Capital One...HELP!

[tobee43]

and keep on searching until you find who is right for YOU and yours!!!

you'll know...follow your gut!

[daytona]

I will be the first to admit I have not spent any time on student loans...sounds like an animal. It does seem odd that they are considered "unsecured" when really they are "secured" since they are NOT discharable. Hard to believe those can't go into your schedule J since you have to pay them monthly and can't BK them. I would love to hear input on why these are treated in such a way from those who know.

[Wantmypeace]

Student Loans are the worst! (Well, maybe the 2nd worst; Crapital One is THE worst!) Anyway, it seems completely unfair to have them treated this way, but I'm guessing it's like taxes. The government backs the loans, so they cannot be discharged. The government WILL get its money...

[treehugger1]

Want, I feel your frustration! If you search through the threads related to my posts you will see that the SLs were the final thorn that kept me from filing BK 13.

The last attorney I spoke with suggested I sit down with a CPA or other accountant and look at my options given my age. It was great advice! I did not file a BK 13. I do not have 60% of my takehome salary going to a trustee (that would have been my approximate monthly payment.) I am under a 25% wage garnishemnt where 15% is from the SL guarantor. Factor out the SL 15% garnishment, and I have 10% going to unsecured creditors involuntarily. Essentially, effectual wage garnishment is only 10%. I also continue to build my retirement accounts.

It sounds as if you folks have some finances. Why not throw a few dollars at a CPA and look at your true finanical options?

The catch in all this might be related to what type of credit rating you need in the future. I really don't care, but you might.

[Wantmypeace]

I am a Dave Ramsey convert and believe 100% that I have no real need for credit in my life. That is certainly something we will consider. A good CPA might be a better option... THANKS!

[tobee43]

Want, I feel your frustration! If you search through the threads related to my posts you will see that the SLs were the final thorn that kept me from filing BK 13.

The last attorney I spoke with suggested I sit down with a CPA or other accountant and look at my options given my age. It was great advice! I did not file a BK 13. I do not have 60% of my takehome salary going to a trustee (that would have been my approximate monthly payment.) I am under a 25% wage garnishemnt where 15% is from the SL guarantor. Factor out the SL 15% garnishment, and I have 10% going to unsecured creditors involuntarily. Essentially, effectual wage garnishment is only 10%. I also continue to build my retirement accounts.

It sounds as if you folks have some finances. Why not throw a few dollars at a CPA and look at your true financial options?

The catch in all this might be related to what type of credit rating you need in the future. I really don't care, but you might.

treehugger makes an excellent point. CPA's do not charge much and can really point you in the right direction.

personally many of you HAVE to care about your future...for us, we simply don't face any more large expenses so for us it's not that important. but for others say what you may...dave ramsey....john doe...whatever...each situation here is different and our futures hold different paths...some worry about how to get their kids through school, some are worried how THEY are going to make it through school and then owe HUGE loans and graduate to NO jobs. and these are REAL concerns.

most atty's i know, are not trained in finance...at all....i mean you wouldn't ask your doctor about what's the best tax deferred bond to purchase this month.....

a CPA is a good way to get someone's else's objective view about your personal goals.