financial advice please

GotRidOfTheHemiForThis

GotRidOfTheHemiForThis

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ok here's my situation:

A little advice please:

Ive tried to get consolidation loans from 13-15 places, no was always the answer

I'm in a situation where its looking like bankruptcy is inevitable and i don't know what to do anymore!

I never wanted to do this! I'm upset but with the way the creditors are hitting up the rates, and my attempted career change into less than 50% of my pay all rounded out with needing to get a place to live in within around 6 months are tearing me down to nothing.

I am going to try and keep my truck and my car but lose all other debts. I currently am paying on both and am afraid they will take one away from me. Does anyone have any recent information on a topic like this so I don't walk in blind.

I realize that there are more important things than my truck but is it so wrong to want to keep it throughout all of this? Its my most prized possession besides my fience.

Any info or words of wisdom may help me out during this time for me. God im only 25 and cannot believe I wasnt smart enough to take care of myself before others which have caused this for me now.

rough figures are
about 20 grand credit
about 31000 on the truck owed
about 12500 on my car owed
about 20 grand in college loans still growing each fkin year!

Afraid to try debt consolidation/help services cause all I hear is horror stories about how they made it worse and terrible.

Mike:(
 
I don't think you can include the student loan in the BK

You should probably talk to a BK attorney. They can advise you which direction to go. There are a couple of BK choices, a Chapter 7 and a Chapter 13 (reorganization). I don't think you are wrong to hold on to your truck and your car if you can. Depending on the state you live in there are also items that can be kept (they are "exempted") like tools of your trade.

If you don't have a house, it may not be worth a BK for just your credit card debts? I would talk to the attorney before I made my final choice. Usually the creditors (credit cards) will settle with you for a much smaller amount than you owe them if you let them hang out there long enough ;)

but I'm not sure which is better on your credit report (and the prospect obtaining of future credit) - a BK or settled credit card debts. If they don't go to judgment, I believe they only stay on the credit report for a few years? Just some things to think about .....

you can also read up on Bankruptcy - just google it (and check out your state exemptions)

Good luck to you, and sorry to hear about your situation. You are not alone out there ....
 
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If you have a 4-year degree and you can handle the possibility of deploying, you can try to get a commission in the military. Not gonna make you rich, but you'll get plenty to make ends meet. Do a 4 year term to get on track then punch out. That's about the only guaranteed paycheck I know of.
 
Mike I've said it before...your needs and wants are in the way of ever getting ahead.

We have gone over this before...

Let both vehicles go. You cannot afford an SRT 10, let alone two vehicles.

You just got engaged and Melissa wants a place to live which will be a huge added expense, you are still with your Mother right?

Get a grip young fella.

You should be driving a six year old Neon, getting on with school, and finding a job off the towers. The way you are going is never going to end unless you swallow your wants. You had an SRT 10 and upgraded to a heavily modified SRT 10...just creating a very, very expensive vehicle because of your desires.

You are not what you have...you are much more than that.

First things first...and begin with the end in mind.
 
Prof said:
Mike I've said it before...your needs and wants are in the way of ever getting ahead.

We have gone over this before...

Let both vehicles go. You cannot afford an SRT 10, let alone two vehicles.

You just got engaged and Melissa wants a place to live which will be a huge added expense, you are still with your Mother right?

Get a grip young fella.

You should be driving a six year old Neon, getting on with school, and finding a job off the towers. The way you are going is never going to end unless you swallow your wants. You had an SRT 10 and upgraded to a heavily modified SRT 10...just creating a very, very expensive vehicle because of your desires.

You are not what you have...you are much more than that.

First things first...and begin with the end in mind.
Click to expand...


I know exactly what your saying roy, its just i worked so dam hard to get this finally and its hard to let it just slide away. Im fighting at all angles here to figure out this situation. I know I should let it go but........ im not trying to be depressive but I know if it goes ill never have it again ever. If i can get through with it even if things get tight id rather. This truck is more than a toy to me roy, you dont seem to understand that point. Its not easy to be told no with my personality. I have let so much other sh*t go for other people and all the right reasons, I just dont wanna go down like that.

