Road map.
Date: Fri, 12/11/2009 - 08:08
Has anyone tried to compile a list of the strategies that worked? Something like this would be very useful to those like me who are at the start of a long and possibly hazardous trip.
If something like a guide doesn’t not exist could we corporately develop one?
For the sake of starting the discussion lets assume the following:
Credit weary Joe/Jane has suffered a severe loss or reduction of income
Joe/Jane owns a home with a mortgage, little to no equity in home due to reduced home values.
Joe/Jane have 1 or 2 cars in the household, leased or financed, with book values less the amount owed
Joe/Jane have 50,000 – 100,000 in unsecured CC debt with multiple companies and multiple accounts.
No money in the bank
No one to borrow from
The mortgage, car payments and living expenses eat up 50-75% of the say 50-75K existing income.
Currently most CCs are current or about to slip into 30 days. Current interest rates are livable ranging from 0 to 9.9%
Joe/Jane know they are going to slip behind very soon as business is bad or the unemployment is running out.
For the sake of discussion lets assume Chapt 7 or 13 are not available options.
If those who have been there done that will offer their insight I’ll compile them and offer back as a guide through the moderators.
Thanks
very good thread start, and great idea and it sounds like most
very good thread start, and great idea and it sounds like most of us here!
badabing Im in the same exact situaition as you ! Except I
badabing Im in the same exact situaition as you ! Except I probley have you beat in one area - unsecured debt - ( 330k ! Mostly due to tough business last 3 years. ) Also self employeed and can not do a chapter 7 BK . It will be a harder road for us but I feel confident that we can handle it - especially with the help of this fourm.
Also I am wondering if a self employed person might get a little
Also I am wondering if a self employed person might get a little better settlement % than W-2 employee simply becuase it is easier to garnish wages for a reg employee than for the self employed. Does anyone have any thoughts on this ?
mac, thanks for the feedback. hopefully some of of those who
mac,
thanks for the feedback. hopefully some of of those who went before us will wade in and offer their sage advice