doxology
New Member
Cash: $ 1.10
Posts: 4
Joined: 28 Apr 2011
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| My (Bankruptcy?) Story |
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hello...
here's my story...
haven't worked in 3-1/2 years.
owe $40,000 credit card debt.
my vehicle (ford ranger) is still being paid off...(year 4 of 5 year term)
i own approxomately $10,000 worth of recording & mastering equipment...have a business website...but...the phone never rings...& once in a blue moon i'll make $100 cash recording or mixing or mastering someone...(not enough money to even consider it a tiny income).
am unemployed (save for above...which is not even $1000 annually).
i have no savings (less than $1500).
been living of my 401k...which is now below $6000.
do not own any real estate...I rent my flat from my stepson.
just cancelled my health insurance (can no longer afford it).
i am about to be approved for new jersey general assistance & food stamps.
monday i am inquiring as to nj rental assistance & utilities assistance.
so...if i file for chapter 7 in nj...
1) can I keep my vehicle...??? (& if so...how long...???...i.e., it will be paid off in a year).
2) can i keep my recording & mastering gear...??? (some if it is still being paid off, as part of my overall credit debt...but i have no idea as to what percentage that amounts to).
3) is bankruptcy actually a good idea for me...??? (reason i ask...???...in about 90 days...i won't be able to pay ANY bills if i continue paying on my credit cards now)
thanx very much,
dox
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Sat Sep 15, 2012 10:05 pm |
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doxology
New Member
Cash: $ 1.10
Posts: 4
Joined: 28 Apr 2011
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UPDATE:
that total credit card debt is spread out over 4 cards.
and coaster...in a perfect world u are correct...but u missed my point...right now...i CANNOT pay off my debt...it's physically impossible.
dox
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Sun Sep 16, 2012 7:14 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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YOur not bankrupt in my opinion. Since your recording and mastering equipment is just a hobby and is worth 10k, sell it to pay down your cc's to 30k. Then really all you need is a fulltime job and a couple of part time jobs and you can easily pay down 30k and a truck. Bankruptcy only fixes the top layer of your problems, it doesn't fix your financial behavior which is the root of the issue. IN addition a Bankruptcy is a red flag to borrowers, it stays on your record forever. Work and budgeting is the only way I know how to fix financial problems. Good luck!
Risk comes from not knowing what you're doing. (Warren Buffet)
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Mon Sep 17, 2012 1:52 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Also, speaking as a moderator, this is warning number 2, posting rules state that you respect your fellow person and no name calling.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Mon Sep 17, 2012 7:31 pm |
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doxology
New Member
Cash: $ 1.10
Posts: 4
Joined: 28 Apr 2011
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oh i see...
u guyz simply delete the posts you're not in agreement with...i get it
dox
new member: romney's 47% government dependent victims
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Tue Sep 18, 2012 7:19 pm |
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eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
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Out of work and with the head barely above water (poverty), I would not go for bankruptcy and would instead go absolute stealth until the full 7 years expires. Saying anything at all to the creditor or his agent could restart the 7yrs FICO flag and the statute of limitations, and so speak only with the credit bureau once the 7 years has expired to get things expelled (exorcism).
Of coarse, should you get back on your feet financially, you might want to do the right thing and call and try to arrange some sort of payment plan or settlement, but keep in mind that this restarts the damn statute of limitations and 7 year FICO flag. Also keep in mind that any unpaid "forgiven debt" portion of a settlement is taxable (1099 income); unless you "dispute" the unpaid portion instead.
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Real Exorcism "Very Disturbing"
http://www.youtube.com/watch?v=XDb2iEgqclE
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Sat Sep 22, 2012 5:34 am |
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papageno
Member
Cash: $ 0.30
Posts: 15
Joined: 13 Oct 2012
Location: Larnaca , CYPRUS
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You are Not bankrupt! Go, get a job and pay down everything.
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Sat Oct 13, 2012 5:32 pm |
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