I have posted a few times on the boards but need advice. I'm divorced, in my fifties and haven't paid on my CC's since Nov 09. I retained an attorney and am considering filing for chapter 7. I have CC debt of 12,000, no home or property and am buying a car I've had for a year and owe 17,500 on that. Do you think chapter 7 is my only option? im below the medium income and have no assets. Thank you these boards are so helpful to me.
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What is it that you hope to gain by filing? I think that's the most important question. In relative terms 12K debt is not that much though it might be a lot for you since you are below the medium income. You say you haven't paid your debts in three months but don't say why.
My own perspective on it is that unless there are unusual circumstances BK is really not worth it for less than 20K. Even with federal minimum wage you should be able to pay off 12K of debt in a few years, which is much better than BK.So the poor debtor, seeing naught around him
Yet feels the narrow limits that impound him
Grieves at his debt and studies to evade it
And finds at last he might as well have paid it. -
My payments on these credit cards are $465.00 per month and I also have almost $200 per month on prescriptions with my living expenses and car payment $363. I just kept falling behind on the cc payments. I tried calling Capital One and Chase and they wouldn't accept lower payments they were only willing to stop the late payment and over the limit fees. My monthly expenses are 2600.00 and I bring home with disability and my pension 2450 per month.Comment
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Ah. I understand better now. I know you say you are on disability. Is a part time job at anyway possible? Reduce your expense more?Originally posted by coco1 View Post
Another way to do it just default on your cc payments wait and then settle those debts after 90 days of no-payment if you can come up with some free cash.
My biggest worry in a situation like yours is unexpected health expenses. You don't have any now but with a disability and at your age it's a concern.
Ultimately its your call. BK is certainly an option and I don't want to be discouraging. Just want you to think through all the options.So the poor debtor, seeing naught around him
Yet feels the narrow limits that impound him
Grieves at his debt and studies to evade it
And finds at last he might as well have paid it.Comment
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Stop paying them. Thats the only way that they'll deal with you.Comment
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Las paymenT I made CC's was NOV iT hAS BEEN AwHile.
Has anyone eVer made arrangemensTs wiTH THem I did Try, any suggesTions?Comment
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I quit paying on mine as well late last year. They (BOA and Citi) have not been interested in making me an offer that I can afford. So I hate to break it to them and I haven't yet but I'm filing. They should have taken the $70 a month instead of wanting $130. But nooooo they weren't interested in that so they have left me no choice but to file. I too have nothing, no house, no car, no job, no nothing. Just a lot of debt.
I've learned my lesson without a doubt. My question to them would be have they learned theirs? And what I mean by that is they should have taken what I could afford and then they would have received 50% of something. Now they get 100% of nothing as far as I'm concerned.Comment
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Chase and BofA both were offering settlements in the 25-35% range after I hadn't paid them in 5-6months. I was planning to use a 401K loan to pay them all at one time.
Chase had offered a settlement of making payments over 60 months, totaling about 60% of what I owed. My income has dropped significantly over the last two years, so making payments is out of the question. It's a big reason I have so much debt as I used the CCs to make up for the loss of money - that and the interest kept adding up every month as I never the cards down. I'm strictly living within my means now! Lesson Learned.Comment
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I really don't want to file at this time either. I may have alot of medical expenses coming up in the future. It has been 4 months now since I have paid any of the cards. So when they offer you pay offs - they also give you certain amount of months to pay on the new amount? I am so frustrated with all of themComment
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