I hate to admit it, but I am thinking about bankruptcy.

I've been juggling about $20,000 in credit card debt for about 7 years now.
I'm not going to bore you with how I got myself into this spot.
Or why I can't seem to get ahead.

I would just like to hear of your first hand experience of what happened.

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I'm no servant of god. But I feel good trying to help people.

_KCFOG
ZOMG!
Luke 22:36

Don't know how it works, or anything about it. My dad did it and he said it "saved his ass".

There are those who will not respond because they are ashamed to admit that they have filed.
Many years ago I did it.
It will screw up your credit for ten years, but what good is credit when you re receiving phone calls asking for money when you don't have it?
Even if a creditor asks for a reduced lump sum.......if you don't have the money .....why do they ask?
If I remember correctly , the first Lawyer I talked to charged me $100 for one hour of "consultation"
I ended up going to Legal Aid where they handled everything I believe for free.
I would imagine the courts are rather busy now with the economy sucking.
No need to explain " how you got there".
Credit cards were arriving almost daily before the big collapse, and I am trying to think now as to when I was approached last with one.
It has been a long time.
If it eases you mind, you might consider it.
Be prepared though to buy everything for the next few years for cash.
Harry Truman filed for bankruptcy twice.
It isn't going to be the end of the world for you to do so....and the credit card people will continue to get new customers.
What the hell..........Think about it..........all the companies that have filed, all our wonderful people in Washington who cheat on their taxes,
and absolutely nothing is done to them.
Buddy Craigg should do what is best for him.

never2old, does bankruptcy allow one to keep everything they bought on credit and they never ever have to pay it off?

You can not be a productive person languishing under debt that is mostly fees and interest, it’s not fair. Life is too short

quote Originally posted by Jake_Dragon: You can not be a productive person languishing under debt that is mostly fees and interest, it’s not fair. Life is too short

Bankruptcy can save your butt if you're stuck under the fees/ interest mountain. A gentleman I know filed, and it helped him get out from under it. He had to sell his Vette and a few other things to pay off the principal (part of bankruptcy), but I think the interest/ fees that he was having to pay were waived. As others have already mentioned, your best bet is to consult a lawyer. Be sure to ask first what their consultancy rate is first; some are reasonable, some are not.

Jake_Dragon, does bankruptcy allow one to keep everything they bought on credit and they never ever have to pay it off?

dbbl post

[This message has been edited by USFiero (edited 11-03-2009).]

quote Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court. Bankruptcy cases cannot be filed in state court. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code). The vast majority of cases are filed under the three main chapters of the Bankruptcy Code, which are Chapter 7, Chapter 11, and Chapter 13. Filing for Bankruptcy Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process. In 2005, the Bankruptcy Code was amended to require that most individual debtors complete a special briefing from an approved credit counseling agency before filing a bankruptcy case. In most states, the United States trustee is responsible for approving the providers that offer this special pre-bankruptcy briefing, and in the six districts located in Alabama and North Carolina, the bankruptcy administrator assigned to those districts approve them. The United States trustee and the bankruptcy administrators maintain a list of approved providers.

US Courts

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That help at all?

quote Originally posted by maryjane: Jake_Dragon, does bankruptcy allow one to keep everything they bought on credit and they never ever have to pay it off?

I think the laws vary by state. Many come to Florida, because they let you keep your house. You get to keep the stuff you bought on credit. That is why when some people are facing bankruptsy go out on a credt card spending spree. That is also why credit card interest rates are high.

After bankruptsy, you used to get lots of offers for more credit cards as the banks knew you couldn't file again for seven years, so they'd issue a really high interest rate card to intice you into the cycle again.

My brother went through it with his x many years ago and was on a payment plan to pay off some of the debt. His x wife failed to keep up with her part of the bill. I don't know how that ever worked out for her. She had been the money "mismanager" in their marriage. BTW, she is again filing for bankruptsy last month and hit my brother for the $2000 filing fee with the lawyers and he gave her (lent her) the money.

