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Bad spot..need help...have questions

Date: Thu, 10/16/2008 - 18:32
Submitted by on Thu, 10/16/2008 - 18:32
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I have been in touch with a debt counselor just to get some gen info. I can't nor do I want to file bankruptcy. I almost lost my house by being 3 payments behind. I am now down to 2 payments behind. I spoke with a counselor who is contacting my mortgage on my behalf to work our something to help so I can keep the house. The thing that I am concerned about is that he stated in order to become debt free and save my house, I have to say the heck with my credit. I am fine with that seeing how it is wrecked already. But he said to only pay my essentials, utilities, phone, insurance, home etc and let go of the unsecure debt, CC's, pdl, thinkcash, etc. by closing my bank account immediatley and just not paying any of them. Then once my mortgage has been salvaged and affordable terms have been worked out sign up for a debt management plan to have all the unsecured debt worked out.

Questions:
Won't this be more expensive with late fees and over the limit fees, or is that forgiven in a debt Management plan

Can I call these places and work out the same agreements?

How long before I end up in court or have judgements passed requiring payment or jail or forcing it to come out of my pay?

Is there any new help for mortgages.

I work two jobs. I owe 6 cc's, mortgage, thinkcash, 2 secured personal loans, cash advance, payday loans, and one other thing that I can not think of. I am in Kentucky.

If what the debt counselor told me is correct, then I need to close my account tomorrow as everything will come out of my account on Monday. I have already talked to my bank and they will allow me to completely close my account and open a new one with them at the same time. I have already described my situation to them. Any and all help is appreciated. Thank you.


Q: Won't this be more expensive with late fees and over the limit fees, or is that forgiven in a debt management plan?
A:You can typically get a lot of this taken off if you have a settlement with a company, but not always.

Q: Can I call these places and work out the same agreements?
A: That is what I would recommend you do! Call them now and tell them your problem...they may temporarily work with you to reduce your payments.

Q: How long before I end up in court or have judgements passed requiring payment or jail or forcing it to come out of my pay?
A: It usually takes a little bit of time for your account to get sold from the original creditor if you have fairly good credit. Sometimes it only takes 1 defaulted payment. Then once the first DC has it usually they keep it a while until they can't get anything out of you...at that point they either sell to another DC or an attorney... Total process could take a little bit of time.

Q: Is there any new help for mortgages.
A: I really don't know but maybe somebody else will have that answer for you.

Good luck. Hopefully things work out for you. Best thing is to work something out with them if you can but if you can't then maybe pick one or two (cc's) and try to keep them in good standings. Someone should give you more info on the payday loan though...I've heard bad things about them on this site...never had one myself.

Best wishes!


Submitted by on Thu, 10/16/2008 - 20:28

( Posts: 202330 | Credits: )


It seems to me that Bankruptcy 13 is best applicable to you.

Quote:

According to the Bankruptcy Code, Chapter 13 Bankruptcy is meant for individuals wanting to pay off their debts within a period of three to five years. Better known as reorganization bankruptcy, Chapter 13 helps individuals or small scale business owners to retain non-exempt properties and pay back the Creditors under a repayment plan. This type of Bankruptcy provides with an alternative to the liquidation process of Chapter 7 Bankruptcy.


Quote:
Chapter 13 is an ideal option for:

??????? Anyone who is lagging behind on mortgage and need fast action.
??????? Anyone wanting to protect assets from liquidation under a chapter 7.
??????? Anyone who can't qualify for Chapter 7 due to high disposable income.
??????? Farmers not qualifying for chapter 12 with debt not related to farming.


To know more on Chapter 13, please go through the following page: -
Chapter 13 Bankruptcy ???????? Alternative to Chapter 7


Submitted by phoenix on Thu, 10/16/2008 - 21:53

phoenix

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t seems to me that Bankruptcy 13 is best applicable to you.

Quote:
According to the Bankruptcy Code, Chapter 13 Bankruptcy is meant for individuals wanting to pay off their debts within a period of three to five years. Better known as reorganization bankruptcy, Chapter 13 helps individuals or small scale business owners to retain non-exempt properties and pay back the Creditors under a repayment plan. This type of Bankruptcy provides with an alternative to the liquidation process of Chapter 7 Bankruptcy.


Quote:
Chapter 13 is an ideal option for:

??????? Anyone who is lagging behind on mortgage and need fast action.
??????? Anyone wanting to protect assets from liquidation under a chapter 7.
??????? Anyone who can't qualify for Chapter 7 due to high disposable income.
??????? Farmers not qualifying for chapter 12 with debt not related to farming.


To know more on Chapter 13, please go through the following page: -
Chapter 13 Bankruptcy ???????? Alternative to Chapter 7

GREAT POST THANKS


Submitted by bernieadams on Fri, 10/17/2008 - 13:15

bernieadams

( Posts: 143 | Credits: )