Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Bankruptcy or debt consolidation?
Posted by:
Not good with finances
()
Date: February 25, 2016 07:31PM
I am asking a serious question here.
I have been living off savings for about 3 years. I tried to start my own business but it failed. So now Im unemployed and running out of money. I have about $20K in credit card debt which I have been making minimum payments on but that may come to and end soon. I have a home I owe about $150K on the mortgage. Home is worth approx $375-$400K. I have 2 cars both paid for with a combined value of probably $20K. I also owe the IRS about $10K.
Should I file for bankruptcy which I believe would exclude my home? I am 59 years old so I will be collecting a pension and Social Security in about 3 years which will be about $3500/month.
I am single with no dependents.
Thanks for any tips.
I have been living off savings for about 3 years. I tried to start my own business but it failed. So now Im unemployed and running out of money. I have about $20K in credit card debt which I have been making minimum payments on but that may come to and end soon. I have a home I owe about $150K on the mortgage. Home is worth approx $375-$400K. I have 2 cars both paid for with a combined value of probably $20K. I also owe the IRS about $10K.
Should I file for bankruptcy which I believe would exclude my home? I am 59 years old so I will be collecting a pension and Social Security in about 3 years which will be about $3500/month.
I am single with no dependents.
Thanks for any tips.
Re: Bankruptcy or debt consolidation?
Posted by:
59 and broke?!?!?
()
Date: February 25, 2016 07:50PM
Lucky duck you got that pension. At your age you should be having the most money you have ever had.
Re: Bankruptcy or debt consolidation?
Posted by:
4Pbv3
()
Date: February 25, 2016 07:57PM
59 and broke?!?!? Wrote:
-------------------------------------------------------
> Lucky duck you got that pension. At your age you
> should be having the most money you have ever had.
He might be like me......can't take it with you! I'd rather enjoy it now instead of saving for a future that may never come. At least he's got a pension and SS so he won't be broke.
-------------------------------------------------------
> Lucky duck you got that pension. At your age you
> should be having the most money you have ever had.
He might be like me......can't take it with you! I'd rather enjoy it now instead of saving for a future that may never come. At least he's got a pension and SS so he won't be broke.
Re: Bankruptcy or debt consolidation?
Posted by:
Mr.debt
()
Date: February 25, 2016 07:59PM
The best advice I can give you is to file bankruptcy & start over again. I'm not sure if you are aware but Mr. Trump has file for bankruptcy 4 times and I don't think he's doing bad at all.
Re: Bankruptcy or debt consolidation?
Posted by:
cVjnv
()
Date: February 25, 2016 08:09PM
Mr.debt Wrote:
-------------------------------------------------------
> The best advice I can give you is to file
> bankruptcy & start over again. I'm not sure if you
> are aware but Mr. Trump has file for bankruptcy 4
> times and I don't think he's doing bad at all.
We'll see if and when he releases his tax and financial records. I seriously doubt he's as rich as he claims to be. Everything is probably leveraged to the max.
-------------------------------------------------------
> The best advice I can give you is to file
> bankruptcy & start over again. I'm not sure if you
> are aware but Mr. Trump has file for bankruptcy 4
> times and I don't think he's doing bad at all.
We'll see if and when he releases his tax and financial records. I seriously doubt he's as rich as he claims to be. Everything is probably leveraged to the max.
Re: Bankruptcy or debt consolidation?
Posted by:
6HJKb
()
Date: February 25, 2016 08:21PM
Donald J. Trump has never filed for bankruptcy. Educate yourself.
Re: Bankruptcy or debt consolidation?
Posted by:
MCywE
()
Date: February 25, 2016 08:30PM
6HJKb Wrote:
-------------------------------------------------------
> Donald J. Trump has never filed for bankruptcy.
> Educate yourself.
This is true. His bankruptcies were all under corporate names which is how real criminals and con artists do it.