Don, USFiero is correct. You get to keep the stuff bought through unsecured loans (credit cards) Secured loans such as Home and cars they can come calling for those things, but that is what the bankruptsy filing is for. It is to protect you from the creditors that can come calling. So the answer is yes.

Buddy, I have not filed bankruptcy, but I have been in a similar situation. I bought a book by Dave Ramsey. It is called "The Total Money Makeover". It is a hard pill to swallow, but well worth it. I was about $50,000 dollars in debt, mostly unsecured credit cards, doctor bills etc. I sold things, got rid of cable, canceled subscriptions, you name it, we did it. I even came to own my Fiero because of this. Got rid of car loans and bought my Fiero for $500. We were able to consolidate our credit cards into one single 5 year term loan. We then hunkered down for a fight. We paid cash for everything and only for things we needed. I glued shoe soles back on for 5 years and didn't buy new shoes. Never ate out (that was a hard one) Changing all the debt to a term loan was key for us. the revolving credit is a death trap. We were always able to make our payments, but could never pay down the balance. After 5 years of tigtening the belt and 10 years of a even worse Hell before that, we came out debt free. Our only loan is our home. (Dave Ramsey actually advocates before mortgage free also) The key for us now is to remain debt free. we still only buy things if can pay for it. We still use a credit card, but we pay all balances at the end of the month. Since then I have even paid for a new tankless water heater (about $2000) by paying cash. It is a wonderfull feeling having financial freedom. It was a horrible feeling being a slave to credit companies. "The borower is always servant to the lender" Good luck to you in whatever path you choose.

Jim

[This message has been edited by jimbolaya (edited 11-03-2009).]

I've never filed for bankruptcy, but I certainly have been in a similar situation, in particular the aforementioned 20 grand in credit card debt. Not ashamed to admit it... it's part of growing up.

That debt is now at $4,000... and I have no other debt other than my mortgage (all cars are paid off). I guess I'm in a more stable / lucky scenario and it entitled me to be able to pay that off in about a year and a half. It just required a lot of discaplin and eating Ramen noodles. I did this on my own however, so I never went through any of these "groups" or debt consolidation companies.

But I have to ask though, have you considered maybe working with one of those debt consolidation companies? For the most part, these credit card companies really just want to get back the money you borrowed. They're often willing to give up some of the amount simply because you've already paid a decent amount in interest. I would seriously consider at least working with one of these companies (do your research first) because you get to save 90% of your credit rating, and your not taking the easy way out like a liberal (I kid... don't be so grouchy libs...).

I would seriously do your research... bankruptcy I would assume should only be used as an absolute LAST resort.


EDIT: Jimbolaya's advice is VERY sound... same situation as me, just slightly less debt.

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Todd,
2008 Jeep Patriot Limited 4x2
2002 Ford Explorer Sport 2dr 4x2
2002 Ford Crown Victoria LX
1987 Pontiac Fiero SE / V6
1981 EZ-GO Xi875-A "Miami Dolphins" Medical Cart
1973 Volkswagen Type-2 Transporter

[This message has been edited by 82-T/A [At Work] (edited 11-03-2009).]

quote Originally posted by jimbolaya: I bought a book by Dave Ramsey. It is called "The Total Money Makeover".

Dave Ramsey is a great source of information on the subject. I used to listen to him when I lived in Nashville. Can't find him syndicated out here anywhere though. I do have all of his books though.

This is what Dave Ramsey says about bankruptcy.
Bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.
http://www.daveramsey.com/t...ruptcy_3018.html.cfm

The first thing Dave will ask when you ask him if you should file bankruptcy is - Have you gotten rid of that car you have payments on and gotten a cheap car that you won't have payments on? Have you gotten rid of that expensive cable TV/internet? Have you started eating at home instead of going out? He tries to show how you can get yourself out from under the debt without losing your stuff and your pride. But he will also be tough. He will tell you that you are the one who agreed to make the purchases so you should pay for them. The high interest rates on the credit cards are the culprits and he will show you ways to try to get those reduced.

