Bankruptcy for someone with no assets and little desire to purchase stuff on credit in the near future?

Dec 052011
 

I have had an extraordinarily bad year: sporadic employment, lost my car in an accident, etc. I am seriously considering filing for Chapter 7. All my credit card accts are closed now and under a debt mgmt company (I did this to lower my rates), but since I have no money coming in, I can’t pay them anymore.

I have zero assets to take…my most valuable possession is probably a queen-sized bed. I have no plans to get a mortgage in the next five years, won’t need a car if I continue to live in this same city, and have no desire for credit cards. I just want to bring my monthly overhead to something manageable and restart my life. I live pretty modestly…studio apartment, don’t go out to eat, don’t take fancy vacations, etc.

Is it worth my while to file for bankruptcy? I don’t have creditors or collectors after me yet, but unless I find a job in the next month, that will soon be the case.
If I could find a moderately-paying job (say even 10K less than I have been making in the past), I could pay minimums…however, when you are unemployed, it doesn’t matter how much you owe.

I also want my life back. I’m tired of being so poor I can’t even go see a movie on the weekends. I admit, the idea of having my monthly nut cut in half (with cessation of CC debt) sounds pretty great.

I know that it might be tougher to get an apt in the future…I can’t predict 5 yrs from now, but I’d be OK even staying where I am for the time being. As for jobs…well, I can’t say how often employers check that sort of thing…it’s kind of comical that a bankruptcy would mean you’re more likely to stay unemployed when you think about it.

Should Republicans Be Kicked Out of Washington for the Sub-Prime Mortgage Mess Taking Advantage of People?

Dec 032011
 

When we bought our house years ago, our impression was that our loan would be limited to no more than 28% of our gross income each month. I thought it was the law or an industry standard.

Under Bush and over the past handful of years, sub-prime loans were made to people when lenders probably felt certain that the borrower could NOT repay the loan.

Did Republicans ruin their image for failing to protect consumers?

The Democrat-led House just passed a bill designed to protect consumers. The lenders will have to access whether or not the family will be able to repay the loan. Didn’t Bush and the Republicans believe it was good to protect consumers?
•” …require creditors to assess at the time of origination that the borrower can repay the loan, or if it is in their economic interest to refinance. ”

http://www.consumeraffairs.com/news04/2007/11/congress_mortgages.html

Avoiding Credit Card Debt Relief Scams

Dec 022011
 

thedebtrelief.net |→ There are several legitimate debt relief companies available in the industry, there are a few others who are looking to take advantage of people’s urgency to settle their debts. http

www.debtfreeassociates.com — At Debt Free Associates, we provide credit card debt relief for our clients. Is your credit card debt out of control? If you can’t stop the harassing phone calls from creditors, call our office today. Our debt specialists will negotiate your debt and settle it for significantly less than what you owe. Don’t struggle under the strain of credit card debt. Visit our website at http to get relief. You may contact our debt specialists at: Debt Free Associates 2768 Loker Ave W suite 101 Carlsbad, California 92010 Toll Free: 877-425-8332 Website: www.debtfreeassociates.com

Fast Debt Elimination System

Dec 022011
 

Fast Debt Elimination System
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Student Loan payment while in COLLEGE?

Dec 022011
 

While in college does making payments on a student loan help you credit score?

 

Hello I’m 17 and studying to be a pharmacist.  I have struggled to find a house when i moved to college.  So i needed to get a student loan.  But know I have a job I feel i should start paying it off but I can’t really agree to a certain payment plan.  I know it is deffered while I am in school but I want better credit.  So many my question is Should i be paying about $ 100 dollars a month to show my creditors that i can handle payment or im i better off putting a hundred aside?  Thanks.  Any suggestion you could email to Mod Cut

BTW: I do have  credit many people would conventially say that i 17 year old doesnt have credit however i have decent credit like 620.  This is because at the age of 12 my grandfather put me onto his credit card accounts.  To be able to run into gas stations and pay for him with my own card.  This is half the reason why i was able to get a student loan credit card from capital one.  But thanks and any Imput would be really appreciated.  

 

Sorry for any typos I’m kind of typing fast.

Welcome to the forums. Personal information like email addresses are not allowed to be posted. You’re welcome to exchange that via PM (Private Message).

 

Thanks for contributing to our community- MarineVietVet, myFICO moderator

student loans
byawirtanen

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student loans
by Christopher S. Penn

National Debt Relief Group

Dec 022011
 

National Debt Relief Group offers help with Unsecured Debts via Debt Relief and Debt Settlement programs by negotiating with your creditors to eliminate Credit Card Debt – visit www.nationalrelief.com

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Student Loan’s Discharge Question? Update

Dec 022011
 

Good afternoon,

 

I can get my student loans discharge, because I became permanent disable with the Veterans Affairs. A total of only 9000 can be discharged. The question I have is, if I do discharge those will it negative impact my credit report? Will the trade line be erased? Will the trade line be noted or labeled as discharge or something to that effect on my credit report and will that impact my FICO or will I have to write an explanation to creditors. By the way if they will be decreased it will give me a higher AAoA, but lower my credit mix.

