mendsley Posted January 19, 2009 Posted January 19, 2009 I have been going thru some really hard times emotionally and financially lately. I have decided to start working on the stressors in my life and the only one I can control is my personal finances. I am in debt pretty big, I owe about $40,000 total and it seems to be climbing becuase of late fees, do to me not paying any of min payments. I do pay child support, car payment, and all other things on time as required to survive but the credit cards are not being payed. I make about $4000mo take home, but I dont think I could get caught up now considering the hole I am in. I started to make an effort to pay them off slowly but eventually I will get sued and have my wages garnished. So, this is the options I am thinking of: A) I could file for Chapter 13 ( I do not qualify for CH7 because I make too much) I know that I will be stuck with a monthly payment for the next 3-5 years, but while I pay the collectors will no longer be able to tack on late fees. B) I could suck it up and start paying all the debt and have little to no money to live on for the next ????? years? C) I could quit my job get another which I will make alot less, but I will qualify for CHAPTER 7? Sounds pretty extreme, huh,? With everything going on I really need to get a hold of my life and this is causing almost as pain and worry as my seperated wife does. A friend told me about Lexington Law, but I don't know exactly what they do. I know some of you have really good financial advice so I would appreciate what you have to say, thanks- Note: I have not made a min payment in almost 8 months. MIKE
loulou101 Posted January 19, 2009 Posted January 19, 2009 why wouldnt you consider taking on a second job part time on the weekends and at night and use that money strictly for getting out of debt! It would be tiring and hard for a while but the benefits would be so much greater in the end! good luck to you!
carhill Posted January 19, 2009 Posted January 19, 2009 Tell us about your assets, especially the liquid or semi-liquid ones Then, tell us about your lifestyle. Then, tell us what sacrifices you are willing to make to fulfill your responsibilities. How recent was your divorce?
Gunny376 Posted January 19, 2009 Posted January 19, 2009 1. Get the book, "Credit Repair For Dummies" and read it cover to cover. 2. Get the book from Hellen Hunt, "Debt Proof Living" and Goggle the website. Its a paid website, (about $2 a month) and is chaulked full of ideas and situations of people in worse shape than you. (A lot worse shape) Call your creditors TODAY! Yes it will be nerve-racking, but necessary! Call them everyday. Let them know your situation and what you can do about it today.
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