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InvisibleyogabunnyM
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*EDIT* No longer considering bankruptcy - huzzah!
    #14396491 - 05/03/11 08:02 PM (12 years, 8 months ago)

has anyone here ever filed for bankruptcy??


i kind of wish i would have filed the last time i was in this deep, but people convinced me not to, and now i am back in the same situation.  i am already in judgement with one of my creditors and now that i am working again their lawyer is taking action toward wage garnishment, and is currently seeking to freeze my bank account. 

i have fines from my arrest, taxes, and student loans that i would like to pay off, and if the rest of my debt were to be absolved then i would be able to focus on paying off those and building a better financial future for myself.

thoughts, advice?


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Edited by pika (10/23/12 06:51 PM)


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Offlinedizzyease
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14396660 - 05/03/11 08:35 PM (12 years, 8 months ago)

apparently you can't get anything that requires credit, like phone service, and a credit card for seven years. if you can handle that, in seven years your back at ground one, as far as I know.


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InvisibleyogabunnyM
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Re: 40K in debt and considering bankruptcy [Re: dizzyease] * 1
    #14396715 - 05/03/11 08:42 PM (12 years, 8 months ago)

i haven't had a credit card in almost 10 years anyway.


:shrug:


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InvisibleAsante
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14398768 - 05/04/11 08:14 AM (12 years, 8 months ago)

AWWWW NOOO YOGABUNNY!!

I have no advice unfortunately for your specific situation but I'm very sorry to hear you are in it :hug:


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Invisibleowls
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Re: 40K in debt and considering bankruptcy [Re: Asante]
    #14416264 - 05/07/11 06:29 PM (12 years, 8 months ago)

youch

good luck!


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OfflineOmnerMG
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Re: 40K in debt and considering bankruptcy [Re: owls]
    #14416367 - 05/07/11 07:10 PM (12 years, 8 months ago)

Sometimes bankruptcy is the only option, I had gotten divorced, taken on my x's debt. Then got a rare disease that racked up a bunch of medical bills, then as soon as I was healthy from that I had a snowboarding injury where I completely separated my shoulder which needed surgery.

I knew I would never be able to get back ahead. My paycheck started getting garnished, bank accounts too. There was no where else to turn. So I filed for bankruptcy, I could have just filled for medical bankruptcy and recovered from the rest but why? I just wrote everything off and now the only thing I owe on is my house, which I got to keep.

I'm not saying you should run out an file, but look at your options. They make you take a couple courses to help you decide if you're making the right decision.


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OfflineTaco Chef
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14418546 - 05/08/11 08:03 AM (12 years, 8 months ago)

you absolutely can get phone and utility services after one declares bankruptcy, on may just need to leave a deposit.

its a very reasonable option for a person in such a situation, and during the proceedings the judge can restructure your retaining debts so that you can make payments in a way that doesn't send you into the 'debt/late/penalty/fee' downward spiral.

just make sure use a bankruptcy lawyer --do not try to do this kind of paper work/filings on your own

on the otherhand if you still live in NY, NY state/city have some of the most consumer-favorable debt laws in the country. was the judgement a result of you not showing up to/ignoring court papers? its not incredibly difficult to get a default judgement vacated in NY/NJ, of course that does not void the debt.

has the debt passes the statue of limitations for NYC? has the creditor established rightful chain of custody  on the debt? did they serve you the legal papers correctly? most of those scumbag zombie debt buying agencies make all kinds of errors, do all kinds of illegal things; however the defendant has to actually try to defend themselves to win on those merits--if one just ignores court papers/dates, one is fucked.


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Offlinesteelmonkey
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Re: 40K in debt and considering bankruptcy [Re: Taco Chef]
    #14418833 - 05/08/11 10:15 AM (12 years, 8 months ago)

I'm just curious but how did you get 40k in debt?


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OfflineTaco Chef
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Re: 40K in debt and considering bankruptcy [Re: steelmonkey]
    #14418876 - 05/08/11 10:24 AM (12 years, 8 months ago)

i didn't


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OfflineEpigallo
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14418941 - 05/08/11 10:42 AM (12 years, 8 months ago)

obviously not directed towards you, lol.

yogabunny, do you not want to pay off the 40k or are you not able to? i would pay it off even if it would take many years. you may not need a credit card, but employers often check your credit. what if you want to change jobs, buy a house, or a new vehicle? bankruptcy will almost certainly make those difficult.

it sounds like student loans are probably the biggest liability you have, and everyone has those. :shrug:


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OfflineTaco Chef
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Re: 40K in debt and considering bankruptcy [Re: Epigallo]
    #14419757 - 05/08/11 02:00 PM (12 years, 8 months ago)

i disagree; if one has is very very behind/in default/ in judgement on certain types of loans (not student loans or legal fees) one is much better in the long run declaring bankruptcy rather than remaining delinquent or or in judgement....just ask donald trump....


again, speak to a bankruptcy lawyer (and not credit counselors who are often just middle men and percentage brokers) to get a real understanding of how your short and long term position will change.


there is nothing morally or politically or ethically wrong with declaring bankruptcy---indeed, i'd argue that the fact that so much propaganda against bankruptcy is  produced by zombie-debt brokerages is proof that it can be the best thing a person in a certain type of situation can do.

debt is a prison; bankruptcy is simply a legal transaction any free person has the right to explore.


