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Danicats !
we feel your pain ! - my husband's cushy job went from tons of OT to salary (no overtime anymore). My job changed and i lost all my OT, meanwhile we had over 10 credit cards at their limit, and 2 leases that were more than many people's mortgage payment.
We looked into BK ourselves. We didn't qualify - we made too much. The atty said we could but the Judge may force us into chapter 13 and who knew what we would end up paying wasn't going to help.
When i went home, I decided to aggressively talk to all our creditors - we informed them we were looking into BK and we didn't want to go that route - 90% of them worked a deal that closed the acct - lowered interest and many payments were cut more that 50% and it was closed end - fees were stopped, - pretty much just like credit counseling but we did it on our own.
We cut back on EVERYTHING !! - no going out, dumped land line, paper, everything that was extra was dumped - amazing how it all adds up.
WE are stuck in our leases until next June - we wont' make that same mistake again.
But we also both picked up 2nd jobs - we tell our kids, its a sacrafice for the mistakes we made swiping those **bleep** cards like it was all good.
I have now paid off 2 cards and we are on a roll and see the light at the end of the tunnel. i know i'm not suppose to close the accounts, but we are - we decided to keep 1 card open and that will suffice for emergencies and we use the DEBIT only now.
If we don't have cash - we go without.
Personally, i'd rather save the BK for illness or loss of job - but everyone's situation is different and i'm in no position to judge anyone. We got here by ourselves and will judge no one.
But it feels great to get them paid off and we are working hard to get there.
We are still waiting for the score to go up - we had it checked a month ago - my husband and i looked at each other and laughed - hey, it is what it is......490's - oh well.
in time
Cut back on everything you can - get a 2nd job - i hate working so much, but we are doing it and my kids are learning from mom and dad's mistakes and hopefully the next generation wont' make these bank executives so rich by paying fees - pay in cash or debit only
Good Luck !
Do neither. I'd develop a written budget. Make cuts where needed. Stop eating out. Cut cable, newspaper, vacation, etc. Cut out any hobbies that cost $$$. Make changes to needed services (e.g. change your cell phone plan to less minutes or change your car insurance coverage). Suspend investing. Change your taxes (w-4), especially if you are getting a refund. Once the lease is up, go buy a clunker and don't finance it.
Look at your income. If employed, get a raise. If self-employed, give yourself a raise. Get a new job if need be. Get a second job. Start your own business to help supplement your job. Look around your house, sell off junk you don't need. If you have an extra car, sell that too.
If you are financing any debt, then negotiate lower rates.
Filing for BK will only hurt you more.
@Anonymous wrote:
Ohh no! that's not the answer I was expecting. I will have to give this serious consideration. This is going to be a long hard road. I don't know if I can live with the sacrifices that have to be made for my mistakes. Thanks for the advice.
Well look at it this way: If you file BK there's 7 to 10 years that you will have to make some sacrifices because of the credit crisis and down-turning economy right now. A BK will stop you from getting a house, a car and some credit cards (as if you need them during that point) for awhile. Or if you get one the interest rates will be high. It can even keep you from renting an apartment.
You're right in saying that you'll have to think about the decision because it is a big decision. I know it's hard to make sacrifices because all of us like having things that make living easier but when you get yourself in a hole you have to. I would use the BK as the last resort.
Anything you can do to avoid a BK you should. You might check out Dave Ramsey. You need to sit down and make a written budget, eliminate all none esential spending and possible get a second job.
It took me 5 years of living on a strict budget to get out of debt. Stay away form anything that requires you to do a quick fix.
I dare post this for fear of being flamed, but....
Ironically, the only credit that may be available next year may be to super-sub-prime borrowers at exhorbitant interest rates.
BK is the worst option of all.
Danicats !
we feel your pain ! - my husband's cushy job went from tons of OT to salary (no overtime anymore). My job changed and i lost all my OT, meanwhile we had over 10 credit cards at their limit, and 2 leases that were more than many people's mortgage payment.
We looked into BK ourselves. We didn't qualify - we made too much. The atty said we could but the Judge may force us into chapter 13 and who knew what we would end up paying wasn't going to help.
When i went home, I decided to aggressively talk to all our creditors - we informed them we were looking into BK and we didn't want to go that route - 90% of them worked a deal that closed the acct - lowered interest and many payments were cut more that 50% and it was closed end - fees were stopped, - pretty much just like credit counseling but we did it on our own.
We cut back on EVERYTHING !! - no going out, dumped land line, paper, everything that was extra was dumped - amazing how it all adds up.
WE are stuck in our leases until next June - we wont' make that same mistake again.
But we also both picked up 2nd jobs - we tell our kids, its a sacrafice for the mistakes we made swiping those **bleep** cards like it was all good.
I have now paid off 2 cards and we are on a roll and see the light at the end of the tunnel. i know i'm not suppose to close the accounts, but we are - we decided to keep 1 card open and that will suffice for emergencies and we use the DEBIT only now.
If we don't have cash - we go without.
Personally, i'd rather save the BK for illness or loss of job - but everyone's situation is different and i'm in no position to judge anyone. We got here by ourselves and will judge no one.
But it feels great to get them paid off and we are working hard to get there.
We are still waiting for the score to go up - we had it checked a month ago - my husband and i looked at each other and laughed - hey, it is what it is......490's - oh well.
in time
Cut back on everything you can - get a 2nd job - i hate working so much, but we are doing it and my kids are learning from mom and dad's mistakes and hopefully the next generation wont' make these bank executives so rich by paying fees - pay in cash or debit only
Good Luck !