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My (Bankruptcy?) Story

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doxology
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My (Bankruptcy?) Story  Reply with quote  

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
Post Sat Sep 15, 2012 10:05 pm
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coaster
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Your questions seem to me to be a subset of your main question, unasked but lurking in the background: "if I declare bankruptcy, will I be able to continue on as I have been?"

The plain answer to that question is "No".

So, my question to you is: "putting the question about the possible bankruptcy aside for a moment, what are you willing to change / give up / start doing, going forward from here, so that the question never comes up again?"

When that question is anwered in all honesty, then perhaps the questions about the bankruptcy can be answered with some assurance that it's a relevant answer.

~Tim~
Post Sun Sep 16, 2012 6:57 am
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doxology
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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
Post Sun Sep 16, 2012 7:14 pm
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coaster
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No, you missed my point. Totally, completely missed, not even in the ballpark, not even in the same universe. Which probably means there's no hope anyway, so you may as well go ahead and do what you intend to do. Just don't look for any support here.

~Tim~
Post Mon Sep 17, 2012 6:07 am
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coaster
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mod's note  Reply with quote  

speaking as forum moderator, now: Forum rules require posting in English, and by that, standard English is implied. Texting abbreviations are not standard English, and are not considered to be in compliance with that forum rule.

~Tim~
Post Mon Sep 17, 2012 6:19 am
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littleroc02us
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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)
Post Mon Sep 17, 2012 1:52 pm
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littleroc02us
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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)
Post Mon Sep 17, 2012 7:31 pm
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doxology
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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
Post Tue Sep 18, 2012 7:19 pm
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coaster
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I think you've made it perfectly clear who it is in this thread that "doesn't get it". And as long as you continue to not get it, you will continue to be in the same fix you are today, regardless of any action you take. Because it is you that has brought you here to this point, and if you don't change you, then you will be back to this point.

I hope your stepson enjoys having you as a house guest. You will be there for a very, very long time.

~Tim~
Post Wed Sep 19, 2012 7:01 am
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eastmn
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Somewhat similar stories:
http://money-talk.org/msg87793.html#87793
http://money-talk.org/msg89255.html#89255
http://money-talk.org/msg78421.html#78421

...
Post Wed Sep 19, 2012 6:28 pm
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coaster
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Somewhat similar in the sense of other persons finding themselves in dire financial positions; considerably different in at least two of the three cases in that the posters acknowledged and regretted their own actions and responsibilities for getting into those positions, their willingness to do what was necessary to deal with and overcome the consequences of being there, and their desire to never again allow themselves to go there.

~Tim~
Post Wed Sep 19, 2012 7:19 pm
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eastmn
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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.
.
Real Exorcism "Very Disturbing"
http://www.youtube.com/watch?v=XDb2iEgqclE


...
Post Sat Sep 22, 2012 5:34 am
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papageno
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You are Not bankrupt! Go, get a job and pay down everything.
Post Sat Oct 13, 2012 5:32 pm
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