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Posted: Fri Sep 29, 2006 7:04 am Subject: I am going to file bankruptcy

I am going to file bankruptcy due to all my payday loans and credit cards, does anyone have any advice for me, or comments they would like to share with me before i offically start the process. I have over 15 payday loans, some i didn't even realize i had, and i am just trying to make ends meet, and i am barely getting by. Please share your comments, concerns and expeirences with me.

thank you

AmandaB

Posted: Fri Sep 29, 2006 7:11 am Subject:

AmandaB,

I know exactly how you feel, I filed bankruptcy last month. I had 15 PDL's, 9 credit cards and several things in collections (old utilities, phone bills, medical etc.) I was in debt management programs for several years and felt like I was getting no where. I thought long and hard about it and it was a very scary decision. I talked to the director of the local debt program I was in and got a consultaion from a bankruptcy attorney and we all decided it was the best thing for me to do. It's a very big decision, but for some people it's the best thing to do.

Posted: Fri Sep 29, 2006 8:14 am Subject:

thank you for sharing. i have had a consultation and i don't see any other way out. i mean i tired to go with t and c for a while, and they wanted really large payments each week and then eventually didn't even really help me. I am still a little scared, but everyday i get multiple calls from PDL's and i have a ton of bills and it just seems like i can barely make it by each pay day and then eventually over draw my bank account, and end up spending most of my money on overdraft fees. my i ask, did you file chapter 7 or 13 and have you finished or is it still in the process? I am only 22, but i need to move out of my parents home and start my own life again and be independent again. I don't see any other way out.

Posted: Fri Sep 29, 2006 9:52 am Subject:

I filed chapter 7 bankruptcy and I just had my meeting of the creditors last tuesday. None of my creditors showed up and it lasted about 5 minutes. The next step is just waiting for the discharge.
I know filing bankruptcy can be expensive, but I luckly found an attorney who is allowing to make payments while going through the whole process. You are still young and you have plenty of time to start over and get going on the right track. I know I have learned my lesson and being down this road once already I never want to come down it again, It's not worth the stress and the frustrations.

Posted: Fri Sep 29, 2006 11:19 am Subject:

PinkLady: The meeting of creditors was a breeze for me as well. I was so nervous about possibly having some of them show up, but they didn't. It helps to have a good bankruptcy attorney too. Mine was very helpful in helping me get through the whole process and have helped me get through any issues that have come up after it was discharged. It takes about 60 days for the discharge to be granted.
AmandaB: Like PinkLady said, you are still young and have plenty of time to bounce back. It's truly not worth the stress to keep worrrying about bills that you know that you cannot pay. Don't see it as a bad thing, but a way that you can start over and move towards the right direction. Please, please don't make the same mistake again by taking out another PDL. They are the Twisted Evil

! It's a crazy cycle to get caught up in. I wish you the best of luck and keep us posted on what happens.

Posted: Fri Sep 29, 2006 11:48 am Subject:

Bankruptcy itself is a very big decision. Though it might be a negative stain on your credit for the next 10 years, but if the situation demands, this option also sounds helpful.

AmandaB, I know you are understanding the situation very well and trying to find a way out. I truly feel the pain when lenders call all times of the day asking for money. The fee added on the loan just makes the situation tougher. I am just asking if you have verified with all your lenders about the charges and the loan account. Maybe, there are some lenders you don't owe them any money. To those whom you owe, they are charging more than your state allows and you can fight back for a lower amount affordable to you. If you are certain about all these things and consider bankruptcy as your final option, be firm on your move.

Posted: Fri Sep 29, 2006 12:46 pm Subject:

None of my loans have been paid off, some of them just haven't called, or if they have they don't leave me voicemail's. I want to pay them all back but they have outragious amounts for payments. I am trying to move out of my parent's house, bc right now i can't afford an apartment of my own bc of all of my money problems, i heard that i will not be able to get a car or house or credit cards if i file bankrupcy, is that true? i have heard several things about it. i am so in a toss up of what to do. i have gotten several opions to go ahead and file and several not too. i don't know what to do.

Posted: Fri Sep 29, 2006 1:15 pm Subject:

Not being able to get credit after filing is not true, however you must be very careful with your choices. When the credit offers start to arrive the interest will be very high. Getting those offers is not something you are going to want to jump into right after filing anyway. The longer you can wait the better the offers will be. I've been getting offers already and my bankruptcy is not even discharged yet.

Posted: Fri Sep 29, 2006 3:58 pm Subject:

Amanda,I understand your fear and frustration,but have you considered settlement? It can cut your debt 40-60%. Like Orake said,have you checked to make sure that you even owe these pay day loans? Alot of them are not licensed to due business,and also,alot of people have over paid them. I do know that bankruptcy is sometimes the only option,but please consider all your options carefully before you make a decision that will affect you for some time.Good Luck-keep us posted Very Happy

...Karen

Posted: Tue Oct 03, 2006 6:11 am Subject:

Karen- What is settlement? and where can i find a place like that?

Posted: Tue Oct 03, 2006 9:39 am Subject:

Settlement is the process in which you propose your creditors a 'settled' amount. For eg. Letâ€™s say you have a debt of $5k, your current financial situation allows you to pay only $3k towards the account. Talk to your creditors about this. Tell them that you have the money and you are willing to clear off this debt. There are great chances of your proposal to be accepted because they want to have their money fast. If they aren't willing to work on this, you may have to look for another alternative. But this move does ensure positive results. Look into the debt settlement page for a fair understanding. This will explain everything very clearly

Posted: Tue Oct 03, 2006 9:50 am Subject:

Amanda-have a look at the page Orake suggested and see if it's something you might consider..I know you are not a new member,but if you haven's signed up for the free credit consultation,please do so. A good sellement company can negotiate for you. Good Luck...KAren

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