:32 AM
Songman Member
Posts: 12496 From: Nashville, TN Registered: Aug 2000
No, I am not for any corporation filing bankruptcy. They should pay their bills just like everyone else.
No, I am not for letting murderers out of prison. Again, that is Liberals. I think the punishment should be matched to the crime.
And while everyone can't be 'well off', everyone can do their best and be smart about spending and debt.
This is not about Buddy. This is just a comment on the last few posts. Seems like everyone is trying to put people in an either black or white corner. Just because people think bankruptcy should only be used when ALL other scenarios have been used up, does not mean they are heartless or don't care about people's lives. It also does not mean they are 'well off'. It means that they have made good decisions, done without extras, and not gotten in debt. You asked us not to think bad about people who file bankruptcy... So give us the opposite and don't make bad inferences about people who have done the right thing and are against it.
you do know it is completely impossible for everyone to be well off, dont you? there are plenty of folk who do all the right things, and yet dont make it and plenty who do nothing right, and do make it
but - still - no excuse to not do all you can to make your little part of the world better.
No I do not accept that it is completely immpossible for everyone to be well off--depending on your definition of "well off". And, if you look closely at those you say "do all the right things and still don't make it", I think you'll find they in fact-- did not 'do all the right things. You have to take charge of your life completely, which includes looking down the road a decade or 2. I knew very quickly, I screwed up choosing to have 4 kids on a 2 kid budget, so I had to sacrifice what I wanted for myself to make up the shortfall. When you have children, and a limited income, there are 2 absolutes--and they don't include any hobbies.
1. You cannot afford anything for yourself--nothing, unless you 1st take care of every need those children have. 2. You cannot depend on any situation remaining status quo. Be prepared to increase your income regardless of how depressing that may seem. You have got to be able to look ahead and think "What if this happens--or that happen?" and make allowances for those changes.
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11:02 AM
Paul Prince Member
Posts: 2935 From: Kansas City, MO Registered: Dec 2002
First thing to do is to talk to a Consumer Credit Counsler Service, some banks and credit unions can set up an appointment.
Have all your debts and income with you. They will talk to creditors and try to get the interest rate lowered (in leiu of bankrupcy).
Some will lower interest rate to 0% or 1-5%, some will not. The CCC will put you on a 3-5 year plan that will pay all creditors off.
If you consider bankrupcy, go to a bankrupcy LAWYER.
Under the new law, it is more difficult to file chapter 7, where all your unsecured debt is forgivin, instead you generally file chapter 13, where you pay off unsecured debt (at 0% interest) over a 3 year period. You can still file chapter 7 but there are certain criteria you must meet.
Also under chapter 13, you do not have to pay the entire debt, just what you can afford.
Good luck Buddy..........Paul
BTW, to all the buttheads out there, I retired in 2007, got an OK retirement check, but my medical insurance has gone from $870 a month to $1451 a month next year. Since my wife has Multiple Sclerosis, I cannot get health insurance at my current job ( I get a retirement check and work 1 full time and 1 part time job), because of her "pre-existing condition".
So to all the critics out there, be carefull what you say, it may come back to haunt you.
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11:56 AM
PFF
System Bot
Pyrthian Member
Posts: 29569 From: Detroit, MI Registered: Jul 2002
Originally posted by 84fiero123: Funny, just how many times have those giving Buddy advise on how to get out of the hole have filed bankruptcy?
That was what was asked.
Staying out of debt is a great idea.
But those already in debt it is to late.
You were all for GM and Chrysler file bankruptcy. So it is OK for corporations, but not people?
Steve
well, I have not. but, I have been on the otherside. and it sucks. monies I will never see again - cant even legally ask for them back, but, it is deductable as a loss..... it happens. it is a reality.
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12:13 PM
avengador1 Member
Posts: 35468 From: Orlando, Florida Registered: Oct 2001
You were all for GM and Chrysler file bankruptcy. So it is OK for corporations, but not people?
Having a corporation file for bankruptcy is not the same as when an individual does so. The laws and rules are different, especially for a company like GM or Chrysler. They usally have to re-organize and come up with a plan to pay off their creditors before they are allowed to declare bankruptcy. It's not the end of the company as many seem to think, that is why it would have been better if they had actually declared bankruptcy than to receive the bail ot they did. In the end many more people lost jobs and money because of the bail out.