Dave will tell you that for a lot of reasons bankruptcy is a last resort... a very last resort. Spend some time on his site and you can learn a lot about the subject.

quote Originally posted by Songman: This is what Dave Ramsey says about bankruptcy. Bankruptcy is life-altering and leaves deep wounds both to the psyche and the credit report.

Hmm. The wife and I attended a Dave Ramsey seminar and he is very much against credit. Will not even let you buy tickets with a credit card. He is an honorable man and I am sure believes in paying off one's obligations, yet, I heard him say that a credit score is for creditors, not individuals. That it tells creditors how willing you are to take on debt. I can not see Dave advocating one to have a good credit score.

We filed back in 01. Mostly credit card and medical bills. Pretty painless. I didn't give anything back. I was getting credit card offers in the mail a few weeks later. I have never had problems getting new credit.
This was before the big credit crunch, but I bought a new truck about 6 months after with little problem.
If you can avoid giving up your house and vehicles, it's not that bad. A repo looks worse than a BK.

It feels good to be able to breath again, just be careful. You can fall back into it pretty easy.

Cliff,

In a way isn't that kind of true? What good does knowing your credit score do you on a daily basis? It only matters when you want credit on something. In other words, it is for creditors to base decisions about you on. My problem when I came here from Nashville was that I had always used cash. I had no credit score... Not bad credit. Just no credit.

What Dave advocates is being debt free... period. To me that is a good goal.

Personally I am against bankruptcy. I think that a person should pay their debts. I realize that credit card companies are screwing us all over. They got me too. When I first moved to CA seven years ago I didn't owe a penny to a soul. I had no credit cards and had never wanted any. Once I got married and started using cards, all of my interest rates were at the 7% range. With all the bank buyouts EVERY card I had went to 29.99% even though I had never missed or been late on a payment. When I called and complained they all said it was just the new companies policy. Illegal as hell but what do you do? At that rate, I was paying over $1000 a month just to make minimum payments. Obviously the balances were never going down. We started tightening the belt and paying more on the cards to get the balances down. We still have about $5000 in revolving debt and I am sending that check this week! Yippee!

As I said, Dave is tough. He tells you to get rid of luxuries and get a second job. He advocates that the people on the other end of your buying deserve the money that you agreed to pay them. Try to get rid of the outrageous interest rates and pay more on the balance. Bankruptcy may help you, but someone is getting screwed.

[This message has been edited by Songman (edited 11-03-2009).]

Hmm--interesting. I would have thought, that they would make you get rid of everything of value--ie--liquidate all your personal assets--and cease all expenditures other than those necessary to keep living, before allowing you to file.

I dunno. Navigational issues would prevent me from using it assuming I ever have any debt.

quote Originally posted by Songman: Cliff, In a way isn't that kind of true?

No doubt in my mind. As soon as he said it it was like too obvious. I had never had good credit until ...

quote Originally posted by Songman: Once I got married and started using cards ...

DEJA VU. Wifey said I needed credit, . So now I have an excellent credit rating, and the bills which go along with it, , .

quote Originally posted by Songman: The first thing Dave will ask when you ask him if you should file bankruptcy is - Have you gotten rid of that car you have payments on and gotten a cheap car that you won't have payments on? Have you gotten rid of that expensive cable TV/internet? Have you started eating at home instead of going out? He tries to show how you can get yourself out from under the debt without losing your stuff and your pride. But he will also be tough. He will tell you that you are the one who agreed to make the purchases so you should pay for them.

quote Originally posted by maryjane: Hmm--interesting. I would have thought, that they would make you get rid of everything of value--ie--liquidate all your personal assets--and cease all expenditures other than those necessary to keep living, before allowing you to file. I dunno. Navigational issues would prevent me from using it assuming I ever have any debt.

Yeah, I have to agree with this. Other than transportation and housing, and maybe a small "incidental" savings for emergencies (like less than $2000), I would think it would only be fair that you have to basically liquidate everything... TVs, DVDs, etc.