 

Thanks in advance

student loans
byEmbajada de Estados Unidos en Bolivia

doesn’t the money go to the University? and you never receive it?

do students borrow a maximum amount in student loans so they keep the leftovers to pay their apartment bill and/or living expenses?

Overwhelmed- Where do I even start? Details inside

Mar 092011
 

i was irresponsible in my younger years and through most of my years as being a single mother without insurance (as you will see when you get to the medical bills section lol).  I was desperate/ignorant/uneducated and when I lost my job took cash advances out to cover rent etc..  Anways, those details are not important- however I am wanting to improve my score and since I am financially responsible now, want to get my past taken care of, so this brick is off my shoulders.  My problem, is that I am completely overwhelemed and don’t even know where to start.  I started by pulling my credit reports.  I’m a little intimidated that they are all around 18-20 pages long.  LOL.  I don’t have my actual FICO score yet, but I did use creditkarma to view a score and it said 532.  I’m not so worried about my score at this point, I just need to figure out a good starting point, because I realize once I get all of this stuff cleaned up, my score will eventually go up and I’ll be in a better position to get a card to help improve my score.

 

I’m going to list, as best as I can, what my credit reports say- in hopes that someone can help guide me (I realize legally you can’t give advice, tell me what do to etc..) in what to take first and where to start.

 

Here it goes  (ERD = Estimated Removal Date)

 

————–Civil Judgements——————————

Civil Judgement #1 :  Amount $6,177 .   Date Filed: 05/07  Estimated removal Date: 04/2014

Civil Judgement #2:  Amount $3,092.    Date Filed 01/06   Estimated removal Date:  12/2012

*****#1 is for the credit card i took cash advances out on to cover rent.. the other is the resulting judgement when i ran out of funds and was evicted- they both have withholding orders on me, and take my mi state taxe refund every year) 

 

 

————–Bills still showing paid/owed to the original creditors———————–

BILL #01:  Original Balance $246 Balance $301 Past Due: $301  Open/Collection Acct.  Date placed  04/2006  ERD 08/2011

BILL #02:  Original Balance $85   Balance $54    Past Due $54      Open/Collection Acct.  Date Placed 03/2008  ERD 11/2014 

BILL #03:  Original Balance $122 Balance $0      Past Due $0        Open/Payment after chargeoff  Date Placed 07/2007 ERD 02/2014  Date Closed 02/2008

BILL #4:  Originial Balance $3,735  Balance $0  Past Due $0    Paid – Date Opened 07/1999  Date Closed: 02/2002  

**********Bill#4 was for an auto Loan.  It was always paid on time and paid off before the end of the loan in full.  I never missed or had a late payment on this account YAY!

 

 

—————–Student Loans ———————————

#1:  Balance $1,584  Past Due $0  Paid or Paying as agreed (deferred until 05/2012) Did have a max. deliquency of 120+ days in 05/2009 for $200

#2:  Balance $8,048  Past Due $0  Student Loan not in repayment yet (i’m still in school)

**** balance #1, I was in school and was pregnant with our third child, and took 2 semesters off, not realizing it would make my student loan start payments, and wasn’t working because of the baby, so didn’t pay them.  As soon as I started classes again, they went into deferment until May 2012.  I am currently still in school)

 

 

—————— Medical Bills/Collections——————-

Collections #1:  Balance $248  Past Due $248  Open Acct.  Date placed for collection 12/2005  ERD 05/2012

Collections #2:  Balance $62    Past Due $62    Open Acct.   Date placed for collection 04/2006  ERD 10/2012

Collections #3:  Balance $73    Past Due $73    Open Acct.   Date placed for collection 05/2006  ERD 10/2012

Collections #4:  Balance $220 Past Due $220  Open Acct.   Date placed for collection 10/2009  ERD  03/2016

Collections #5:  Balance $220 Past Due $220  Open Acct.   Date placed for collection 10/2009  ERD  03/2016 (duplicate maybe?)

Collections #6:  Balance $252 Past Due $252  Open Acct.   Date placed for collection 10/2009  ERD  03/2016

Collections #7:  Balance $252 Past Due $252  Open Acct.  Date placed for collection 10/2009   ERD  03/2016 (duplicate again?)

Collections #8:  Balance $176 Past Due $176  Open Acct.  Date placed for collection  10/2009  ERD  03/2016

 

 

 Thanks in advance to anyone who takes the time to read these and help me out.  I was feeling overwhelmed, but typing them out has made me realize it’s not as horrible as it could have been (I’ve already had a bunch fall off my report from the last time I got it).  Also, if you need other information from these, just let me know, I will gladly post it.

 

Does Transunion always lag behind?

Mar 022011
 

Just checked my TU and as of now (3/1/11) they dont have anything updated past January of this year.

 

Why are they always so slow to update? Is it my creditors? On my other reports everything is up to date.

 

Just frustrated.  Sorry if this has been covered.

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