Posted on 09/10/2021 1:35:20 PM PDT by chasio649
can anybody help a complete fool out? I found out i am in credit card debt for $45,000
Go the bankruptcy route. After a serious motor vehicle accident, I ran up some humongous debt, including medical debt. I was counseled to take a BK. But I decided, I was going to do the “honorable thing” and pay off every dime. That was in 2002.
When the housing bubble burst in 2008, I had several friends & family member take the BK route. All have recovered and moved on to bigger and better homes. cars. campers etc.
Their credit scores all seemed to reset with the BK.
Me? December 1, 2021 the last dime will be repaid. Credit score is “FAIR”
My advice, Screw the honorable thing. Find & take the easy way out. The lawyer will get a pretty good chunk, but you will debt relief and a reset.
Well unless you follow an outdated honor code.
Filing bankruptcy is not as simple as “debt goes away” unless you are destitute. Not only that, you can’t declare again for 7 years so if you run up any debt, you have to pay it off. You can’t tell people that if they made it disappear 2 years earlier. They won’t hear it.
Is there some way you can get it touch with Dave Ramsey? He sure has helped a lot of people.
Refinance and role the Credit Card debt into the Mortgage
Really depends on your situation. If you didn’t take on the debt, that is fraud. If it is just too much damn debt you took on then keep in mind CC debt is unsecured. They’ll harass with phone calls and your credit score will be destroyed, but that’s about all. Sometimes they’ll even offer a good deal to clear the books after awhile, they want to get something. Keep in mind, your life of borrowing money is over though, have to live on what you make.
Bkmrk
This idiot makes 10 posts a year at best.
Some of you are pretty gullible.
Consider your leg pulled.
Stop all payments then negotiate, but don’t be afraid to renege on any payment plans. Mention bankruptcy.
I was $25k in debt and got out. Get in touch with a bankruptcy lawyer. Now. Give him all the details and go from there. Biggest thing is don’t let yourself start feeling hopeless and overcome; there’s no need for that. There are no debtor prisons. A lawyer will just navigate the system for you and get you where you need to be. Good luck!
Read Trump’s “Art of the Deal” - especially chapters 7, 11, and 13.
If the choice is to take a hit of a credit report and the debt is unsecured, negotiating seems a bit silly. Just take the hit and don’t pay unless a creditor puts you in legitimate danger of garnishment, etc.
#1 Dont ask financial ? on a political web site
#2 If you do at least respond to those that buy ito what ever it is your selling & offer non-pro advice
# 3Grow up
You need to see a credit counselor. There are both for profit and nonprofit credit/debt companies out there. Basically, after you make a list of all of your debts, they get in touch with the creditors and work out a payment plan, they can usually get the interest fees lowered or stopped. You will write a check to the agency and they will distribute the money to all of your creditors until you are debt free. You will be living a pretty spartan lifestyle for a couple of years but it is worth it.
Also, you can do a repayment plan through the bankruptcy court. (Chapter 13 or else chapter 7, not sure which.) Remember, your creditors can force you into bankruptcy so don’t be afraid to take this option into your own hands and control.
But check out the consumer credit counseling agencies first. They can probably help you! It really depends on your income what is your best option.
Search for bankruptcy lawyers in your state and start calling til you find one that you like. Dump the debt, learn something, and live your life. Don’t let these people guilt you down.
Worst Opus ever
Lots of reasonable advice but the key is; where did this realization and amount come from? For a guess, if it is sudden, then it is probably a lawsuit, a business failure, a fire/storm disaster, a medical claim, a tax debt or a co-sign gone bad. (I put this list for those who immediately assume it was self-induced! Yes, maybe it was but should it just be assumed?) Any one of these can be sudden and unexpected.
You need to determine how soon the debt deadline is, what your assets are and what resources you may be able to use beyond yourself. My first bet would be to contact a non-profit credit counseling organization. You can find them on-line or ask local or state government for a local in-person listing.
For comfort you may need to talk to more than one BUT DO NOT WASTE TIME in doing so. You are going to need ALL of you & your family financials, including the last 3 years of all tax returns. If there is more than one family member responsible for the debt, they need to be working with this process. WARNING: you may encounter offers that seem too good to be true; “Settle tax debt at 70% less ...” AVOID if it comes with ‘fees’ & ‘charges’.
You are embarking on a hard road to recovery but this is the FIRST STEP! If, and I hope you are, religious, prayer and asking for people to pray for you, will help! I will start by putting you in my prayers!
Your co-worker is an amazing woman. I hope she finds a better man than the deadbeat she cut loose.
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