Bankruptcy (Good or Bad)

With all due respect my fellow motown man, I'm not your momma nor ya daddy & show in hell not you....My circumstances are not the same as their's, nor do we live in the eighties anymore so quit trying to apply my situation to their's.....I'm looking for useful replies of which yours is not.....If I wanted critism I would have made it crystal clear in the thread subject line.....

I am not going to waste my time explaining to you how I got here and some on....BTW, what is selling my Buick gonna do?? Did you read the entire thread before jumping into this & throwing your thoughts around...If not don't reply until you do...How can you say with so much certainty I have my priorities out of line....Last time I checked I don't know you from Adam....Do you know how mcuh I make? Why am I in so much debt? How did all this come
about & all the other details? I think not...Please come back with some helpful advice/info & atleast know what you are talking about before you start typing.....:eek:

Todd
 
i see you crying about being 18k in debt... i had three times that amount in student loans. true we are not in the eighties anymore, no longer does our society value the dollar nor a hard work ethic... gimme, gimme, and it's not my fault.... bla bla bla
( insert matt foley here ) let me get this strait, you came here asked for advice, not hearing what you wanted to makes you angry? uh, bub, welcome to public opinion GUY.... call pete lucido in clinton township for all your wow's.... maybe you can open a charge account at lucidos fine jewelry then default on that also....

oh, i got $5,000 for the buick when your ready to face the facts GUY..
 
I know this isn't going to be a popular opinion. I have been a mortgage underwriter for the last 10 years. Prior to that I was a credit analyst for a finance company fo 5 years. I personlly don't like people that have filed bankruptcy. But with that said here are some things that I have personal experience with. Although a BK stays on your credit record for 10 years, its impact is reduced after 2 and furthur diminished after 3 years. It is possible to reestablish credit fairly early after a BK by obtaining a secured credit credit card. After you have proven a good history on that, you can obtain a department store credit card. Now comes the tricky part. DO NOT CARRY A BALANCE ON THEM. Pay them off every month on the RARE occaisions that you use them. You WILL NOT be able to file for BK again for 7 years. If you do that, low and behold you MAY qualify for a home loan at the best credit rate after 2 years but most likely a rate about 1/2% to 1% higher that the best rate which means you would still be paying only 6% for a home loan right now. If you can't pay off your debt, you're better off filing for a CHAPTER 7 right now rather than dragging it out. If you filed 11 months ago instead of going through counciling - which ruins your credit as bad as filing BK - you would be half way to getting a home loan with a decent rate.
It's your choice - your credit is probably already so bad that a BK will not make it worse - you need to decide if you are willing to pay back the money that was lent to you with the full good faith of the lender or not. If not file. If you will pay them back, call them tomorrow and get a plan in writing and have them denote the creit trade on the credit report to "contact lender for verification".
 
Todd,

You can re-read my earlier post but again just go file a ch.7 don't get caught up on the moral issues. Right or wrong 18k @ 19 or 20% interest is a lot of money and even with 2 or 3 jobs and selling everything you have that won't put much of a dent in your debt. As for not be able to file another bk in 7 years is incorrect you can file as many times as you like although a judge MIGHT throw it out. I had a case in which a debtor filed 8 times in 13 years and still lived in a 500k home but that was in Pa. they are debtor friendly. Your are right no one can walk in your shoes but it sounds like you are looking for help not a quick way out and probably wouldn't be posting if you did care. There are alot of people out there that have used bk to make a bad situation better and 9 times out of 10 if you complete the terms of a bk everyone wins believe me the CC companies are getting there's! I think the negative post are from people who don't have any experience with bk and only see the gaint corporation (ERON) who criminal mishandle funds and use bk as a way to keep everything they stole from the stock holders. Good Luck!!!
 
I personally don't think it's worth it for $18,000. My parents had to do it back in 1995. My dad raised hogs all his life and worked full time at IBP gutting cattle. 1,000+ head of hogs at home and 12-14 hour days working at the plant. He only slept a couple hours a day if at all! Had a lot of bad things happen. Started out paying for his 11 acre farm in full within 4 years! (Things were really good then!)