I have already down graded my 2nd vehicle to help with funds. I know in the long run your right but remember my personality roy. I might be selling it to another person anyway if I can get the deal worked out anyway. I was just hoping that there might be some other ave to pursue besides bk. To attempt a better situation/outcome. Im going to attempt to work with my creditors yet again and explain to them either they work with me or else nothing. I cannot give up just yet, but if in time the bk comes I guess I deal the best anyone can.
 
Prof said:
Mike I've said it before...your needs and wants are in the way of ever getting ahead.

We have gone over this before...

Let both vehicles go. You cannot afford an SRT 10, let alone two vehicles.

You just got engaged and Melissa wants a place to live which will be a huge added expense, you are still with your Mother right?

Get a grip young fella.

You should be driving a six year old Neon, getting on with school, and finding a job off the towers. The way you are going is never going to end unless you swallow your wants. You had an SRT 10 and upgraded to a heavily modified SRT 10...just creating a very, very expensive vehicle because of your desires.

You are not what you have...you are much more than that.

First things first...and begin with the end in mind.
Click to expand...


Exactly :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock:

thewelshm
 
Here it comes Mike...read the last two sentences in my previous post...

You have more invested in your vehicles than I do in mine. My net worth is multiple seven figures...yours in a negative $70 or $80k...get a grip!

You are not what you own...and you don't own anything...the bank owns it all.

Finish college. Get off the towers.

Drive a clunker, and in two years you will begin to see the light...it won't happen overnight...it never does...

You are a smart guy, with lots of talent but no idea about how to control your impulses. Take control of your life...but to do so you have to do without some of the things you want...and focus on the things you need.
 
GotRidOfTheHemiForThis said:
I know exactly what your saying roy, its just i worked so dam hard to get this finally and its hard to let it just slide away. Im fighting at all angles here to figure out this situation. I know I should let it go but........ im not trying to be depressive but I know if it goes ill never have it again ever. If i can get through with it even if things get tight id rather. This truck is more than a toy to me roy, you dont seem to understand that point. Its not easy to be told no with my personality. I have let so much other sh*t go for other people and all the right reasons, I just dont wanna go down like that.

I have already down graded my 2nd vehicle to help with funds. I know in the long run your right but remember my personality roy. I might be selling it to another person anyway if I can get the deal worked out anyway. I was just hoping that there might be some other ave to pursue besides bk. To attempt a better situation/outcome. Im going to attempt to work with my creditors yet again and explain to them either they work with me or else nothing. I cannot give up just yet, but if in time the bk comes I guess I deal the best anyone can.
Click to expand...

Mike I undertand where you are Sir, but do not despair, most have failed the frst time, success is a bunch of failiures. You will succeed with drive, If you want to keep the truck get a 2nd job to keep her, otherwise Roy is correct drive a beater untill you get out of the situation:(

thewelshm
 
Hey Mike,

Reread the previous posts carefully. I have never seen a post from Roy as blunt as the last couple on this thread. Then reread your posts. Simply put, your asked for help but not getting the answer you want.

Now, I am sort of in the same position. In another 18 months I can honestly say was....

Take a look at what bills are outstanding. Make the minimum payments on the least likely to be paid off in the long-term. Now, focus on the short -term bills and focus on paying them off. Then take the money and start putting more on the long-term debt.

In the short-term, the advice on this thread has been excellent, cut up all credit cards. Sell the truck. You can always get another in the long run. You and I both are not in the position to own one. Create a long term plan towards owning one.

As I told my cousin that is in the same position in Alberta, keep communication open with the lending companies. Viperhauler, is right. It is a lot easier to deal with anyone if you are making the call first.

Wil
 
Roy has spoken from much experience. If you do not build a strong foundation, your building will NEVER stand. Take advice from those who know, or you will more than likely (and sadly) live to regret it ...........

You are young enough to have it all again, when the foundation has been laid. You don't even have a house or garage to put your "stuff" in for goodness sake ...

If I could be your age again and plan my life again, I would do things much differenlty. Listen to Roy - he knows of what he speaks :rock:
 
Sorry to hear about your situation. I know exactly how you feel. I always try and fix things before they get to out of hand. That is why i sold my other toys (quads) until i can afford to have them again. Roy is right and im sorry to tell you but you have to sell her (the truck not the girl)! You said you are only 25, you are still young and have a long life ahead of you. You "will" be able to afford yor luxeries later on. Good luck!!