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12:26 PM
Songman Member
Posts: 12496 From: Nashville, TN Registered: Aug 2000
BTW, to all the buttheads out there, I retired in 2007, got an OK retirement check, but my medical insurance has gone from $870 a month to $1451 a month next year. Since my wife has Multiple Sclerosis, I cannot get health insurance at my current job ( I get a retirement check and work 1 full time and 1 part time job), because of her "pre-existing condition".
So to all the critics out there, be carefull what you say, it may come back to haunt you.
And how does any of this make anyone here a butthead? Sorry about your wife, but I don't see how that give you the right to call anyone a butthead. Usually people resort to name calling when they don't have any other useful thing to say.
As part of GM's bankruptcy, they had to get rid of all their "toys". Corporate jets, job banks, unproductive lines, excess dealerships, about 1/3 of their workforce etc. Buddy wants to file and keep his hobbies and other stuff--a big diff.
Most people were never in favor of GM filing bankruptcy to begin with--we were in favor of them doing the same thing Lehman Bros did--fail.
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12:33 PM
Formula88 Member
Posts: 53788 From: Raleigh NC Registered: Jan 2001
Debt: And you think you've got it bad? Bankruptcy may seem like strong medicine, but debtors in the US have it relatively easy. Public humiliation, years of re-education, even jail await deadbeats abroad.
[Related content: debt, bankruptcy, debt reduction, credit counseling, Liz Pulliam Weston] By Liz Pulliam Weston MSN Money Congress made the U.S. bankruptcy system considerably harsher toward debtors in 2005, instituting new repayment requirements for many people and raising the cost of filing.
Compared with what people in other countries face when they're broke, however, the U.S. bends over backward to help people resolve debts they can't pay.
Can an unpaid debt send you to jail? "The U.S. still has the most debtor-friendly system in the world," said attorney Gordon W. Johnson, the president of EM Advisors in Reston, Va., and an international bankruptcy expert.
In the U.S., people unable to pay their bills can file for bankruptcy, which halts all collection attempts, at least temporarily. Most consumer-bankruptcy cases are Chapter 7 liquidation filings, which erase most unsecured debt, such as credit card and medical bills. Higher-income filers may end up in a Chapter 13 filing, which erases remaining debt after the filer has completed a five-year repayment plan.
I knew very quickly, I screwed up choosing to have 4 kids on a 2 kid budget, so I had to sacrifice what I wanted for myself to make up the shortfall. When you have children, and a limited income, there are 2 absolutes--and they don't include any hobbies.
1. You cannot afford anything for yourself--nothing, unless you 1st take care of every need those children have.
[This message has been edited by FrugalFiero (edited 11-13-2009).]
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06:43 PM
buddycraigg Member
Posts: 13606 From: kansas city, mo Registered: Jul 2002
And how does any of this make anyone here a butthead? Sorry about your wife, but I don't see how that give you the right to call anyone a butthead. Usually people resort to name calling when they don't have any other useful thing to say.
People who are critical of others for a personal descision should be classified as buttheads. Their financial situation could change because of illness, unforseen expenses, job loss etc.
This could happen to anyone on the forum, so instead if being critical, show some support, alternatives etc.
This idea that some have proposed, "you spent it, you pay for it" is critical of a situation that in many cases you do not have control over.
I resort to name calling to get the idea into peoples heads that there critisizm is unfounded.
Buddy originally ask for people who had gone through the process to describe their situation and the consequences.
Being critical of him personally is the defination of a butthead, not someone who gives their advice and experiences.
[This message has been edited by Paul Prince (edited 11-14-2009).]
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12:21 AM
84fiero123 Member
Posts: 29950 From: farmington, maine usa Registered: Oct 2004
I've always heard that they are a scam and cost you money.
Can you recommend a non for profit agency in Kansas City MO? Or better yet a free one?
Most of those do charge a fee. Most are nothing more than a scam.
So Todd have you ever used a credit counselor?
If you have not then you really can’t tell if they are just one more scam.
If they are charging you for their help then most likely they are a scam. How would getting just one more bill from the credit councilor help someone who can’t pay their bills to begin with?
I have heard cases about credit councilors consolidating all your bills to one low payment that you send to them and then they never pay any of your bills.
Just how would that help?
Steve
------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
[This message has been edited by 84fiero123 (edited 11-14-2009).]