Then it all started to happen when the barn burnt killing all livestock inside and was only insured for $30,000 when it cost him $250,000 to rebuild. Took 3 years to get everything going again. Life savings and loans put back into it. Good years followed bad. Disease from the neighbors caused him to shut down for a couple years twice when he started getting back out of the hole. Took putting up the farm and many many loans to try keeping it going. Then the big one hit when the hog market fell apart causing the little guys to go broke. He was trying to get a contract with Farmland Foods. They came a month too late! He was in debt hundreds of thousands!!! He obviously had no choice at all being the age of late 40's having the potential of only making in the 30's per year working for the big hog farmers. His body was too shot to keep working at the plant. He lost absolutely everything. Just had the clothes on his back and a worn out old car. I remember this so well.

8 years later he is still hating it! Still can't hardly get a loan. Has to pay cash for almost everything. Had to put down all his savings after the fact as a down payment on their house. It's not pretty! Just really think about it before doing it. It really is an absolute last resort. You have to try rebuilding your credit history just as if you were a little kid again.
 
choppers4life,

Man who in the hell said I was crying about any damn thing??
I didn't say as you so eloquently put it "gimme gimme gimmie"
I've worked hard for everything I have...I asked for advice & not to be judged...Owned my first really nice car at 22 yrs old, 1st house @24 yrs old, opps sorry that's right I don't owe you a God Damn explanation for my situation. I am doing quite fine though glad to say, most of what I do possess was not paid for by credit card thank you very much....

Yeah I asked for advice but not from a$$holes like yourself who don't know sh$t about anything....Sounds like you have sh*t between yo hears GUY..Get ya facts straight "BUB and don't for one second think you can check me or anybody else for that matter....I said it before & I'll say it again I ain't momma, yo da-da or even yo punk-a##...Don't offer me advice if you don't know what the @%*& you talkin about...

Oh yeah about the 5G's for the GN, pleazze, you wouldn't get yo hands on my car even you actually had the money....:eek:

Don't bother replying to me cuz your forseen ignorant reply will be ignored & I will not give you the pleasure prick!!

BTW: I respect everyone's opinion on this matter but please read the entire thread before commenting & from this point onward only those who have some & experience & who can offer fruitful suggestionson what I can do from here reply...Please do so with some common sense...Those like Mr. Gotheadchoppedoff please bypass this one....:mad:
 
Looks like you just want confirmation that bankruptcy is the way to go, since every person who trys to tell you it isn't gets an earful from you. You're going to do it, so why ask for advice? Many people have told you the right thing to do, including some who have been through it. But they "don't know s**t", do they? You know deep down you could pay this off, and probably faster than you think. You got half of it in your car, or at least close to it.

People are trying to help you, and you insulting their intelligence is EXTREMELY ironic and hypocritical of you, from reading your spelling and grammar, well, "he who lives in a glass house", you know the rest....Go ahead, give up. We will figure it out one way or another. 18k isn't much, but it would require some hard work to pay off. Its all about ethics and pride. I'd work till I dropped before I let someone else pay my bills, unless I was physically unable to work. You spent the money, you pay the money back. Their are certain instances where bankruptcy is a good option, usually the only option. This ain't one of 'em.

You asked for opinions, you got 'em. You're out of line to attack others for doing what you asked. One other thing to consider- a lot of people who have been bankrupt have done it more than once. Why do you suppose that is? I think its because if you throw in the towel once, the second time is easier. Imagine the great respect you'll have for yourself when you pay off the debt, instead of pushing it on others.
 
Todd,

Based on the response you have provided to both me and other fellow Buick lovers here, somehow shows that your attitude may be part of the problem. Or you may be realizing that many of these ideas are good and may be afraid or too lazy to try them or possibly you just don't care. You fail to acknowledge some very good advice. It appears your just looking for others to sypathize with your situation.

Think about this. Would you really want to get financial advice from someone that has fallen victom to bankruptcy? I think not. Don't you think it would be a tad more prudent to take advice from folks that know how to manage their money. Something to think about.