They should make someone go through the house and tag everything that they think would be of value at an auction. This would include any gym equipment, tools (unless needed for your job), televisions, etc...

And then have all of that go towards an estate sale (of sorts)...

It would really make people think twice about filing for bankruptcy if they knew they were going to lose everything but the bare necessities.

I don't know exactly how bankruptcy works, but I would hope that their mortgage isn't forgiven either... I mean... they don't suddenly get to keep the house, right? (Unless they've already paid it off)

------------------
Todd,
2008 Jeep Patriot Limited 4x2
2002 Ford Explorer Sport 2dr 4x2
2002 Ford Crown Victoria LX
1987 Pontiac Fiero SE / V6
1981 EZ-GO Xi875-A "Miami Dolphins" Medical Cart
1973 Volkswagen Type-2 Transporter

IMO,
If the house were paid for, that should go on aution as well, unless state homestead exemption laws prevented it from happening.
If there is a mortgage, the home is considered secured debt--belongs to whoever holds the mortgage, and it can't be sold off for liquidity.

Not sure what juggling credit card debt even means or what lifestyle choices and or needless purchases you make. I will say that life is pretty much a monopoly game, there are a set of rules which allow you to do certain things and not others. Do what is best for you and your family (if you have one) period. You might consider talking with a professional about the choices open to you since you obviously have made bad ones left on your own. That is not judgmental on my part, more an assessment. I think most of us could point to some terrible choices we have made.

quote Originally posted by maryjane: If the house were paid for, that should go on aution as well ....

I dunn know about that. I have never filed for bankrupcy but I understand that there are two (?or more?) kinds. On is debt restructuring. A paid for home is easier on the wallet as in no rental payments which can increase. Which will help in fulfilling a debt obligation. The debt elimination, well, all bets are off. If it is paid for, well, and if it is just basic housing and not some mansion, I'd say let them keep it.

Bankruptcy will make you toxic if you ever want to start your own business any time in the future. You will not be able to get a bank loan for any business purpose.

$20k in credit cards sounds like a lot but it really is not. You can pay that off in 5 years at $4k a year. That would work out to a payment of $334/month. What you need to do is contact a nonprofit credit counciling service and cut a deal with your credit card issuers. They can eliminate the interrest, forgive past late fees and fines and maybe even reduce the principle some.

I've been thinking about it myself.

I also love Dave Ramsey, listen to him often and have his books. I know that he does not approve of Bankruptcy. The problem with his system is - you have to have something to start with. If you've already sold the car and are driving a beater, if you're already eating at home "beans and rice, rice and beans" as he likes to say, if you've already cut out any unnecessary expenses, and you're still living paycheck to paycheck with not even enough to cover your living expenses, much less enough to start a debt snowball, well then Bankruptcy might be the way to go...

Don, as stated, Bankruptcy law varies from state to state. My buddy filed in MO and he was able to keep some stuff, but he was also required to file a list of assets, with the court being able to seize assets of value for creditors in lieu of payment. Of course, secured assets, house and cars etc get taken by the lien holders and from what i remember its a self-filled list of assets, so one could easily be dishonest if they so chose. (Not that I'm advocating such, just answering your question.)

In many states Medical Bills and Student Loans are exempt, and those debts remain even after Bankruptcy.

I have not yet researched the laws in Oklahoma as we've just started discussing this in the past few weeks.

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"The flag should be displayed with the union down, as a signal of dire distress in instances of extreme danger to life or property."

Read my Earthship thread in Totally O/T
si vis pacem, para bellum

"The said constitution shall never be construed to authorize Congress to prevent the people of the United States who are peaceable citizens from keeping their own arms." - Samuel Adams

What part of "SHALL NOT BE INFRINGED" is so hard to understand?!

[This message has been edited by OKflyboy (edited 11-03-2009).]

Ive done it twice. Once in a divorce, and once when another company went bankrupt and threw away the balance of tens of thousands they owed me. I never regretted either.