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08:09 AM
Songman Member
Posts: 12496 From: Nashville, TN Registered: Aug 2000
Paul, not agreeing, or even not understanding Buddy's situation does not give you the right to call anyone a butthead. Sorry. Just not gonna agree with that one. Killing someone is a personal decision too. I retain the right to tell someone I think they shouldn't do it, whether they ask me or not. If I feel they are making a bad choice, it becomes my responsibility to tell them so. Todd was a little harsh on Buddy, sure. But he was trying to help him. He only got harsh when Buddy said he wanted rid of the debt but wanted to keep his toys.
In the case of Buddy, he has gotten lots of good advice, both for and against bankruptcy. I have constantly said that everyone's story is different and I would never judge anyone solely on whether or not they filed bankruptcy. really everyone was pretty supportive of Buddy until he said he wanted to file bankruptcy to get rid of his debt but was not willing to get rid of any of his toys. Now I am still not judging Buddy. This is just the fact of this thread. In the case of the soldier who was overseas and his girlfriend was sitting in the dark, that was a last resort. Bankruptcy should always be the last resort. If you have things to sell, you still have options. If you have not tried to seek counseling, you still have options. This is not an insult to Buddy or anyone else, it is honestly good advice that is for his own good. Some here try to paint bankruptcy as a bed of roses where you can get rid of all the debts you built up getting all the cool stuff you got, and then you can start getting cool stuff again with your new credit cards.... Sorry. This is always going to be wrong. You want to call someone a butthead - start there.
Fact of the matter is, this is a public forum. People are entitled to whatever opinion they want to hold and/or express. Buddy may have only asked for stories from people who have actually filed, but others tried to be helpful and offer what they know too. This was a good thing for Buddy. Hopefully, in the end he will come to a better solution than bankruptcy that will not have long lasting financial and emotional affects on him and his family. So I say again... Just because you don't agree with what someone says doesn't mean you have the right to call them a butthead. Even though you don't like it, they were still offering Buddy sound advice that could actually help him. Much better than saying 'use it-abuse it-file bankruptcy' as was done earlier. I notice you didn't jump on that person. I guess you do have the right to call people a butthead just because you don't like what they said because this is a public forum - it just makes you look shallow and not very intelligent. I am sure that is not the case, but that is what your name calling makes people think.
Like I have said this entire thread - Every situation is different. I am sorry about your wife's illness. Both for her health and for the financial burden it put on you. If bankruptcy was the last resort for you, I am glad it was there as an option for you. I hope that if you get solid again, you will at least try to repay some of the people who were out money for the good and/or services that they sold to you in good faith. And I hope Buddy finds other avenues that will help him before he goes that route. I truly think that he doesn't yet know the emotional impact it can have on him. I don't know Buddy. But I have never gotten the impression from him that he would rip someone off. I think, and I could be wrong, that filing bankruptcy would give him some immediate relief from bills, but would eventually haunt his sensibilities. Bankruptcy WILL force him to get rid of those toys, unless he loses his character completely and lies about them. The smarter move for him would be counseling. He could keep the stuff, even if realistically he shouldn't. And he could get relief from the debt and keep his pride and character. I feel this is a much better choice.
Buddy, there are many non-profit credit counseling agencies out there. I have never used one but an old girlfriend of mine did. They got rid of all the high interest cards and loans and she made one $300 payment to them per month. You will have to look to see what is available in your area. Those of us around the country can't do that for you. I don't know how many FREE ones are out there. Even the non-profits probably have to charge a little just to stay afloat. I can assure you that it is less that close to 30% on your current credit cards. They will get you out from under the cardholders. They will get you on a plan you can afford. You will get to know that you didn't screw anyone over AND you got yourself out of debt. How can that be a bad feeling? As I have told you many times in this thread - Good luck.
[This message has been edited by Songman (edited 11-14-2009).]
Most of those do charge a fee. Most are nothing more than a scam.
So Todd have you ever used a credit counselor?
If you have not then you really can’t tell if they are just one more scam.
If they are charging you for their help then most likely they are a scam. How would getting just one more bill from the credit councilor help someone who can’t pay their bills to begin with?
I have heard cases about credit councilors consolidating all your bills to one low payment that you send to them and then they never pay any of your bills.
Just how would that help?
Steve
Steve-I'm going to have to disagree with you on that. I am sure that there are many out there that are scams and will do things like you mentioned, however, I've been dealing with one for 2 years now and I haven't had any troubles.
