Debt issues

iVillage Member
Registered: 08-18-2008
Debt issues
22
Sun, 11-06-2011 - 4:56pm

I have about $40,000 in debt, plus car payment, but my income this year wil be about mid $40s.

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Community Leader
Registered: 07-26-1999
In reply to: stefson
Mon, 11-07-2011 - 10:10am
My first suggestion is to try the Debt Support board on IV, they may be able to give you some help with setting up a budget based on a fluxuating income and paying back debts. You can visit with a debt consolidation program, but I have not heard much good about any of hte companies. The third thing would be to visit 2 or 3 bankrutpcy attorneys. You would have to go through a debt counseling program as part of the bankrutpcy procedure. The attorneys would be able to give you opinions as to whether or not bankruptcy really is the best option for you, as well as clear up any false assumptions you have about bankrutpcy, including the fact that you can get credit after a bankrupty, you will not have to wait 10 years. If you have a better breakdown of your monthly expenses, overall debt, etc. and round about income, that may help a bit in figuring out how best to chart a course to take care of things. Hugs, you aren't alone in this, take it one day at and time and figure out a plan of attack.
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iVillage Member
Registered: 10-01-2008
In reply to: stefson
Mon, 11-07-2011 - 1:22pm

Hi & Welcome.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-18-2008
In reply to: stefson
Mon, 11-07-2011 - 9:46pm

Thanks for the advice.

iVillage Member
Registered: 10-01-2008
In reply to: stefson
Tue, 11-08-2011 - 10:00am

That's a double whammy when your single

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 01-02-2008
In reply to: stefson
Tue, 11-08-2011 - 10:25am

May I chime in please???

Oh; That is why I feel so horrible about debt . I am alone also and

iVillage Member
Registered: 08-18-2008
In reply to: stefson
Tue, 11-08-2011 - 11:40am

You're a good person, country.

iVillage Member
Registered: 08-18-2008
In reply to: stefson
Tue, 11-08-2011 - 11:47am

My sister did write me a check, but I don't lke handouts too much.

iVillage Member
Registered: 10-01-2008
In reply to: stefson
Tue, 11-08-2011 - 12:27pm
That is one of the first things the BK atty. told me to do. Thank goodness I already had an acct. open at a local credit union. According to Clark Howard., it's never a good idea to have your checking & savings at the same place you have a loan. The bank has the right to tap your accounts (I know, I use to work at a bank) anytime you are behind on payments. SO if you do have funds were you have a loan, open another account ASAP. Good luck w/ your counseling. Keep an open mind to what options are out there. I specifically ask the BK Atty if we had any options. He said "NO", that Chapter 13 (re-organization of your payments) was the only choice for us. I NEVER made a late payment. Our credit rating has already jumped 80 points the first year. Just sayin....this was the right choice for US. I'm not encourging anyone to jump into BK....just see what the options are.

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 07-26-1999
In reply to: stefson
Tue, 11-08-2011 - 2:22pm
There are good and bad things about being in that spot when you are single. There are the advanages of not having to worry about feeding and clothing kids, not having a spouse or anyone else with access to your accounts and budgets, so you can possibly take on a second job, or cut back completely to beans and rice and no going out to party, etc. But then there are also the cons of it when you are single, such as not having the emotional support of others, the extra income of another, etc. My brother got into huge debt in his early 20's, between student loans and just plain overspending with a girlfriend who "liked the finer things". When they broke up, he took it upon himself, he had already put college on hold for a little while, worked one full time job and picked up a second job, got a roommate, and just saved and paid off debt like crazy. He's 32 now, paid off all of his original debt, has 1 paid for car, a student loan and a mortgage, but overall, he is in the best financial shape of his life, but he says over and over again, he worked really hard to get there, and he would have never been able to do it with a wife and kids to have to support. Hugs, do what you need to do for yourself, and as hard as it is, don't let other's impressions of "how you should do it" cloud your judgment. You dug yourself into it, its your responsibility to dig yourself out of it the best and most appropriate way you can, whether it be blood, sweat & tears, or bankruptcy.
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iVillage Member
Registered: 08-18-2008
In reply to: stefson
Tue, 11-08-2011 - 9:06pm

I did ask the BK atty's secretary about the bank, and she said

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