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Originally posted by Chris Hightower: As long as you're making payments, what's the big deal? Living at home and eating SPAM should allow for extra money to pay down the debts. Lay off the $1000 set of speakers and you'll be alright. Ebay helps, too.  That's what I was thinking.. $1000 car alarm, $1000 speakers, and $1000 head unit. Sell that crap, trade in your SVT on a 1986 Hyundai Excel, and you've got nearly $15K to put towards your cards. And they can't take away that Hyundai of yours! Bankrupcy might seem like the easy out, but for the next 7 years of your life, it'll be tough to get any line of credit..
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Joined: May 2000
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Damn Tim, sorry to hear. Everything I was gonna say has already been said. Good luck.
-J
'98 SVT - modded
-15.01@91.8
'95 Suzuki GS500E
-faster than the above
---wanting a Speed Triple or Superhawk badly
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Joined: Sep 2000
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Originally posted by lunchbox:
How do those AmeriDebt type places work? Do they consolidate your payments can stuff? Have you tried those types of places to see what they can do for ya? Tried calling the credit card companies to see if they can work you out some sort of deal? Exhausted all possible options? Bankruptcy is like the fear of all credit cards and loan agancies, basically after selling your stuff they get that money and thats it, thats why AmeriDebt and those companies are able to work so well, the credit card company and loan agencies get most if not all the money back, they just don't make as big of profit of the intrest. correct me if I'm wrong any were in this thought, and good luck tim
1996 Mercury Mystique stock (so far)
The leading cause of Atheism in the world are Christians, who accept Jesus with their mouth but walk out the door and deny him by their actions.
(*DC Talks greatest hits. track 15)
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It's ironic, because if you have good credit, you don't even have to pay interest. MBNA is offering a 9-month, 0% interest cash advance. Andrew Tobias borrowed $98,000, and put it in some securities that return 2-3%. At the end of 9 months, he gives the money back, and made $3000 from the securities.
I did something similar about 6 months ago, where I borrowed $20,000 from MBNA. Had the money for nearly 5 months, and paid it back in full. Only charge to me was a one-time $40 transaction fee. MUCH cheaper than borrowing money at 8-10%.
I'd check some of those debt consolidators out, and see if they can help. Not sure if they charge or not, but by consolidating all of your expenses into a single low-interest loan, you'll save ALOT of money.
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Joined: Dec 2000
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Hey Tim, buddy I know first hand what your going through. Trust me, its very hard to deal with, especially with just one person earning the bread money. If there is anyway I can help you out I'd be more than happy to. PM me or call if you need anything.
"The thing from which the work suffers more than from any other evil is not the assertion of falsehood, but the endless and irrepressible repetition of half-truths." – G.K. Chesterton
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Sorry to hear that. 
P. Valdez 1998 VW Jetta TDI 1.9L I4 direct injection turbo diesel 5 speed manual no mods, no money AIM:PackRatTDI My exhaust smells better than yours.
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Joined: Nov 2000
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Sorry to hear that. Wish you luck in the future. Any thoughts on what you are going to do after you get settled? Sorry man I know you will be better off in the long run.(meaning you will be alright and back on your feet in no time)
2000 Black SVT Contour
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Tim, don't do it unless that is your only option, look into everything else first.
Keith W
98.5 SE Sport ATX
Lt. Denim Blue
16" Mille Miglia EVO's
Firestone SZ 50 EP's-2nd set!
Free stock filter box mod
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So what if they call you and ask for money? If you don't have any to give them, tell them to stick it! The only thing you need to make payments on is your car. That's one thing that can be repossesed. Have you ever heard of a "charge-off?"
Just send them money when you can, close the accounts so you can't use them anymore, and for GOD'S SAKE, DON'T SPEND ANY MORE!!! :p
It's not as bad as it seems. Trust me.
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Thanks for all the advice guys, But I've already talked to the lawyer and all I need now is the $325.00 retainer. Once that is said and done he said it will be an uncontested bankruptcy. I should be on my way to building credit in 120 days.
You guys are a great family, I'm gonna hate to leave.
I'll keep you posted.
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