Yes, they do charge a fee each month but its minimal. My payment is automatically deducted from my account on the 7th of each month, a payment amount of $157, of that $152 is paid to my credit cards. So, they get $5 a month to handle it for me. I personally think that the $5 is worth it! My interest rates are at least HALF of what they use to be, some are even lower. Also, I don't have to worry with making sure the payments are made on time, etc. They handle that for me. After I am finished paying my credit cards off, I will have paid ACCC a total of $240. I am positive that I would have paid AT LEAST that in late fees that I had when I entered the program. (Which they were able to eliminate from my debt).
I still recieve my statements each month from my credit cards so I am able to see that the payments are being made to my cards.
Again, I'm not saying that there aren't any out there that aren't trying to scam people, but I don't believe that ALL of them are scams. Do your research if your thinking about doing one of those programs, and be sure you know what your getting yourself into. I did, and so far (2 years in), I'm happy with the results I'm getting. There's nothing better than watching your balances drop and even get paid off....best feeling in the world!
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02:21 PM
82-T/A [At Work] Member
Posts: 24110 From: Florida USA Registered: Aug 2002
Most of those do charge a fee. Most are nothing more than a scam.
So Todd have you ever used a credit counselor?
If you have not then you really can’t tell if they are just one more scam.
If they are charging you for their help then most likely they are a scam. How would getting just one more bill from the credit councilor help someone who can’t pay their bills to begin with?
I have heard cases about credit councilors consolidating all your bills to one low payment that you send to them and then they never pay any of your bills.
Just how would that help?
Steve
Just because there are some bad ones, does not mean they're all bad? What you're talking about would be a scam, and would be a federal crime. I would hope you would do a little bit of research.
Personally, I have never used one. Although, I absolutely needed to. However, and I realize this is going to go over like a ton of bricks and just piss you and Buddy off, I paid it off myself, but made significant life changes. I sold everything I owned that I didn't absolutely need. I got rid of ALL of my "TOYS". I basically sold everything I owned, and lived on a very modest budget. I was "broke", but I wasn't unemployed at the time. I went grocery shopping and didn't allow myself to spend more than $50 bucks every 2 weeks. I basically bought cheap bread (that had like 50 slices), bought lunch meat, cheese, a thing of mustard and mayonaise, and I made myself a single sandwich for lunch every day. I also bouhgt a bunch of boxes of Jello and made Jello every night so that I would have desert and something else for lunch. I drank water for lunch.
For breakfast, I made toast, with jam. For dinner, I ate mac & cheese, top ramon noodles, or a can of tuna. For a snack, I would usually pop popcorn on my stove with a little bit of oil in a large pot, I'd then dump some popcorn seeds (normally meant for an air popper) at the bottom in the oil. I lost about 10-15 pounds, which was good, because I ended up being much healthier.
I actually sold ALL of my stuff. Stereo equipment, car parts, one of my cars (still had my Fiero, but it didn't run, so it wasn't worth anything). I got rid ofmy 82 TransAm. I kept my Grand Am of course because that's what gets me back and forth to work.
I sold a bunch of computers I had, and a bunch of other frivilous stuff. My entertainment was basically exersizing. I would go out and run about 6-7 miles every night, and then I'd come home and watch videos. The video store was dumping all of their VHSes for $0.50 a movie. So that was my entertainment.
I did this for about a year and a half, and paid off all of my debt.
I was able to pay off my debt (credit cards), by focusing on one card at a time.
I figured out what all of my interest rates were. I then paid the minimum balance + $5 on all of them except the one with the highest interest rate. I then dumped every penny I had into paying off that credit card. As soon as it was paid off, then I moved onto the next one.
For what it's worth, I always paid at least $5 over the minimum payment because the credit agencies keep track of whether or not you make "minimum payments" or "above the minimum payment".
I didn't feel sorry for myself... I mean, it wasn't bad.
Sure, I ended up watching a lot of crappy movies... Defcon 5, Saturn 3, Life Pod, Interface... all horrible movies... but I paid off my debt, and man... I can't tell you how good it felt...
Unfortunately though, if Buddy is not willing to give up those things which helped get him into debt, then he's never going to change his ways. Even if he files for bankruptcy, he's just going to end up right back where he was again after a couple of years.
Debt is like an addicition... but you have to be willing to change it. It's just like drug addicts. One thing you'll hear often from people at NA and AA... they'll try to change their life by "moving", thinking that they'll get a new start. That's just like filing for bankruptcy... as if that's somehow going to change the inherent problem that caused you to be in debt in the first place. It may work for you for a little while, but then you'll be right back where you started.
This isn't a knock towards you Steve. You're list of issues you've had to deal with are quite difficult, and none of them obviously appear to be because of irresponsibility.