Iz.
 
K well here we go again! Before anyone gives you advice (mostly bad) you need to talk with an attorney who is familiar and licensed in your state. According to federal law here are the facts: Number 1 if have less than $125,000 actual equity in your home in todays market then you can file bankruptcy and keep your home! Number 2 if your home is worth more than $750,000 and you have less than 30% equity you can keep your home. Lastly if you are thinking of giving your home up to foreclosure DONT DO IT! I have investors that will short sale your home with the lienholder and not hurt your credit at all or if it does it will be small in comparison! These laws for bail out were created to help you if you don't use them then your missing out!
 
Unfortunately, other than self control with your spending habits, there isn't any real "quick fix".

Do you have a 401k? Although you don't want to make a withdrawal, and subject yourself to a 10% penalty and additional taxes at the end of the year, you could request a loan. Most company plans allow you to borrow up to 50% of the value, and have terms that range from 1 - 5 years. Since it's a loan, this obviously creates a payment. But the interest associated with these loans is far less than that of a credit card. In fact, interest rates right now would be very low. Just a thought.
 
:dontknow: :dontknow: :dontknow:

Mike is currently unmarried and owns no house, as far as he has stated in any post.

Not sure what the rant is all about but Roy did give some sound advice, but seeking the advice of a good lawyer is always prudent. I have four I consult with regularly.

Sorry you got a crap sandwich handed to you Ronnie, but not sure if Mike can use much of your advice or lessons learned....

-jeff
 
You need to sell the truck. I'm thinking of selling mine because I don't think I have enough put away for retirement. I can have a bad ass truck when I retire to park in front of my trailer or I can have a Honda parked in front of my 3K SF house and not have to worry about working when I retire. You are thinking of this like you are giving up your truck. You can always buy another down the road. I think you are looking for an easy way out and there really isn't one. Sit down and think about what you want 2 years from now and 20 years from now. Then figure out what it will take to get there.
 
Listen to Roy... He's been there.... I've been there.... The mountain looks awfully tall when you're standing at the bottom. It's not as tall as you think.
 
Rockin Ronnie said:
By the way if you for some reason have been hiding under a rock! The government has instigated plans to bail out the lenders NOT THE Leasehoders! AGAIN READ THE WALLSTREET JOURNAL BEFORE YOU SPEAK ON A SUBJECT!
Click to expand...

Ronnie, you need help...a lot of anger there guy...no matter how bad it was, at some point you just have to move on...my first wife walked with my two children while I was in Vietnam...money was not the issue that broke my heart, but yes she got everything to include the kids...the hate you display is just not productive...be the one to get happy and love life first...that is true victory.

Your rants have no value for Mike, the situation is totally different...
 
Roy, I hope you understand, that in no way am I calling you wrong. And That I agree with you with this situation. I due value your answers greatly especially after meeting and knowing you.

I also appreciate all the comments as well ladys and fellas, except for the one earlier in the posts that said i got my answer it just wasnt what I liked. I appreciate opinions but ya dont know me, so keep your assumptions on my feeling to yourself. I know what I feel and why, weather you can respect or understand that or not is your problem, i dont need shitty statements right now . With all the bs ive been through for many years in my family life and career choices, i just dont need it right now brother. Im sorry Ive taken it personal but I did, you want my story or feeling on my feeling behind my motives just ask dont assume. (yea im like a little kid on this one sorry feller, and i still understand why you said it but it wasnt needed)

My decision so far is to call my creditors again and try and settle with them yet again. If not then I know where I might have to go. I already have a deal in process on my truck. Im going to leave the final decision up to melissa and me once all the details are worked out. She wants me to keep it and im in the middle depending on how me and an un-named party work out a deal. If things go good, she may be gone quick and well then once again ive done the right thing in my life according to smarts. I already know im going to regret this but, if done then I can just hope to someday get another one in years. Im also going to look for some debt consolidation agencys that people have used.

Has anyone on here ever used debt help agencys with good out comes?? Anyone??
 
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