Credit Card Debt
Bankruptcy Basics [K] [i] [n]
Adm. Office of U.S .Courts (Kindle Edition) 2009-06-23
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I have $55,000 debt in credit card & student loans will Obama create a program for the rich to pay my debts or to at least have the government discharge my debts?
Well he did promise to spread the wealth around. You need to be sure to get a good place in line.
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Please go to my community www.sovereignwarriors.ning.com for more information and to meet other successful individuals DISCHARGE DEBTS FIRST WITH ...
I know a lot of people are filing bankruptcy on credit card debt. I did this myself and got 35,000 dollars worth of credit card debt discharged. That means my credit card companies lost a lot of money on me. I know my credit is ruined but oh well. Unsecured debt should be more difficult to get. It is still easy to file bankruptcy if one meets the means test. Your opinion, please.
I had 20K that was discharged 5 years ago, but I learned my lesson. many people don't.
I don't ever want to be in debt and in that position ever again in my life.
I agree that loans should be harder to get, and it may very well come to that point. Banks will be more careful in the future I'm guessing about who they give money to and how much.
Debt is a BAD idea.
I have six figures in student loan debt and about 40 grand in credit card debt. When I was in my 20s, I decided to move to "the big city" and take a job that paid 20 grand a year. That's how I got the credit card debt. I got smart and went to school and am now an attorney. But I can't afford to pay my student loans AND my credit cards. I know I can't discharge the student loans, but will a bankruptcy court wipe out my credit card debt so that I can pay my student loans and still live a middle class life?
Having a profession and an income does not disqualify one from bankruptcy. Otherwise, very few folks would be eligible. The average salary for a lawyer in this country is much more modest than you may think. When debt takes up two thirds of monthly income, it shouldn't matter what my "profession" is.
I know dozens of attorneys, and have never met one who paid his student loans.
As an attorney, a BK will be too scrutinized to forgive any cc debt. If I was on the other side of your 341's, I'd blow you out of the water. Forget that idea.
If your credit is already jacked, negotiate rate and line freezes on the CC's. Simple interest will stop the wheels from spinning and you can get hold of the slippery balances.
Then hire your colleagues at the websites below to fix the old credit and establish new credit.
What happens to all that debt?
The simple answer to the question is that the debt simply vanishes. Since every debt is a creditor's asset, that also means an equal asset vanishes. The two values cancel out, so the economy's net worth does not change.
Since the bank's asset (the credit card balance) is eliminated, the bank takes a charge against earnings for accounting purposes. (although in truth the bank may have already written off that debt if the debtor was delinquent on the debt).
Right now, I have no means of paying it off. If I were to get funding to go to college, and then be able to make more money, will I still have that debt for the rest of my life? If I wait to pay it until after I get a degree, the fines and interest will be even worse than they are now. I have read that I can't discharge credit card debt through bankruptcy. What do people do when they lose income from a spouse through divorce or death? How can they ever get past their debt when credit cards are in their name?
haha sucks to b u
You can regain credit to buy a home
Might your family be shunning a federal tax credit of up to $8,000 to buy a home because of a prior bankruptcy or foreclosure?
This may not always be necessary. Meanwhile, the first-time homebuyer tax credit, coupled with a new tax credit of up to $6,500 for existing homeowners, has been renewed through next April 30.
You'd be surprised at how soon you might qualify for a mortgage again - despite credit-killing events.
It's true that a bankruptcy may remain on your credit report for up to 10 years, in many cases.
But a lender will give you a mortgage again four years after the date of filing of Chapter 7, 11 or 12 bankrutpcy, reports Dale Robyn Siegel, in her book, "The New Rules for Mortgages (Alpha)."
Filing Personal Bankruptcy in Atlanta | Georgia Debt Law ...
Thousands of Atlanta, Georgia, residents are unable to pay their bills or meet their financial obligations due to the economic downtown. If you are facing home foreclosure or unable to pay your credit card bills you are not alone.
No one wants to have to file bankruptcy and it is a difficult decision which should only be done after your other financial options are exhausted, but filing bankruptcy in Atlanta may allow you to dismiss most or all of your unsecured debt or develop a repayment schedule to repay your debt and allow you to make a fresh financial start. If you have questions about filing bankruptcy in Atlanta, an Atlanta bankruptcy attorney is available to answer your questions and help you determine if you can file Chapter 7 or Chapter 13 bankruptcy .
...News
Why we filed for bankruptcyChicagoNow (blog) - Dec 15, 2009
The laws have been changed recently to give consumers so much less ability to get out of their credit card debt. What debt were you able to wipe out?
Livonia Observer - Dec 13, 2009
In addition to our mortgage, which is more than the value of our house, we have a substantial amount in credit card debt. We have five charge cards.Appeal-Democrat - Dec 19, 2009
For example, you may be able to obtain a joint credit card, a high-interest car loan, or keep some cards open outside of your bankruptcy, she says. and more »Atlantic Online - Dec 18, 2009
Indeed, I think that a lot of the outrage at the credit card companies is not that high interest rates, sudden rate changes, and so forth are intrinsically and more »AZ Central.com - Dec 13, 2009
All that's in addition to admitting you made mistakes and recognizing that a bankruptcy would harm banks, retailers, credit-card firms and others to whom and more »Calgary Herald - Dec 19, 2009
Re-established credit should involve using your credit regularly for more than a year -- whether it is a prepaid credit card or a loan -- and paying it onWinnipeg Free Press - Dec 18, 2009
21 - Finance Minister Jim Flaherty unveils regulations for credit card industry, including minimum 21-day interest-free period on new transactions. and more »