@MyLoFICO wrote:
@HeavenOhio wrote:I see a few silver linings here. It's been mentioned that overall utilization is reasonable. Scores aren't bad, and they should go up after the planned payments. Lowe's can wait without costing more due to interest. Only six of 24 cards have balances, and the worst of it is concentrated on four cards. And losing BP's $3,500 limit isn't going to hurt.
I wouldn't be surprised if MLF's Equifax score makes a bigger jump than the others. Of course, all profiles are different. But my Equifax score takes a ding as soon as I let a second card report. If that's a general Equifax characteristic, it might be really happy to see those seven balances off the books.
MLF, will you have enough money over the next few months to pay a bit over the minimums… just enough to cause balances to decrease rather than increase due to interest? That might help keep the lenders out of your hair.
Also, you mentioned auctioning and selling things. Could that help you put a dent in these balances, or is that to help with day to day finances?
The auctioning and selling things is what is generating the 10k. In my business I like what I sell and I bought alot for me. Now those are being sold. I lost one of my favorites last night to a winning bid. But, I will rebuild. I have about 2 grand to go and I might actually end with more than 10k. Going forward, if I can't pay more than the minimums and I can't get a BT card, I will file. I say that because there is nothing else left for me to try that would not end up in a negative on my reports.
May I ask what you can afford monthly?
Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
@Anonymous wrote:I agree with Tyger..... in many ways. For example we were overhead on a house we really could not afford once the APR adjusted and the real estate market melted down but we fought and used up all of our resources in a futlle effort to keep a house that in the end we lost. We focused on keeping the house and ended up with a big IRS debt because we had prioritized the house. My point is it wasn't until we burned through all of our resources and lost the house that we realized how much damage we did to our future. Took about 7-8 years to recover. The foreclosure was the hardest thing ever but in hindsight we should have punched out early, cut our loses and moved on. Having said that I fully respect your desire to avoid BK and put in every effort to avoid it.
We are all pulling for you.
My house is on my mind big time. I say that because We had it built in 2004 and it took me and my ex to afford it. I still have her name on it because my income will not support a refinance or an assumption even though I have kept it current for going on 4 years now. I am pretty sure I can reaffirm it in a Ch7 and not change the way things are with it but that will be a huge factor when it comes to considering a Ch7. I have a meeting setup with my attorny to discuss BK this week. I just really want to give her a heads up and see what she has to say. She is a close friend so I can count on her not to want me to file jusat so she can make a buck.
@redpat wrote:
@MyLoFICO wrote:
@HeavenOhio wrote:I see a few silver linings here. It's been mentioned that overall utilization is reasonable. Scores aren't bad, and they should go up after the planned payments. Lowe's can wait without costing more due to interest. Only six of 24 cards have balances, and the worst of it is concentrated on four cards. And losing BP's $3,500 limit isn't going to hurt.
I wouldn't be surprised if MLF's Equifax score makes a bigger jump than the others. Of course, all profiles are different. But my Equifax score takes a ding as soon as I let a second card report. If that's a general Equifax characteristic, it might be really happy to see those seven balances off the books.
MLF, will you have enough money over the next few months to pay a bit over the minimums… just enough to cause balances to decrease rather than increase due to interest? That might help keep the lenders out of your hair.
Also, you mentioned auctioning and selling things. Could that help you put a dent in these balances, or is that to help with day to day finances?
The auctioning and selling things is what is generating the 10k. In my business I like what I sell and I bought alot for me. Now those are being sold. I lost one of my favorites last night to a winning bid. But, I will rebuild. I have about 2 grand to go and I might actually end with more than 10k. Going forward, if I can't pay more than the minimums and I can't get a BT card, I will file. I say that because there is nothing else left for me to try that would not end up in a negative on my reports.
May I ask what you can afford monthly?
Hard to say right now because my business money is tied in with my personal money so I don't really know. I have stopped my business temporarily to separate them and see where I am. My business is online only so I have no overhead when its not running. I need to rely only on my 40 hour job to see if I can pay this down. I say that because my business relies heavily on the political landscape and is feast or famine when it comes to sales because the profit margin is so low. I started it when I was still married because it funded my own hobby of the same sort. Now I need to know if it is hurting me or helping me and I cannot do that with them mixed together like they are.
Does BK have any effect on the # of inquiries you have after it discharges?
Wells fargo is pitching me on the home rebate card when I log in to pay my mortgage now. They are relentless.
OP- now that you've put your business on hold is there an opportunity for OT at 9-5, or picking up a second job to get the debt paid off? The money you use to pay off/down the debt will give you a nice boost, and if you can make enough money in OT or second job, you will probably be able to get a good BT card to pay down the rest.
I respect your decision either way, as I have filed BK in the past after my expensive divorce. If a second job was a way to go for me I would have done it (had small kids).
I haven't heard you mention kids or other obligations that would prevent you from this. Just a thought, and good luck in getting this done whichever way works for you.
@Kidcat wrote:OP- now that you've put your business on hold is there an opportunity for OT at 9-5, or picking up a second job to get the debt paid off? The money you use to pay off/down the debt will give you a nice boost, and if you can make enough money in OT or second job, you will probably be able to get a good BT card to pay down the rest.
I respect your decision either way, as I have filed BK in the past after my expensive divorce. If a second job was a way to go for me I would have done it (had small kids).
I haven't heard you mention kids or other obligations that would prevent you from this. Just a thought, and good luck in getting this done whichever way works for you.
Yes, overtime is an option as is a 2nd job. Not sure yet what I would do but I am considering it heavily. OT is better since I make pretty good money but am still hourly so that is obviosuly what I am shooting for. An 8 hour OT day at work is more than my daughter makes in a week at her 8.25 an hour job. I have 3 kids but 2 are on their own and my 16 yr old daughter lives with me. She works though so hours at night would be okay. I spend as much time with her as I can as we are very close since me and her mom split. I think it keeps her out of trouble by me staying involved in what interests her. She is extremely smart too.
I put $2000 on Amazon just now to avoid the interest bomb. Once the rest of my bills are paid I will go back and pay the remainder.
Good luck, MyLo.You've got the right attitude and I'm rootin' for ya! I have no advice to offer that you haven't already heard. I wish you the best!