-------------------------------------------------------
> Donald J. Trump has never filed for bankruptcy.
> Educate yourself.
This is true. His bankruptcies were all under corporate names which is how real criminals and con artists do it.
Re: Bankruptcy or debt consolidation?
Posted by:
Uhshdhh
()
Date: February 25, 2016 08:50PM
You have $250k in home equity and $180k of debt...
Get a HELOC, get cheap access to the equity. $30k on a 15 year Heloc will be cheap.
Get a HELOC, get cheap access to the equity. $30k on a 15 year Heloc will be cheap.
Re: Bankruptcy or debt consolidation?
Posted by:
GDb7D
()
Date: February 25, 2016 08:54PM
What criminal or con artist that you know of built companies with the goal to ultimately reorganize under Chapter 11? Your comment does not make sense.
Do you know that he lost approx 900MM, personally, under one of the reorganizations?
All fillings were a result of investment in the Atlantic City gaming industry which has declined over the past 20+ years. AC itself may be dead, announcing that it may declare bankruptcy as a city!
http://www.newsweek.com/2015/10/30/trumps-big-atlantic-city-dump-385427.html
Do you know that he lost approx 900MM, personally, under one of the reorganizations?
All fillings were a result of investment in the Atlantic City gaming industry which has declined over the past 20+ years. AC itself may be dead, announcing that it may declare bankruptcy as a city!
http://www.newsweek.com/2015/10/30/trumps-big-atlantic-city-dump-385427.html
Re: Bankruptcy or debt consolidation?
Posted by:
+1
()
Date: February 25, 2016 08:58PM
4Pbv3 Wrote:
-------------------------------------------------------
> 59 and broke?!?!? Wrote:
> --------------------------------------------------
> -----
> > Lucky duck you got that pension. At your age
> you
> > should be having the most money you have ever
> had.
>
> He might be like me......can't take it with you!
> I'd rather enjoy it now instead of saving for a
> future that may never come. At least he's got a
> pension and SS so he won't be broke.
Yep, seen too many people save up their whole life to die shortly after retirement. Enjoy yourself while you're around
-------------------------------------------------------
> 59 and broke?!?!? Wrote:
> --------------------------------------------------
> -----
> > Lucky duck you got that pension. At your age
> you
> > should be having the most money you have ever
> had.
>
> He might be like me......can't take it with you!
> I'd rather enjoy it now instead of saving for a
> future that may never come. At least he's got a
> pension and SS so he won't be broke.
Yep, seen too many people save up their whole life to die shortly after retirement. Enjoy yourself while you're around
Re: Bankruptcy or debt consolidation?
Posted by:
Ying Ko
()
Date: February 25, 2016 09:07PM
Not good with finances Wrote:
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
I had a bad stretch about 20 years ago. I went for chapter 13 which isn't easy but the court set up a payment plan which took 3 or 4 years to pay off. I preserved my credit because you never know when an emergency will hit beyond your means to readily pay it off. Your credit rating affects more than the rate of a card.
Edited 1 time(s). Last edit at 02/25/2016 09:07PM by Ying Ko.
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
I had a bad stretch about 20 years ago. I went for chapter 13 which isn't easy but the court set up a payment plan which took 3 or 4 years to pay off. I preserved my credit because you never know when an emergency will hit beyond your means to readily pay it off. Your credit rating affects more than the rate of a card.
Edited 1 time(s). Last edit at 02/25/2016 09:07PM by Ying Ko.
Re: Bankruptcy or debt consolidation?
Posted by:
no easy money
()
Date: February 25, 2016 09:12PM
Uhshdhh Wrote:
-------------------------------------------------------
> You have $250k in home equity and $180k of
> debt...
>
> Get a HELOC, get cheap access to the equity. $30k
> on a 15 year Heloc will be cheap.
You have to qualify for a HELOC, don't you? If you don't have a job, that is hard to do.
-------------------------------------------------------
> You have $250k in home equity and $180k of
> debt...