A few days after the 2nd was finalized, I bought 3 Limos and went into business. Within a year I had a new house and 5 planes for air charters to go in with the limos. I did it all on my own without any financial backing or help from anyone else. Because of the air business I even got a very high limit American Express business card. Never worry about it any more now, my assets far excede my liabilities. Be aware that states each have different rules. ie/ Texas and Florida cannot take your house in a bankruptcy and Okla cannot take any 'tools of your trade' or clothing.

quote Originally posted by buddycraigg: I hate to admit it, but I am thinking about bankruptcy. I've been juggling about $20,000 in credit card debt for about 7 years now. I'm not going to bore you with how I got myself into this spot. Or why I can't seem to get ahead. I would just like to hear of your first hand experience of what happened.

Negotiate with them. You can normally pay 10-25% of the debt if you negotiate, especially if you're late and/or can't make the payments. Mention the possibility of "bankruptcy" to them. If you owe $20,000, make sure you have about 25% of that in cash when you negotiate. Offer them a cash settlement. You have to be prepared to pay right away, though. Promises won't cut it.

$20,000 seems a like a low amount of money over filing bankruptcy. If you get a BK attorney, it will cost a couple grand anyway.

quote Originally posted by maryjane: Jake_Dragon, does bankruptcy allow one to keep everything they bought on credit and they never ever have to pay it off?

For the record we had nothing, we were losing our ass to bill collectors and digging a big hole. The only assets we had was the house and it was in no condition to sell. Our only car was a mustang II and falling apart. I was in the service at the time and getting passed over for promotions because I was in the active reserve instead of full active duty. The only thing we got to keep was the house because we stopped paying everything else and caught it up. My wife was sitting in the dark while I was sitting in the barracks without any way to talk to or see her for extended periods of time, she wouldnt tell me when they cut the electicity. (If I hadn’t found out about the free flights with the air force I would have lost it but that’s another story) This was in 1988 and the laws were different back then and what we have now. Going bankrupt was a hard decision, I fought it for a long time but how long can you let someone you love sit alone in a house with the electricity turned off and not do something about it? How could we be put in that situation while I was away defending our country? If we would have tried to drop the house payment they would have put us on the street. We got out from under the dead bills and after that we built our credit back up, we now have a nice home and a couple of cars, we make our payments and we try not to dig too big of a hole.

I did back in 2000.
My house was paid for and I had a company truck.
The lawyer cost me about 1100.00 and as soon as I filed the creditors stopped calling.
I had close to what you have in debt.
I had credit offers within 6 months after it went through.
It`s ironic, but I had numerous letters from car dealers saying "Congratulations on your Bankruptcy"
Want a new car.
As stated above there are basically two different types of personal Bankruptcy.
One where you arrange payments on a lesser amount and one of complete liquidation of debt.
A friend of mine just went through it and it`s more difficult now than it was back in 2000.
Mike

in my EX-bankruptcy. (7 years ago when it was easier to do)

I had a
Home ( NOT paid for but made payments on time and not enough equity built up)
Show Winning Fiero ( showed a pic of when it was burned, they did not even consider at it)
Truck (main transportation- would not take, cause used to go to work to make $$)
Jet Ski (paid for)

the lawyer said I have to pay her $1200 for her services. so I sold the ski for the 1200 I needed for her.
then I had to show a paper trail of where my money goes, all bank accounts, and stocks.
she even told me to move my money from the bank that was sueing me! got anouther account elsewhere.

you can not have any large amounts of money anywhere( stash cash at home NOT in a bank ! ) otherwise you will have to forfit/use that money to pay towards the creditor. cash out stocks and fork it over .

I was able to say no to 3 or 4 creditors who I thought were bad to me and they were written off as owning them anything!!( denist, and a couple of others)

Was my credit really screwed up????? oh hell no!!

