I've been considering bankruptcy for a few months now, I owe a ton of money to different places, and can no longer keep up at all. I am 22 and own nothing of value, however on one credit card i purchased a flat screen tv for my parents where I work so they could get it cheaper. They paid me the price I paid for it and then I applied that to the card. They won't lose that will they?
2006-10-03 08:12:16 · 10 answers · asked by sar_nicky 1 in Business & Finance ➔ Personal Finance
I don't have a phone, cable, internet.. etc.. I don't have any other way to cut expenses down. I make 700 a month working full time, plus i'm going to school. There really is no other option, mine weren't "mistakes" most of it is medical bills and such. I don't have any credit cards, as I cut them up over a year ago and closed all my other accounts.
2006-10-03 12:06:04 · update #1
I don't know how long it actually takes for bankruptcy to get off your credit report. I believe though things can not stay on there no longer then 10 years. So you might be 32 by the time that gets cleaned off your report. If I were 22 and couldn't make end meet - then I suppose you would have no other choice then to do something like that. I would still talk with like a credit adjuster place or council to seek someone that is an expert at that kind of stuff. If your screwed now - at least you can get it cleaned up by the time you reach better financial stability so that you can at least buy a house later in life. It wont always be that bad....weigh your options before making a move. seek the advice of someone that knows by going over all your debts.
Good luck....and don't do it again....it's a long hard road - if you haven't learned from this.
(and they cant take the TV).
2006-10-03 08:26:10 · answer #1 · answered by ? 4 · 0⤊ 0⤋
Things you will/could lose:
-dignity
-respect
-your credit rating
-your ability to:
- get a job
- buy a house
- rent an apartment
Get a 2nd job, cut up your cards, get a roommate, eat beans and rice, sell all the crap you purchased on credit, cancel your: phone, internet, cable, gym, etc. and pay this debt off. If you file for BK, that means I and everyone else in this country end up paying your bills. That's not fair. Take responsibility for your mistakes.
Also, you should know that with the new BK laws, they no longer wipe out your debt. You still have to pay off what you owe, but now you'll have a BK on there too.
2006-10-03 16:41:23 · answer #2 · answered by personal_finance_101 3 · 0⤊ 0⤋
You shouldn't lose the tv. It will just be hard to get credit in the future. My mom filed, and it was discharged in 2002, and now she's starting to get credit cards again though. Some companies don't really hold that against you for too long. She has gotten a new truck through Capital One Finance, and they've sent her 3 pre-approved credit cards with high limits. She's getting a chance to redeem herself I guess you can say. Just be careful if you do file, and start getting credit in the future. You don't want to get back into the same situation by getting too much credit, and having this repeat itself all over again. Good luck on whatever you decide!
2006-10-03 15:23:08 · answer #3 · answered by MiLuv 4 · 0⤊ 0⤋
They shouldn't lose their T.V. It's theirs, not yours. When you declare bankruptcy they look at what you have. If you own a house you most likely would lose that. If you own a car and owe money on it you could lose that or re-up the loan and keep it. If you have nothing at all of value that you owe money on there's nothing you can lose. Credit cards are unsecured debt. They aren't used for any one thing, usually, so what you used it to buy can't be taken from you.
2006-10-03 15:19:03 · answer #4 · answered by Joanne B 3 · 0⤊ 0⤋
The biggest thing that you'll loose is your good credit! Seriously, any loan you'll actually qualify for in the future (which will be harder) will be through the roof on interest rates.
You're sooo young still, are you absolutely sure there is no other way (even if it takes a long time) to pay off these debts?
2006-10-03 15:15:32 · answer #5 · answered by daisyk 6 · 0⤊ 0⤋
No way will they lose the tv. If you used a credit card, that is unsecured debt. They have no claim to what you purchased with the cards.
2006-10-03 15:22:13 · answer #6 · answered by mochachreme 3 · 0⤊ 0⤋
I'm just passing, but have to say that the juxtaposition of "I owe a ton of money" and "I own nothing of value" is very thought provoking. As to your situation, to tell it straight, if you work your way out of your debts, you will have started growing up.
2006-10-03 15:26:51 · answer #7 · answered by Sangmo 5 · 0⤊ 0⤋
possible-there are different forms of bankruptcy; some you lose all and start over, some adjust payment disbersements to creditors and as long as you pay on time will pay debts and get you back on track. lawyer is best to counsel on your situation
2006-10-03 15:20:07 · answer #8 · answered by phyllis_neel 5 · 0⤊ 0⤋
they wont lose the T.V but also its not the greatest idea to file for bankrupcy as it will be on your permanent financial record for a very very long time
2006-10-03 15:15:20 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I wouldn't think so at least if you have proof that that part is paid ,by receipts.
2006-10-03 15:15:47 · answer #10 · answered by Tired Old Man 7 · 0⤊ 0⤋