New to forum and tired of the debt nightmare
Date: Wed, 03/30/2011 - 04:40
-1st mortgage $2000
-Equity Line $260
-Credit cards $40,000 with very high rates
-Student loans $20,000
-Auto lease $435 (mature date 10/1/2011)
-Auto lease $410 (due to turn in 1/1/2013)
My wife and I have been living a nightmare for 3 yrs. and the kids are very unhappy and scared. My wife makes $120K per year and I've been unemployed for 2 1/2 years and was ineligible for unemployment because I was self-employed. We used the credit cards and equity line to live on and pay expenses. Wife has only been making $120K for 1 year. Prior to that $55K.
We're wondering what best options might be.
-Chapter 7? (if qualified with calculation)
-Debt management? (can probably afford $700/mo. for 48-52 months
-Debt Settlement on our own without an agency?
If we opt for debt management can anyone recommend a reputable agency?
An suggestions would be greatly appreciated
Thanks
:(
Geetings "[URL="http://www.debtconsolidationcare.com/forums/memb
Geetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=247920"]floyd61[/URL]",
Just an opinion here.
You probably won't pass the Cptr 7 means test.
Don't know about the Cptr 13.
All that can be Googled.
I passed on the debt management route.
If you go debt settlement, by all means do it yourself.
I do know a little about that route, did it with the help of my friends in here.
If it were me, I'd get the biggest shovel available and dig into this forum.
There's so much information that you need to digest and develop your own plan of action.
Please keep us updated.
Regards,
King "Kash" Jabba Labba
Is there any way you can get out of your leases without penalty?
Is there any way you can get out of your leases without penalty? You could then buy a used car to get you through the next year or so.
If you opt for settlement, would you be able to accumulate the funds to settle? Do you have a tax refund coming? You would have to default on payment and start settlement negotiations after 90-120 days. That would give you time to save some funds. Of course, you should do it yourself to save fees. Depending on who are the creditors you could settle between 25%-40%.
If you opt for debt management, use one that is a non-profit. I can say from experience I used Take Charge America and they were very professional. You can do a search of them and others on this site and read what others have experienced. A DM company will negotiate lower payments and interest rates. You will send payment directly to them.
As to student loans and Chapter 7, I am not knowledgeable in this area. Someone else will be along to give you advice.
Read the DIY information, do some research on your options. That's the first step.
