2007-05-22
00:41:44
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3 answers
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asked by
n_fantino
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Business & Finance
➔ Credit
Ok I have a job it pays $9/hr, I have gotten rid of all of my credit cards! period. My rent is 840 a month not including water, electric, phone, then food and my carpayment on top of that my creditcards are all past due 4 months or longer i was not working for 4 months because of moving from ohio to virginia..... i do work 40 hours a week and i still dont feel financially secure, yes i could get a second job but i dont want to kill my self like i used to in ohio... My credit went from 655 to 437 after i got married... my credit was great... my husband makes nearly nothing and he works over 40 hours a week and we share a car so i cant have a second job... i live near nothing and it is hard having 12 diff. companys calling you asking for money i cant do it anymore... someone said seel what you have and pay it off -hunny i dont have anything!... i want to file chapeter 13 where you pay it back i dont want a slackers way out i just didnt learn until i made the mistakes my self.
2007-05-22
06:30:38 ·
update #1
Ok I have a job it pays $9/hr, I have gotten rid of all of my credit cards! period. My rent is 840 a month not including water, electric, phone, then food and my carpayment on top of that my creditcards are all past due 4 months or longer i was not working for 4 months because of moving from ohio to virginia..... i do work 40 hours a week and i still dont feel financially secure, yes i could get a second job but i dont want to kill my self like i used to in ohio... My credit went from 655 to 437 after i got married... my credit was great... my husband makes nearly nothing and he works over 40 hours a week and we share a car so i cant have a second job... i live near nothing and it is hard having 12 diff. companys calling you asking for money i cant do it anymore... someone said sell what you have and pay it off -hunny i dont have anything!... i want to file chapeter 13 where you pay it back i dont want a slackers way out i just didnt learn until i made the mistakes my self.
2007-05-22
06:33:14 ·
update #2
Why not....your credit is already bad. Bankruptcy will actually make it better in a few years. Credit counseling is only a phone call away, which you need before you can file...it takes around 30 minutes to an hour. You qualify for a chapter 7 and any attorney would tell you Chapter 7 is better for your needs. The filing fee is $299.00 no matter what state you are in. Attorney fees vary so i would start calling around to get the cheapest rate.
2007-05-22 08:53:07
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answer #1
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answered by Fun N Sun 4
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How do I feel is the question and the answer is you are a wannabe trying to keep up a lifestyle you can't live. Face it your parents have taught you a lot of bad spending habits and I wouldn't be suprised if they are not in the same postion. If you file bankruptcy you will do it more than once because you took the eay way out. Kinda like a fatass doing gastric bypass. If you don't own anything (which I see maybe a car in you possesion max) there is not a need to file bankruptcy just don't pay the bills. It will go away in 7 years, bankruptcy stays on for 10 years. Or better yet get a job and negotiate payments. One last question how did you get credit in the amount of $28,000 with no job? I hope you didn't lie because you can be sued for obtaining credit under false pretense.
2007-05-22 00:57:24
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answer #2
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answered by PROVB 2
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RE:
How do you feel about bankruptcy at age 21? (I am in debt $28,000 and make nothing)...?
2015-08-04 06:00:26
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answer #3
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answered by Juliane 1
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I am a year old than you and have as much debt as you. Including $13k in credit cards, and about $17K in student loans. I hardly make anything now either. Don't apply for bankruptcy. If you are late on anything then you need to talk to your creditors and try to work out a payment plan. If it is out of hand and you missed a lot of payment, then maybe you should research debt consolidation or credit counselors that can pay them for you, and you just send them one check every month. The problem with the counselors is that it goes on your credit report that you had help and it lowers your score. See if you could possibly get a loan from the bank and tell them that you are trying to pay off debt. They might reject you because of outstanding debt, but you have nothing to lose. But I think that is better than filing for bankruptcy. Good luck.
2007-05-22 03:37:08
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answer #4
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answered by Babylesley 4
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I owed more than you when I was 22 ($34000 in 1987 dollars), and was finishing up school. Paid it all off, eventually. Now I have sterling credit. I wouldn't declare bankruptcy if I was you and had any dream of buying a house.
2007-05-22 05:42:23
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answer #5
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answered by Quixotic 3
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The min payment on 28k in debt should be around 500-800 a month. If you can somehow afford to pay that you should. If you file for bankruptcy now you are screwed for the next 7 years.. dont do it.
Alot of people make the mistake of assuming that simply being in debt will kill their credit score. Thats not always the case. As long as you continue to make your montly payment you can live with alot of debt and still have a decent credit record.
See if any family member is willing to help you out until you get a job. I had a friend who filed for bankruptcy becuse he thought he had to much to debt. But guess what? 6 months later he got a great job and would have been able to pay off alot of debt. But instead now, even 5 years later, he has alot of trouble getting any kind of loans he wants. So I would hold off unless you have no way to paying the min payments.
2007-05-22 02:32:42
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answer #6
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answered by Anonymous
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Bankruptcy stays on your record for 7 years and can put lots of restrictions on your purchasing ability. It is a very bad idea.
I strongly recommend you sell as much of the stuff you bought and use the money to pay off your debt. Your spending is totally out of control.
2007-05-22 00:48:21
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answer #7
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answered by Laredo 7
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You are young. There is plenty of time to recover from a BK. If you declare BK today you can have good credit again in a couple of years. If you drag things out and try to pay a little here and a little there then you will have bad credit and still be in debt in a couple of years.
The only thing you need to seriously consider is the job aspect. You will be barred from jobs in many industries because of a BK.
2007-05-22 00:48:03
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answer #8
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answered by GUS 4
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How did you accumulate so much debt in so little time? Is it from school loans? And what do you mean you make nothing? Aren't you being paid for your work? Can you work more than one job?
2007-05-22 00:45:04
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answer #9
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answered by kja63 7
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I was almost in a similar situation a few years ago. It's amazing how some stupid spending gets you in serious debt very quickly.
Basically, you have to get rid of that fantasy lifestyle you pretend to have while you're spending, come back down to earth and pay your debt!
It took me a few years, but I'm back on top of things.
1. Stop spending
2. Cancel and credit cards you have
3. Save / Pay back
Oh yes, and you need a job so you can earn money to pay it back. Sitting on your hands and declaring bankruptcy is not a good way to go. One of my friends went bankrupt a few years ago, he can't get a loan or any type of credit because of the black mark against his name. He wishes that he hadn't.
So my advice to you, is do not declare bankruptcy, get a job, take responsibility for your actions, pay back what you owe.
Then you can save your money, and buy things you need. Like a house to live in, with electricity and water =)
2007-05-22 00:55:27
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answer #10
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answered by revoltix 7
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