Anyone Have A Solution To A Financial Headache?

Question

To start, I am now pretty humbled. I was making 60k a year, driving a new sports car, and living life happily with minimal debt. My wife and I made some poor financial decisions and I was left with a bit debt after our divorce. It is now at a point where with the economy, working in the sales field, I am only making just under 40k. I have 22k left to pay on the car at $550 a month, paying about $320 a month in gas to travel to my job,about 20k in unsecured debt. I had to abandon my lease in the apartment that I was living in so i have no clue what I owe to them. I tried to trade the vehicle in for something different but trade in is only worth 15k, so about 7k in negative equity, and with a low to mid 500 credit score, nobody is willing to work with me. I have thought about filing a bankruptcy, but even at 40k a year, I am above my means for a chapter 7 bankruptcy according to lawers, and breaking too even per month on a chapter 13. Maybe someone has a idea of a solution. thanks.

Answer 1

You could look into debt consolidation. Make sure it is non-profit. They will help you . They do it all the time.

Answer 2

I will take a shot. With a low credit score, I am not sure this is possible. Is it possible for you to transfer your 22K, credit card debt to a lower interest credit card? That way, you at least avoid some debt. If possible finding an apartment closer to work or sales calls, might help take on that $320/month gas cost. Cut up credit cards and try to pay for everything in cash or using a debit card. The last thing you need is having to pay more interest. If you have outstanding cc debt, you will pay interest from the instant of purchase. Try to find someone else to take over your apartment lease-I have also heard that there are ways to legally get out of an apartment lease without having repercussions. See if your town has some sort of free legal aid program for that one.
You might have to consider getting a second job or a better existing job. Best of luck to you. Hope this helps.

Answer 3

hey, you got your health? then everything is fine.

there are just a few things you need to worry about, having transport, shelter and food.

as for everything else, tell them the situation and if they don't like it, then they can shove it, if you don't physically have any money there is not much you can do.

i am in the same boat, except i make a whole lot less money and owe a whole lot more due to cancer i had, that wiped me out finacially and i can't recover right now.

so i did what i told you, and i still have a credit score over 700.

what you can do also is buy a real cheap car then just let the other one get repoed, sure they will come after some money for the difference, but just ignore it, it will just go against your credit for 7 years and you can always explain the reason.

Answer 4

Try this

http://www.911-legalhelp.com/Bankruptcy.htm