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OfflineEpigallo
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Re: 40K in debt and considering bankruptcy [Re: Taco Chef]
    #14420833 - 05/08/11 06:04 PM (12 years, 8 months ago)

but what if you could pay it off in like 5 years? wouldn't that be better? i would just assume that declaring bankruptcy would screw your credit more than actually paying it off.


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InvisibleDieCommie

Registered: 12/11/03
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Re: 40K in debt and considering bankruptcy [Re: Epigallo]
    #14420894 - 05/08/11 06:12 PM (12 years, 8 months ago)

Why pay it off in 5 years, when you could get it erased?  How do you think that would be better?


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InvisibleyogabunnyM
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Re: 40K in debt and considering bankruptcy [Re: Epigallo]
    #14423999 - 05/09/11 10:56 AM (12 years, 8 months ago)

Quote:

bradley said:
but what if you could pay it off in like 5 years? wouldn't that be better? i would just assume that declaring bankruptcy would screw your credit more than actually paying it off.





i spoke to a credit specialist last week and based on how much i make and can afford to put toward debt repayment at this time, it would take 20 years for me to pay it all off.


this is not an option for me as the biggest portion of my debt is 15K in fines to TN, which I must pay off in 12 years, 6 if I want to be eligible for early discharge.

the next biggest is a 7,900 with discover card they gave me a platinum credit card with a 7500 dollar limit when i was 19 years old.  i used it irresponsibly and then didn't have the money to keep up with payments and out of fear i just ignored it for many MANY years and now it's with a lawyer who has frozen my bank account in the past and is threatening to do so again, and to garnish my wages which they have done in the past, and which made it impossible for me to make payments on any of my other debt.

the rest of my debt are medical bills, student loans, personal loans and old phone bills...oh and bally's total fitness which i absolutely REFUSE to pay. 

i know i made a huge mistake ignoring this debt for so long, and i simply  feel like i am running out of options with regard to repay.  right now i am dealing only in cash and waiting for them to put the freeze on at which point i will go to court to have it removed.  i have 80 cents in my bank account right now, which will make them look awfully silly in court.

also to whomever said what if i want to to change jobs.  well, i am already on probation for TWELVE YEARS so my job options are limited.  i work in a restaurant right now and most restaurants in NYC don't make you fill out applications, and frankly don't give a shit that i am on probation for drug charges.  i live in NYC so i don't own a car and i don't plan on buying property any time soon.  i plan on pretty much staying where i am/renting until i finish my probation.  the only thing i am concerned about is  that i would like to go back to school.  i can probably go to CUNY or Hunter pretty cheap though and not have to take out anymore student loans.

:shrug:

i am meeting with a bankruptcy lawyer in my 'hood tomorrow and will report back!  also my dad is making me call and talk with this "non profit" debt counseling agency before i make any decision about filing.


thanks for the advice gais.


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Offlinesteelmonkey
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14424028 - 05/09/11 11:01 AM (12 years, 8 months ago)

I don't feel so bad now,my fine is only $4500

you do know that bankruptcy won't erase fines right?


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InvisibleyogabunnyM
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Re: 40K in debt and considering bankruptcy [Re: steelmonkey]
    #14424127 - 05/09/11 11:20 AM (12 years, 8 months ago)

yep, i know.  it would just be nice to be able to put all my money toward paying that and my student loans off.

i just don't want to be in debt for the rest of my life, or into my middle ages.  if that means i will have to live within certain restrictions for a while, then i am willing to consider that. 

honestly i wish i would have filed 6 years ago.  i was considering it but was dissuaded by a lot of friends and family.  i'd be nearly done with the process by this point.

i don't want to be sitting here in another 6 years still complaining about being in debt, and i just don't think it's going to be possible for me to pay it all off in that short period of time.


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Offlinesteelmonkey
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Re: 40K in debt and considering bankruptcy [Re: yogabunny]
    #14424209 - 05/09/11 11:41 AM (12 years, 8 months ago)

Just paying off the 15K is going to be brutal even if you erase all your other debt

If this makes you feel any better I got a 88,000 dollor bill just before xmas from like 10 years ago I didn't even know I had


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Invisibledwpineal
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Re: 40K in debt and considering bankruptcy [Re: steelmonkey]
    #14424302 - 05/09/11 12:04 PM (12 years, 8 months ago)

10 years seems past the statute of limitations for them to continue trying to collect the debit, I would bet...


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Offlinesteelmonkey
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Re: 40K in debt and considering bankruptcy [Re: dwpineal]
    #14424357 - 05/09/11 12:18 PM (12 years, 8 months ago)

Apparently it was from a old car accident and my insurance had lapsed atleast thats what the letter said,I never responded back and havn't heard from it again

Now that I mentioned it though I'll probally jinx myself


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Invisibledwpineal
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Re: 40K in debt and considering bankruptcy [Re: steelmonkey]
    #14424831 - 05/09/11 02:06 PM (12 years, 8 months ago)

Yeah but like someone said above, buying junk debts is BIG business. Your debt is no longer collectable (I believe), so they sold it to a firm that tries to get you to pay anyway. These companies are universally-disliked. If they contact you again, look up the Statute of Limitations in your state for your kind of debt, knowledge is power


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