>
> Get a HELOC, get cheap access to the equity. $30k
> on a 15 year Heloc will be cheap.
You have to qualify for a HELOC, don't you? If you don't have a job, that is hard to do.
Re: Bankruptcy or debt consolidation?
Posted by:
3456
()
Date: February 25, 2016 09:13PM
Sell the house and rent a room. You can live a long time doing that. Life's rough.
Re: Bankruptcy or debt consolidation?
Posted by:
u r screwed
()
Date: February 25, 2016 09:15PM
I think they take your house, don't they, unless you have a way to make payments, which you don't.
Re: Bankruptcy or debt consolidation?
Posted by:
LcxdV
()
Date: February 25, 2016 09:32PM
Sell house, clear debts, rent.
Re: Bankruptcy or debt consolidation?
Posted by:
LcxdV
()
Date: February 25, 2016 09:36PM
And sell one car. Looks like you'd have north of 100k after debts, far cry from bankruptcy need.
Re: Bankruptcy or debt consolidation?
Posted by:
Your Way Wrong Pal
()
Date: February 25, 2016 09:36PM
>I seriously doubt he's as rich as he claims to be. Everything is probably leveraged to the max.
According to Forbes Trump is worth about 4.5 billion . They had a in depth article in the magazine and he is well focused on his investments Not at all over his head in any way and he has a lot of them.
If you can stomach the ads and crap this Forbes site has some info. Not as much as the magazine article had.
http://www.forbes.com/profile/donald-trump/
Yes he is very Rich..
OP at your age and you have a home already, go for the bankrupt gig, Make sure you got a good car that will last a while. After about a year they will be offering you more credit cards.. They cant take the house.. A boat yes, a nice new car yes. A travel trailer yes a condo yes, and they will check to see if you recently changed ownership of any assets. Of Course they don't want your underwear...or clothes. Used shoes.. dirty stove.. dishes.. toothbrush, Greasy BBQ.. ..Don't even offer Pal..You will be just fine..And even more so If you Vote For The Donald Too. . The only thing the Pig offers is smeared lipstick and you don't need that..
DAJAX
According to Forbes Trump is worth about 4.5 billion . They had a in depth article in the magazine and he is well focused on his investments Not at all over his head in any way and he has a lot of them.
If you can stomach the ads and crap this Forbes site has some info. Not as much as the magazine article had.
http://www.forbes.com/profile/donald-trump/
Yes he is very Rich..
OP at your age and you have a home already, go for the bankrupt gig, Make sure you got a good car that will last a while. After about a year they will be offering you more credit cards.. They cant take the house.. A boat yes, a nice new car yes. A travel trailer yes a condo yes, and they will check to see if you recently changed ownership of any assets. Of Course they don't want your underwear...or clothes. Used shoes.. dirty stove.. dishes.. toothbrush, Greasy BBQ.. ..Don't even offer Pal..You will be just fine..And even more so If you Vote For The Donald Too. . The only thing the Pig offers is smeared lipstick and you don't need that..
DAJAX
Re: Bankruptcy or debt consolidation?
Posted by:
34576
()
Date: February 25, 2016 09:47PM
LcxdV Wrote:
-------------------------------------------------------
> And sell one car. Looks like you'd have north of
> 100k after debts, far cry from bankruptcy need.
Exactly. It costs a lot to do a bankruptcy, is a major hassle, etc. Sell one car right away to limp through selling the house. Or sell both and buy something really, really cheap. Sell your furniture. You could probably sell some right now to pay some bills.
You have to really be in the negative to declare bankruptcy, and you are not.
You will just have to rent a room in PG County until your pension starts. You should have enough money to buy a gun.
Do you have outstanding business debt?
-------------------------------------------------------
> And sell one car. Looks like you'd have north of
> 100k after debts, far cry from bankruptcy need.
