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Called HSBC to see if I could get reduced payments

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Valued Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

Thanks everyone for all your help!

 

I've bookmarked the NOLO website and will look for the books. 


I filed chapter 7 in '99 using the NOLO forms I bought

at Barnes and Noble.  I didn't pay a lawyer just filing fee

at court house.  My lawyer was a jerk. He told me IRS

would not recognize my BK but they did.

 

I found it fairly easy to do and the people at court house

helped me..

 

This was in NY

However, it was a long 10 years on my credit history.

 

ps:  did not get any credit "til  2001

 

EX 782

EQ 802

Message 41 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

I'm now looking for other ways out.  Filing BK is going to cause extra problems as my parents are aging and need my name on some bank accounts.

 

I'm thinking of closing some of my 401k money.  I know that is usually taboo, but I don't know what else to do.  Mom is going to look into seeing what

CDs she has that are expiring soon to see if we can pay off my largest CC debt.  I don't want her to take the whole responsibility for it. 

 

I'm just so lost!

Message 42 of 49
New Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

I'm now looking for other ways out.  Filing BK is going to cause extra problems as my parents are aging and need my name on some bank accounts.

 

I'm thinking of closing some of my 401k money.  I know that is usually taboo, but I don't know what else to do.  Mom is going to look into seeing what

CDs she has that are expiring soon to see if we can pay off my largest CC debt.  I don't want her to take the whole responsibility for it. 

 

I'm just so lost!


My wife and I cashed out part of her 401k to pay off all of our debt so she could stay home with the kids and that we didn't feel so overwhelmed. People will tell you it is the worst thing you can do. However, in our situation it was the best thing that ever hapened to us. It has been almost a year and we are still debt free and have not put balances back on the cards. If you are lost like we were, this is a viable option.

 

Message 43 of 49
Super Contributor

Re: Called HSBC to see if I could get reduced payments


@thobbs wrote:

@cantretire wrote:

I'm now looking for other ways out.  Filing BK is going to cause extra problems as my parents are aging and need my name on some bank accounts.

 

I'm thinking of closing some of my 401k money.  I know that is usually taboo, but I don't know what else to do.  Mom is going to look into seeing what

CDs she has that are expiring soon to see if we can pay off my largest CC debt.  I don't want her to take the whole responsibility for it. 

 

I'm just so lost!


My wife and I cashed out part of her 401k to pay off all of our debt so she could stay home with the kids and that we didn't feel so overwhelmed. People will tell you it is the worst thing you can do. However, in our situation it was the best thing that ever hapened to us. It has been almost a year and we are still debt free and have not put balances back on the cards. If you are lost like we were, this is a viable option.

 


Very salient point.  In life, there are never absolutes.

 

In my view, something as personal as finances, each decision should be viewed on it's own merit, and not based on these "rules" the so called Financial gurus come up with.  Review your situation--consult a professional whom you trust--and see if using your 401k would be prudent.

 

 

Message 44 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments

If you can do a 401k loan rather than a withdraw it will not be counted as taxes, of course you have to pay it back

Message 45 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

A loan isn't an option.  I don't work for that company anymore.  Besides, I can't pay back the loan anyway. If I could, I could pay the cards.

Message 46 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

I'm now looking for other ways out.  Filing BK is going to cause extra problems as my parents are aging and need my name on some bank accounts.

 

I'm thinking of closing some of my 401k money.  I know that is usually taboo, but I don't know what else to do.  Mom is going to look into seeing what

CDs she has that are expiring soon to see if we can pay off my largest CC debt.  I don't want her to take the whole responsibility for it. 

 

I'm just so lost!


Some potential problems with a 401k withdrawal is that you are not just paying a 10% penalty w/ a possible increased tax liability and reducing your economic stability at retirement, but you are using bankruptcy-exempt assets to pay for debt which can be discharged.

 

There are several ways you can have effective control of your parents' bank accounts without compromising them to possible levy or attachment.  A durable power of attorney is but one and your name would never appear on the account.

IAALBNYL
Message 47 of 49
Regular Contributor

Re: Called HSBC to see if I could get reduced payments

they are the same as doing a chapter 13 bankruptcy it will say wage earner plan on your credit report so its the same kind of deal as doing a 13 something those companies dont tell you

Message 48 of 49
Regular Contributor

Re: Called HSBC to see if I could get reduced payments

me either i have 16000 with there bank have had 2 cards for 3 years

Message 49 of 49
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