FICO SCHMICO

[heirophant]

Due to recent law changes, it may be very difficult to BK this debt away.  I would talk to a lawyer...or you will continue to get phone calls and for 10K, I can almost guarantee they will sue.  I have an inquiry from a law firm on my credit report related to LVNV collection of an old BOA account that was about $2,500, so I know they were looking to sue...but I settled after seeing this on my CR.  I didn't want to take any chances.

[nosxih]

What are you going to do when you have a significant other who want to settle into a house and start a garden? How are you going to participate and contribute to that plan?

What if your friend moves or your friendship is tested and you have to move out?

What if.....?

[Anonymous]

Although starting a garden sounds pleasant, its not a high priority when I have $100k+ in debt I cant pay.  I understand I would have to give things up, and its certainly not ideal, and there are risks to consider.  I am not recommending it.  I am trying to find out if it is a legitimate option given the circumstances, and what the repercussions are.

As far as starting a garden with a significant other, I am contemplating a pre-nup to make sure the debt is separate.

[jmbfl]

The debt is seperate - you lives are not.

Do yourself an enormous favor and see a BK attorney before the sh!t hits the fan. The best offense is a good defense. If your creditors even catch a wiff of a plan to walk away from your debt they will force you to a BK attorney under extreme duress.

Imagine living without a bank account a looking over your shoulder for the sherrif every time you enter and leave your house for 4 to 7 years. Sound like fun? That is your future.

[Anonymous]

So you plan on buying a house, auto, and CC's all in her name...using only her income.... I hope you find a loaded spouse who doesn't mind freeloaders.... because you would be freeloading on her credit...

Prenup to seperate debt?    great for you...she'll be the one with all the debt from the marriage...her car loans...her home loan..her CC's....you could walk out and put her in the same situation you put yourself.

Take ownership.

If it's just rate jacked APR's killing you....get a dmp they'll get you lower APR's and payments if not stop running away. (running isn't a quality people look for in a relationship)

[heirophant]

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MinnesotaJ wrote:

So you plan on buying a house, auto, and CC's all in her name...using only her income.... I hope you find a loaded spouse who doesn't mind freeloaders.... because you would be freeloading on her credit...

Prenup to seperate debt?    great for you...she'll be the one with all the debt from the marriage...her car loans...her home loan..her CC's....you could walk out and put her in the same situation you put yourself.

Take ownership.

If it's just rate jacked APR's killing you....get a dmp they'll get you lower APR's and payments if not stop running away. (running isn't a quality people look for in a relationship)

---

You hit the nail on the head...they have a right to be mad at you for not paying and a right to expect their money back.  Remember, companies have the same rights as a person...and a few more, mainly because they affect the lives of their employ.  You should feel terrible for not owning up to your obligations and want to make things right.  It is the right thing to do.

Message Edited by heirophant on 05-07-2008 10:09 PM

[LIGHTNIN]

you said you have a GREAT job then 100k should be NO problem.

have checked your hr dept because most places of employment only allow 3 garnishments,
then you are out of a job.

employers also look at your credit report to see what kind of person you are.
do you what to ruin your chance at a really great job or dream job?

the choice is yours.I cant understand how you can sleep at night?

Message Edited by LIGHTNIN on 05-08-2008 06:06 AM

[haulingthescoreup]

Have fun getting car insurance. Many (certainly not all) insurance companies soft your credit reports.

[Scamp]

And pray you never have to find another job - lots of companies are running background checks that include a check on your credit; with your current income, you might have a tough time explaining to a prospective employer why you defaulted/filed BK...

[Anonymous]

I may be naive to this but if a person buys a serious amount on credit like OP, and then walks from it, how does the law treat that person since basically the person walking stole everything they put on credit.  (have stuff that was never paid for).  Can this be considered fraud and have the potential impact of jail/prison time? 

To me, its not just irresponsible, it shows a total lack of character.  I know people fall on hard times and need help via BK or dmp's but to simply walk away without owning up to your significant mistakes and pushing it off on the rest of us (via rate increases to cover the bad debt) is reprehensible and hopefully illegal. 

yes I'm being a tough judge but when a person posts such a ridiculous question, I dont' know how else to reply.