I think you are just mad and lashing out at folks that are making good recommendations. Your reading things you don't want to read here, because deep inside you know they just might be somewhat right.
 
ok, now i see where your mentality stands... car at 22 and a house at 24..


i was considering offering you a position here at MY company, but, it is ever so clear you are just like the other "kids" i end up hiring.

listen GUY, i'm only 24, on my second house ( in sterling heights )
drive a cadillac but the best part of all.... ZERO DEBT.... credit cards are necessity, but every dollar on that card gets paid before the first of every month.

that boat your in, i see my best friends stepping into it daily. guy's who work for the big three, using 60 hour checks to pay mortgages on $400,000 houses. well allot of them are getting laid off or having hours reduced to 40 or so. how do they plan on paying a $1500 to $2,000 bill every month and all the while paying for those $35,000 trucks?

it was all piss poor planning.

when you say " i aint yo momma or your daddy " no, of course not, see they had ethics and refused to lose everything that they built. we are not in the " eighties" but i am a product of a poor economy and now have a small glimpse of what life could be if i drop the ball.

instead of spending $700 on an attorney, let me give you a number for my friend at john hancock. set up a realistic budget and let him show you how to get this paid...
 
choppers4life,

I could go back and forth on this one with you everyday of the week...True enough I asked for advice but for heaven's sake don't open a reply by calling me a damn crybaby or assuming my situation is this or that...Only thing you know is what I tell you....Now how is by doing that giving me sound help or advice....And again "your friend"...I am not him...I never made $60.00 an hour or 80k a yr & certainly do not have a $400,000 house....I wish I did...My house is not even worth $100,000 yet so am far from being a pissed off rich kid who don't like to pay his bill & his only option out is a declaration of Bankruptcy....

For the last time I do have a budget, important things get paid 1st...Mortgage, food, clothing, utilities & transportation....When all is set and down their is no money left to pay the some creditors....I have to look out for numero uno...You would do the same & don't tell me otherwise....


GNX Guy,

What new, fresh ideas have you supplied to me that I haven't already tried?? :confused:

"Would you really want to get financial advice from someone that has fallen victom to bankruptcy? I think not. Don't you think it would be a tad more prudent to take advice from folks that know how to manage their money. Something to think about."

Yes, because they have been their, experienced it and are in a better financial status because of it so don't give me that garbage...I have received private emails & messages from numerous members who wish not to post here because of the ridiculous & off the wall rumors that run rampant on this board even more so considering the topic we're discussing that you & others speculate about....To be frank with you I'm working on other ways to do things without declaring bankruptcy but I'm afraid to say because people like you talk & don't know what they are talking about...When you experience financial difficulties & are in my shoes or in a situation similar then we can talk & exchange ideas but if not why write me?? We have nothing to talk about discuss...

turbosam6,

Your comments are not deserving of a reply.....:rolleyes:
 
choppers4life,

BTW, I have a set of GN wheels I have been trying to get rid of for the longest and am unable too...You'll never get the ride but the wheels yes, I'll sale those, take your advice and forward those funds to the creditors:eek: ...Mint GN wheels w/Tires....$800.00 OBO...Since your so willing to help me out, let me know what strings you can pull..

Oh yeah forgot to tell you unless you can afford me at MY price at what I was making before I doubt you want me working for YOU & YOUR company, besides I like where I'm at now just don't like the $$$ Won't be able to see any replies until tomorrow, getting ready to leave the office in a few because I couldn't afford to keep my dial up service with AT&T worldnet anymore....:mad:
 
I just have to ask, why if you knew you were in financial trouble would you even consider buying a scanmaster for your car. It appears you purchased it during the time frame you claim to have been strugling to pay your creditors just a few months ago.

http://www.turbobuick.com/forums/showthread.php?threadid=75724&referrerid=7031

Also got to ask, why you would even consider racing your car during your time of financial crises. Does not seem like a necessity to me. Maybe instead of thinking about racing your car you could have put in a few hours at a part time job?????

http://www.turbobuick.com/forums/showthread.php?threadid=74670&referrerid=7031

http://www.turbobuick.com/forums/showthread.php?threadid=58468&referrerid=7031


Maybe a start would be to get your priorities in line.

I'm sure you will spend your time trying to come up with some justification why you had to buy race gas to race your car when in fact you claim you could not even pay your past due bills.

What a shame.
 
Joe,

Talking to you is like talking to the wall...If me filing bankruptcy really hurts your feelings too damn bad, thats not my problem. If I knew your credit card interest rates could/would go up as a result of my declaration I'd do it tomorrow just to irritate you.....

