Bankruptcy- Should I or should I look for another way?

Welcome Wayne!

I would first suggest registering on here so that a counselor can contact you. They will be able to help you with some alternatives. I would advise against bankruptcy. I would also definitely try to work with the creditors and get more time. A lot of times they are understanding and will work with you.

If you file bankruptcy or the car is repossessed, obviously you know it will tarnish your credit. Speaking with a counselor would be a great avenue to start. I wish you the best.

Rhonda

what Rhonda is saying is true I think you should try to avoid the bankruptcy thing totally call and see if you can get help with other options!

sincerly,
chmartinbaby06

I would be more than happy to do so. But really, what other options do I have? I don't see Chase giving me 30 days time to see if i can come up with more or a source of income before they try to take away my vehicle, and like I stated before, that car is the ONLY way for me to gett o/from work. And again the car is not worth a 1/3 of what I own on it...Hell, if i could get enough money I can get the payments down to $2500 then I can trade it in for something else...of course I would only do that once I am back to work, but right now I got to have an option to keep them off my back.

waynebx2002, do you have anything that can be liquidated into money? Or if you can borrow some money from your friends and relatives to solve this present situation.

Any money that I had left from dissolving my 401k, stock , Unemployment Insurance, and what I was able to borrow from friends, relatives, etc is long gone. I am at near 0 income as of right now. I dont own anything of value to sell or pawn. So my options as of right now is to find some sort of work...or accept public assistance.

I probably could take a low paying job, but after taxes, etc...and the cost to commute (public transportation, since i cant really drive the car now ) will leave me with...nothing. I mean I will be in the same hole I am in now, but not even with some sort of benifits to keep me going. Let alone the hopes of making enought to make a dent in my expenses.

Don't loose heart; if some struggle is written in your destiny presently, then you will have to face it. If you face it strongly, you will be a better human being later understanding the tough times you have to face in the present times.

I agree with Ben. I look at things in a different llight than before. Now that I have been through the tough times and I am still going through them. Wayne I know how hard it is and I try to keep strong. I have a job and cant seem to make it. I understand completely what you are going through.

I have been trying to fend off my finance company for my car. If its not one thing, its another. Keep your head up Wayne!!!!

Wayne, I went the bankruptcy route my self and it's a scary thing to have to make that decision. Bankruptcy should always be your final option. An option used only when there is just no other way around it. That was the point when they recently changed the bankruptcy laws. To make consumers deal with their issues rather than look for the easy out. I am probably one of the few not in the credit industry who actually thought they did a good thing when they made it harder to file bankruptcy. The problem is they made it harder on us, but did nothing to help us either-or to force the banks and creditor to help us deal with the problems that led a person to filing for bankruptcy protection. That having been said, have you considered going to a temp agency to find work? While it may not be ideal, they may be able to find you something; even on a day to day basis that can start come cash flow coming in until you can find something more stable. Sometimes on long-term assignments the temp agency may actually pay more than the regular employees that work there.

The truth is I don't know the specifics of your situation, or exactly how far behind you really are. But your debt load doesn't seem too heavy once you get back on you feet in some capacity. If you have already used up your financial nine lives, then Bankruptcy may be your only option. If you still have a life or two left and can get SOME work like I suggested above and hence cash flow, then you may be able to stick it out a little longer. You may want to consider temporarily taking advantage of the social programs offered by the State or Federal government. After all, you have been paying for them in your taxes all these years; you should use them if you have to. In the mean time if you do get some work, then the money you earn would be freed up to get your financial house in order while some or all of your living costs could be offset by the government until you are in a better financial position.


Truthfully $2000 is CC debt isn't bad. You may be able to negotiate with the banks on the overdraft fees to reduce them or arrange payments to address them. As for the car note, if you have been paying on it for 4 years, they you must have paid some where between half and three quarters of the note. Talk to Chase, because you have paid a majority of the note, they may be more wiling to work something out. I recently was behind with Capital One Auto Finance, and was in fear they were going to be knocking on the door for my car any day. I was able to get the money together to pay off the note. I was surprised when they said because the car was 75% paid off; they would not be so quick to repossess as if the car was half paid or less. Even if Chase were to repo the car and it's only worth $2000, you would still be held responsible for the $4000 difference.

In closing, I encourage you too seek out some alternatives maybe you hadn't considered before. Maybe take advantage of what ever social programs will temporarily ease your burden. Take a temp job or two. Maybe even consider one or two lower paying regular jobs until you can get back on your financial feet and eventually get back on your preferred career path. It's always darkest before the dawn, but make sure you consider all options before turning to bankruptcy, the nuclear option.

Clay, thanks for the heads up for all of us. Really appreciated!

For the kind words and moral support.

The situation so far is this. The car is scheduled to be picked up by a repo agent on Sat afternoon. I will contact Chase to see if somehow Ican get myself a little more time, in as far to keep the car in my custody. I doubt it will work, but at this rate I really don't have much to loose.

As far as my debts, like I said I owed between $6000 (car note total) and maybe another $3500-$4500 in CC debt overall, including telephone, maxed out bank account, etc.

Work is still in limbo: Hard as hell to find work in NY right now, even min wage work. Temp jobs are fewer and far between because they know that as a professional, I would leave as soon as something comes up.

Not making excuses, hell I would be happy to make something. With no more UI avalible to me and I hate the idea I would have to go on Public assistance to make ends meet. This is crazy.

BTW, I was recently turned down for a job by K-Mart because of a negative comment (unknown right now) on my credit report from ADREM Profiles (Choicepoint Company).

I am in the process of contacting them to get a copy of this, and will post in a week or so when I get it.

Wayne, I believe, the crux of the matter is that you have to raise your income to meet your expenses.

You will be able to talk to one of the representatives of Choicepoint at 1-800-342-5339.