We all make mistakes, and I've had so many of them personally... it's amazing that I'm still alive. Bankruptcy is not the same as it was 5-6 years ago. Buddy really should just bite the bullet, and sell all his stuff and go to a debt consolidation company. He'll be done with it in a few years, and his children won't be wearing rags.
Here's a good article on myths about filing bankruptcy.
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The Basics 12 myths about bankruptcy
Sometimes, a fresh start makes sense -- if you can get past what you think you know. Here's how bankruptcy affects your credit, your possessions and your karma.
By Bankrate.com
Like most big, bad, scary things, bankruptcy has a reputation based on a few tidbits of truth and lots of embellishment. And like most creepy crawlies, it's not nearly as frightening once you know the truth.
With a mind toward declawing the monster, here are a dozen misconceptions about bankruptcy:
Everyone will know I've filed for bankruptcy. Unless you're a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it's true that bankruptcy is a public legal proceeding, the numbers of people filing are so massive, very few publications have the space, the manpower or the inclination to run all of them.
All debts are wiped out in Chapter 7 bankruptcy. You wish. Certain types of debts cannot be erased. They include child support and alimony, student loans and debts incurred as the result of fraud. If you've defrauded someone and a judgment has been made against you, that won't be erased either. Credit card interest out of control? Find a lower rate.
I'll lose everything I have. This is the misconception that keeps people who really should file for bankruptcy from doing it, says Chris Viale, chief operating officer of Massachusetts-based Cambridge Credit Counseling.
"They think the government will sell everything they have and they'll have to start over in a cardboard box," Viale says.
While the bankruptcy laws vary from state to state, every state has exemptions that protect certain kinds of assets, such as your house, your car (up to a certain value), money in qualified retirement plans, household goods and clothing.
"For most people, they'll pass through a bankruptcy case and keep everything they have," says John Hargrave, a bankruptcy trustee in New Jersey. If you have a mortgage or a car loan, you can keep those as long as you keep making the payments (like the rest of us).
I'll never get credit again. Quite the contrary. It won't be long before you're getting credit card offers again. They'll just be from subprime lenders that will charge very high interest rates. "There are innumerable companies that will provide credit to you," says California bankruptcy attorney and trustee Howard Ehrenberg. "I don't advise any of my clients to run out and run up the bills again, but if someone does need an automobile, they can go and will be able to get credit. You don't have to go underground or something to get money."
However, if you're planning to buy a house or a car, you might want to do that before you file. Those loans will be tough to get, and the higher interest rate on such a large purchase would make a significant impact on your payments. Also, if you have a credit card with a zero balance on the day you file for bankruptcy, you don't have to list it as a creditor since you don't owe any money on it. That means you might be able to keep that card even after the bankruptcy.
If you're married, both spouses have to file for bankruptcy. Not necessarily. "It's not uncommon for one spouse to have a significant amount of debt in their name only," Hargrave says. However, if spouses have debts they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file.
It's really hard to file for bankruptcy. It's really not. You don't even technically need an attorney. However, it's not recommended to go through the procedure without one.
Only deadbeats file for bankruptcy. Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind.
I don't want to include certain creditors in my filing because it's important to me to pay them back someday and if the debt is discharged, I can't ever repay them. Bless you for even thinking about such a thing. You're no longer obligated to repay them, but you always have that opportunity. If your conscience won't let you sleep nights because you didn't pay your debts, there's nothing in the bankruptcy code that prevents you from doing that once you're back on your feet. But bankruptcy is an all-or-nothing deal, so you have to include all your creditors in the petition.
Filing for bankruptcy will improve my credit rating because all those debts will be gone. That sounds like an ad for a bankruptcy lawyer trolling for clients. Filing for bankruptcy is the worst 'negative' you can have on your credit report. Unlike other negatives, which stay on your report for seven years, bankruptcy can be there for 10 years.
You can't get rid of back taxes through bankruptcy. Generally speaking, this is true. However, there is such a thing as tax bankruptcy, says tax educator Eva Rosenberg, known on the Web as Tax Mama. To get a shot at it, you have to file all your returns and the taxes owed need to be at least three years old.
You can only file for bankruptcy once. The truth is, you can only file for Chapter 7 bankruptcy once every eight years, Hargrave says. (Before the new bankruptcy law passed in 2005, you could file every six years.) For Chapter 13 reorganization, you can file more often than that, but you can't have more than one case open at the same time, he says.