Btw I have not yet used race gas or even been to the local track, my post just inquired about what kind to use & bla bla bla...Let me ask what kind of gas would you recommend for racing?:D

Oh yes and about a part time job, you can take one but me, no thanks & for the last time you are not me, when are in my shoes & have my problems, let me see you get a part time job & sell your belonging to pay a credit card...When you do let me know ok....

Todd
 
Joe,

Had too & since you went way out of your way to find prior posts of mine to put up here, I'd thought I'd be kind enough to return the gesture....See below from a thread about credit:

#########################################
Originally posted by GNX Guy
If you have to borrow $$$ to pay for non essential items for your car, I think you are starting off on the wrong foot. If you can't pay cash, your probably really don't NEED it.

Joe
Click to expand...


Originally posted by equalizer442
read the thread alittle more. ive got the money to buy most of the parts i need/want BUT im trying to establish a good credit line so i can expand the faimly bussiness. [/QUOTE
#########################################

See I thought it was just me, but it seems like you really don't have a clue....Even this guy had to tell you what I've been saying all along, read the entire thread before commenting in that way you do not make an a&$ out of yourself...Geez thought I was the only one who you irritated.....;)

Todd
Click to expand...
 
I have to admit, I don't read every word of everyone elses posts. Sorry. However, the thread is not about me, its about you.

I think we both can agree that this has gotten quite entertaining now, can't we??

You filing certainly does not hurt my feelings, but I think it may hurt yours and your pride. Can't you realize that. I guess I am ignorant to think one would not at least try.

Yes, I would get a part time job and sell my belongings if thats what it would take to pay my credit cards & bills, or to put food on the table, in fact that was done in my younger days while in the service and in college. However, I never bought anything I could not pay for. Many only use credit cards as a convience not as a loan.

Unlike you, I believe I have remained somewhat civil and have avoided name calling and bashing as you have done to several of the folks who have responded to your plea. I'd like to think I have done a few things right in regards to my finances and my business and was only trying to offer some ideas. I sure did not need to be spit on for my insights.

Please do what ever you need to raise MY credit card interest rates. I pay them off every month. So it does not matter to me.

That fact that you admit below you won't even try to earn some extra cash to pay your bills is pathetic.

I'm sure your not a bad person nor I hope you really are not like ther person you are trying to protray in this topic.

I see this is really going nowhere fast, So I must say I'm very sorry to have tried to offer some ideas. I won't waste any more of your time. If you would like to continue to use me as a punching bag to get out your frustration, thats fine. However, if you would like to have a serious conversation please give me a call during the day at my office. Number is below.

I'm sorry I have irritated you so much, just trying to help :( :( :(

Joe

Originally posted by toddmingnworld
Joe,

Talking to you is like talking to the wall...If me filing bankruptcy really hurts your feelings too damn bad, thats not my problem. If I knew your credit card interest rates could/would go up as a result of my declaration I'd do it tomorrow just to irritate you.....

Btw I have not yet used race gas or even been to the local track, my post just inquired about what kind to use & bla bla bla...Let me ask what kind of gas would you recommend for racing?:D

Oh yes and about a part time job, you can take one but me, no thanks & for the last time you are not me, when are in my shoes & have my problems, let me see you get a part time job & sell your belonging to pay a credit card...When you do let me know ok....

Todd [/QUOTE
Click to expand...
 
I have followed this whole thread. I understand that you had some tough circumstances that ran up the debt.

I agree with those who tell you to SELL THE BUICK and get another job to supplement your income. I know I am not you but I worked the whole time I went to college when everyone else was at bars/parties, paid off my student loans in full - still got good grades. You gotta do what you gotta do...

18K is not the end of the world, you won't be able to pay it off in a year, it will take time. I am not personally a fan of bankruptcy. A nice way to save it to have "x" amount taken from your check and sent to your creditors, make payments on it as you would a car. Stop using the card!!! Destroy it!!! No quick fix, it will take a few years but you can do it.

In the end you will make the decision, we are just offering you our $.02.

Good luck

Mark F.

87 GN 11.9 @ 115
 
Mark,

Thanks for replying to this thread. Most everyone's suggestions/ideas I am considering...Appreciate your insight.....

GNX Guy,

Call you...Two words "YEAH RIGHT....

Todd
 
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