1099 pay? and garnishment
Date: Sat, 02/13/2010 - 08:39
OK, here is my story. I have $75,000 in credit card debt. I am currently under hardship programs with most of the companies. Some of the larger cards I am working out debt settlement programs, one by one and making payments on the smaller ones to slowly decrease the debt. I am selling everything I have that I dont need and even making a little money on the side with a small Ebay business to help with this. My salary comes from two independent contractor sales jobs that pay me not as an employee but as an independent 1099. Under the hardship programs most of this debt will be eliminated with 3-4 years. I am OK with this. I made the mess and I intend to clean it. I HAVE to clear these cards because, they were created when my sister an I did an investment business together. She is cleaning up the buisness loans which were in both of our names and now I need to clean up the personal loans which are in both of our names. These loans, therefore, to me are the priority right now.
My problem is my PRIVATE student loans , 9 of em.. which total over $100,000. I no longer have any forebarence or deferrement on them, I have exhausted all the program plans available to me and now they are wanting over $1200 a month in payments. I simply can not make these payments at this time. In a couple of years, yes, but for now I cant.
Please know, I intend to pay on these and dont want to run from them, but my 1st priority is to clean up the credit card mess.
If I let them go into default, which they will in about 60 days. Can they garnish my 1099 pay? I share a checking account that is under my sisters ID, so I am not worried about them taking money from the account. I dont own anything of value, no house, no savings.
I owe the federal govt every year when tax time comes because of my 1099 status so there is nothing there. These are private loans so I know they dont have as many options as federal.
Basically, I need about 2 more years before I can start paying on them. For those of you that know, what can you realistically tell me I can expect to face for the next couple of years while I work out my credit problems?
I make about $4000-$6000 a month, and $1200 of it goes to rent, utilities and food. I have budgeted very tightly so I can take every last penny to pay the debts off.
Advice?
My problem is my PRIVATE student loans , 9 of em.. which total over $100,000. I no longer have any forebarence or deferrement on them, I have exhausted all the program plans available to me and now they are wanting over $1200 a month in payments. I simply can not make these payments at this time. In a couple of years, yes, but for now I cant.
Please know, I intend to pay on these and dont want to run from them, but my 1st priority is to clean up the credit card mess.
If I let them go into default, which they will in about 60 days. Can they garnish my 1099 pay? I share a checking account that is under my sisters ID, so I am not worried about them taking money from the account. I dont own anything of value, no house, no savings.
I owe the federal govt every year when tax time comes because of my 1099 status so there is nothing there. These are private loans so I know they dont have as many options as federal.
Basically, I need about 2 more years before I can start paying on them. For those of you that know, what can you realistically tell me I can expect to face for the next couple of years while I work out my credit problems?
I make about $4000-$6000 a month, and $1200 of it goes to rent, utilities and food. I have budgeted very tightly so I can take every last penny to pay the debts off.
Advice?
With that level of private loan debt and the fact you are self e
With that level of private loan debt and the fact you are self employed, they will probably sue you quickly. I would almost be inclined to file bankruptcy on the credit card debt and deal with the student loans which are not dischargable.
I guess you have asked the same question over here as well. htt
I guess you have asked the same question over here as well.
http://www.debtconsolidationcare.com/student-discussion/thread59888.html
Normally, asking one time is sufficient for anyone get an answer in this board.
I cant file bankruptcy, I already did 4 years ago. now what?
I cant file bankruptcy, I already did 4 years ago. now what?
Quote:Originally Posted by AnonymousI cant file bankruptcy, I al
Quote:
Originally Posted by Anonymous I cant file bankruptcy, I already did 4 years ago. now what? |
If bankruptcy is not an option, then you have to check the other avenues to pay off the debt. You can search the site for different debt relief programs. You can try settlement.