Of course, that doesn't make it a good idea.
"Multiple bankruptcies are really bad," Rosenberg says. "Many people get into the habit of once they've done it, it becomes a way of life. This is not good for your karma." Or your credit rating.
I can max out all my credit cards, file for bankruptcy, and never pay for the things I bought. That's called fraud, and bankruptcy judges can get really cranky about it. The trustee in your case will review all your purchases right before your filing. He knows what to look for.
I had forgotten that your spouse does not have to file bankruptcy with you. Her credit will remain good, which can be a big help to you both.
Here is another article.
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When, Why, and Why Not, Should You Consider Bankruptcy?
The idea of declaring bankruptcy, wiping out certain debts or repaying them over time with court protection—no more hassles or nasty phone calls from menacing creditors--and then moving on more or less debt free has undeniable appeal to anyone faced with overwhelming debt.
But be careful. Compelling as it may sound, bankruptcy has a lingering and far-reaching impact that touches every aspect of life. Bankruptcy ruins credit, makes it difficult, if not impossible, to keep bank accounts and credit cards, can take some valued, and valuable, possessions, and makes it difficult to get on with necessities of life such as buying or renting a home or car, getting insurance and finding a job.
In fact, most financial advisors look at bankruptcy as a desperate last resort, when budgeting, credit counseling and other efforts to get out of debt have failed, and then only with the advice and guidance of an experienced bankruptcy attorney.
There are two basic types of personal bankruptcy, Chapter 13. Each must be filed in federal bankruptcy court, but certain conditions must be met before filing for bankruptcy under either chapter. The moment you file a bankruptcy case, an immediate automatic restraining order kicks in and gives you protection from the relentless creditor.
The world of bankruptcy under the Code was overhauled drastically in late 2005 to encourage people with a steady income to use Chapter 13 instead of Chapter 7. Chapter 13 allows those with a steady income to keep certain property, like a home with a mortgage or a car that might be lost during the bankruptcy process. Under Chapter 13, the court approves a repayment plan where you give up part of your future anticipated income to pay some or all of what you owe, rather than surrendering property. In return, certain debts must be repaid. These include overdue school loans, child support, taxes, car loans, and home mortgage payments and, in some cases, all of your debts.
Chapter 7 allows you to “discharge,” in effect to erase almost all of your debts. A trustee is appointed to collect non-exempt property, sell it, and dole out the proceeds to your creditors. This is not an absolute solution: certain debts, among them past due child and spousal support, may not be excused; you risk losing your property; and, if you had transferred property to avoid the loss, some transfers can be undone. Unlike Chapter 13, there is no filing of a repayment plan with the court
Chapter 7 and Chapter 13 filings are administered by someone known as a trustee. The bankruptcy trustee, appointed by the US Department of Justice, investigates the financial affairs of each debtor, can sell non-exempt assets, and convenes a “meeting of creditors” about a month after a case is filed. Each bankruptcy case is assigned a judge who makes rulings if called upon. Lawyers are not required, but you may want an seasoned bankruptcy lawyer to advise you about when to file and to guide you through the complex, heavy-paperwork process.
Chapter 7 usually takes about three months to complete but the case stays on your credit report for 10 years. Chapter 13 lasts from three to five years, depending on your circumstances, and remains on your credit record for seven years. Before discharge of the case under either chapter, you must receive certification for a completed course in financial management from an approved counseling agency.
It isn't that easy to file for bankruptcy anymore.
[This message has been edited by avengador1 (edited 11-14-2009).]
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07:40 PM
Nov 15th, 2009
buddycraigg Member
Posts: 13606 From: kansas city, mo Registered: Jul 2002
Originally posted by 82-T/A [At Work]: I realize this is going to go over like a ton of bricks and just piss you and Buddy off
So far you haven't said anything to upset me, (including calling me names)
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Originally posted by 82-T/A [At Work]: I went grocery shopping and didn't allow myself to spend more than $50 bucks every 2 weeks. I basically bought cheap bread (that had like 50 slices), bought lunch meat, cheese, a thing of mustard and mayonaise, and I made myself a single sandwich for lunch every day.
I already eat like that for lunch AND dinner.
But I will not make my son eat an 80¢ meal for my mistakes made 6 years before he was born.
I have been paying my bills, living paycheck to paycheck for 10 years. and tonight is the first time that I was not able to make at least the minimum payment to my credit cards after paying the mortgage and utilities
I am now to the point that I cannot keep up with my bills .