Like a scale, a weight of debt on one side and nothing on the bankrupt side. ok, one side looks good. the one with nothing to pay back. so if I did not have to pay anyone back, I look ok to loan money to since they would be the only ones getting money( considering the large paycheck I get ) helped.
So yes I could have gotten a loan easily, but I would have to pay high instrest.(12% or more) All I care about is the monthly payments. If I can afford that then I can get the item on credit!

The whole process was very easy on me! I did not suffer in any way.( well lost a great 1100ci Jet Ski!) so for $1200 to the lawyer I lost my 40,000 in debt.

Now I am free, but I did get a couch set(paid off now) another car or two for cash, new bed still on credit and some other things.


Now these days and bankruptcy????

Not so good! You still have to pay back "some" money that you owe to the creditors. so you will not get off scott free like I did.

DON'T GO TO the guys that say " I will help you work with the creditors"!!! They will scam you out of more money than you owe, some are crooks.

call the credit card company and tell them you lost your job, or having hard time paying off card, and they will you work out a deal with you. THEY WILL!!

I've never filed bankruptcy, but I've been deep in debt and considering it.
Have you tried renegotiating with your creditors? In many cases I was able to settle many of my credit cards for 50% of the balance and get them paid off. They know they'll likely get more money if they work with you than if they let you file bankruptcy.


Edit to reiterate this:

quote Originally posted by revin: DON'T GO TO the guys that say " I will help you work with the creditors"!!! They will scam you out of more money than you owe, some are crooks. call the credit card company and tell them you lost your job, or having hard time paying off card, and they will you work out a deal with you. THEY WILL!!

Very true. Most of those credit counselors charge for their services. Call you credit card companies directly. If you negotiate with them before they send you to collections, you'll have much better luck.

[This message has been edited by Formula88 (edited 11-03-2009).]

There are exceptions where there is no other choice... But it should be the last choice. I hate to see people talking about bankruptcy when they have big screen TVs, fancy cars, etc...

One of my neighbors 'lost' their house in repossession a couple of years ago. Young couple. Couple of kids. Only the guy worked. Her parents had lost their house and were living with them. They had also taken a niece in. Still, the young guy was the only one working. One day I was leaving and saw that he had a little Chrysler van backed up in his driveway so I asked him what he was working on. He said.. and this is a direct quote... "We lost the house. We got conned into one of those low interest variable rate re-fi loans and now we can't afford the payment."

I said, well that is a shame. What are you going to do?

He said "Oh, it's fine! We have already bought a brand new house that is bigger than this one so everyone will have a room."

I walked back inside and told my wife about it. I said "First off, they didn't get conned into anything. They took that loan so they could have more money to spend instead of paying it towards the house note. Second, I never saw a yard sale happen. I never saw a For Sale sign in the yard. No one else got a job to help pay the note." I looked out the window and saw big new looking furniture being hauled out of the house. I saw TWO big screen TVs come out...

These are the people who piss me off. They didn't even try to make their note. Obviously they were months behind before the bank foreclosed. They could have done many things to try to bring it current. They didn't want to. They used the system to get out of paying for things that they agreed to pay. They knew the risks of those variable loans. Everyone does that signs one. Just like you know the risks of credit cards. Do everything you can to try to fulfill your end of the bargain. Just a few generations ago you would never have found a person in this country who would even consider not paying off their debts. I know there are circumstances like the one Jake was in.. but most people file bankruptcy just because they bought too much stuff and now can't pay for it. Unless you are a situation like Jake's, pay your debts. Suffer a little to do the right thing. In the long run you will feel better about it.

Look up your statets statute of limmitations law. In PA aftwer 7 years your are not obligated to pay it back. They will not tell you this but after 7 years they can keep calling but there is not much they can do about it. But in the long run it all depends on what that money went to for a statute of limmitations law to take effect. Talk to financial lawer about it.

^^^ that is wrong. no way will a creditor forget about ya! they will hound ya till they get their money!

quote Originally posted by Songman: Saying stuff like 'stash your money at home'... worrying about your stocks.... obviously you could have afforded to pay bills if you have things like that to worry about. People seem to be missing the point that you are screwing people out of money that you agreed to pay if you file bankruptcy. Our financial system only works if everyone pulls their weight and does their part. Would you still think it was okay if you were on the other end of the bankruptcy and you were the one not going to get paid for your goods/services? I don't think so...

You are correct in the thinking. and correct that is how we should look at things. ( I do NOW)

first I have no good excuss . but let me try...

I was young and the money was not there. you know working at min. wage won't get you anywhere.
a lot of card companies go for the collage students. again most don't have money and YES they should think long and hard on what they do.
but do they/we? NO
we want the big screen tv so we suffer food or other bills to get it, or save money for a while, or the easy way to get it ...credit!
guess which one most want to do? easy way!


I can agree with you songman NOW, but try telling that to someone that "wants to be like the jones" or trying to keep up with your friends stuff. OR
job loss... you may have the $ to buy that big screen tv and couch now and on your good credit. then all it takes is an unexpected job loss and yeah the world starts spinning out of control. Now you have to do something fast! knowing what bills to pay and when. what gets all the money you have in savings?

no money coming in is a ***** . some to most of my CC's bills was from I got laid off, looking for job for months. had to use CC to buy food and gas (to look for work) so the cash went to paying the bills till it ran out then a fewbills were paid by CC.

I hated doing it but it is/was a life lesson.
Now I only owe on my house and it is not a whole lot anymore cause I learned my Money lesson the hard way.

hard headed kids. huh

quote Originally posted by Songman: I don't know guys... Filing bankruptcy when you could have actually paid your debts is sort of like a girl using abortion as just a form of birth control. Saying stuff like 'stash your money at home'... worrying about your stocks.... obviously you could have afforded to pay bills if you have things like that to worry about. People seem to be missing the point that you are screwing people out of money that you agreed to pay if you file bankruptcy. Our financial system only works if everyone pulls their weight and does their part. Would you still think it was okay if you were on the other end of the bankruptcy and you were the one not going to get paid for your goods/services? I don't think so...

This is the problem with America. They are the same people who perpetuate this victim and entitlement mentality.

It is about race... it's the "white liberal" that's destroying America. Pelosi, Reid, Frank...

------------------
Todd,
2008 Jeep Patriot Limited 4x2
2002 Ford Explorer Sport 2dr 4x2
2002 Ford Crown Victoria LX
1987 Pontiac Fiero SE / V6
1981 EZ-GO Xi875-A "Miami Dolphins" Medical Cart
1973 Volkswagen Type-2 Transporter

My comments aren't to judge, revin... Only to help people make decisions for the future. And not pointed at you either. I'm just talking generalities. And I know there are circumstances like Jake's where there really is no other option.

I know that credit card companies love to get a hold on kids that have no life experience yet but think they have the world by the tail. What they need is education. Like you said, a lot of times that just comes from experience. But sometimes, if you have someone say to you "This is where it can go, but it doesn't have to be that way", maybe one in ten will listen. But that's okay... one is better than none.

All the stuff we are talking about is a big part of what is wrong with our economy and our country. People live the high life and have been taught that there is an easy way out. No one is taught anymore that you are responsible for yourself. Why should they/ Our entire government is trying to put out that message... "We will take money from the evil rich so you don't have to worry about anything."

The one point that I hope to get across in all of this is that the debt that people incur just does not simply cease to exist just because someone files bankruptcy. Someone gets screwed on the other end.

Like I said, just a few generations ago not a person in this country would ever consider not paying their debts. We were a better country for it. We have to have that mindset again if we are going to stop this landslide.

I didnt even bother.....My only "debt" was goobernment-type which they obtained fraudulently with a grandfathering clause slipped into a budget, I just did a little research, learned of a federal court ruling, and used that against them to tell them to pee off.

they haven't bothered me in 13 years, and never will unless they want to face personal criminal charges, and VERY few bureaucrats like their job THAT much.