Exactly. It costs a lot to do a bankruptcy, is a major hassle, etc. Sell one car right away to limp through selling the house. Or sell both and buy something really, really cheap. Sell your furniture. You could probably sell some right now to pay some bills.
You have to really be in the negative to declare bankruptcy, and you are not.
You will just have to rent a room in PG County until your pension starts. You should have enough money to buy a gun.
Do you have outstanding business debt?
Re: Bankruptcy or debt consolidation?
Posted by:
kUtGk
()
Date: February 25, 2016 10:18PM
OP,
Sounds like you are in pretty good shape at the end of the day regarding going tits up. Sell off, find a basement to rent somewhere fairly nice.
Analyze your approach to building your business. That hasn't failed, only faltered. Take what you have learned from it, good and bad, go from there. Be humble, work, work, work. Don't ever quit.
Report back in 12-18 months.
Sounds like you are in pretty good shape at the end of the day regarding going tits up. Sell off, find a basement to rent somewhere fairly nice.
Analyze your approach to building your business. That hasn't failed, only faltered. Take what you have learned from it, good and bad, go from there. Be humble, work, work, work. Don't ever quit.
Report back in 12-18 months.
Re: Bankruptcy or debt consolidation?
Posted by:
Leagle Eagal.
()
Date: February 26, 2016 01:53AM
You are mistaken that bankruptcy would exclude your home. Virginia's homestead exemption is minuscule: for you it would be the bare minimum, which is $5,000.
If you were to file bankruptcy, your house would be sold out from underneath you to satisfy your creditors' judgements, and likely for less than market value, meaning you could well wind up losing a significant portion of the roughly $175-225K of equity you have in your home.
You're house rich but cash poor, and if your business isn't doing well, most lenders are going look askance at giving you a home equity loan because they don't want to wind up stuck with your house if/when you default. If you do manage to get a home equity loan or a HELOC, make sure that you can actually make the payment with whatever income you are generating.
Your best bet is to negotiate a debt consolidation agreement with all your creditors and see if you can get the payment down to something that works for you.
You should also sell one of your cars as well as any other unneeded assets and use that money to pay down your debt.
If your situation is really untenable, you will have to sell your house, which sucks, but you'll have probably something north of $150K even after you've satisfied all your debts.
If you were to file bankruptcy, your house would be sold out from underneath you to satisfy your creditors' judgements, and likely for less than market value, meaning you could well wind up losing a significant portion of the roughly $175-225K of equity you have in your home.
You're house rich but cash poor, and if your business isn't doing well, most lenders are going look askance at giving you a home equity loan because they don't want to wind up stuck with your house if/when you default. If you do manage to get a home equity loan or a HELOC, make sure that you can actually make the payment with whatever income you are generating.
Your best bet is to negotiate a debt consolidation agreement with all your creditors and see if you can get the payment down to something that works for you.
You should also sell one of your cars as well as any other unneeded assets and use that money to pay down your debt.
If your situation is really untenable, you will have to sell your house, which sucks, but you'll have probably something north of $150K even after you've satisfied all your debts.
Re: Bankruptcy or debt consolidation?
Posted by:
Teano
()
Date: February 26, 2016 02:32AM
Pay your debts, you deadbeat. You borrowed the money, now pay it back. And stop whining you couldn't find a job. I'm betting you just gave up because you got frustrated. Man-up and stop making excuses.
Re: Bankruptcy or debt consolidation?
Posted by:
9dLVe
()
Date: February 26, 2016 07:45AM
Not good with finances Wrote:
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
1. 'single' with 2 cars - jerk, sell one car and pay the IRS
2. Pay the IRS interest and penalties are brutal and they will garnish your SS
3. $3500/month with a 150k mortgage and 20k credit card debt is doable. Get a consolidation loan or Home Equity for the 20k
4. Plan a move. Why stay in Fairfax - you could live in a nice 200k house with almost no mortgage within an hours drive of Fairfax.
Why go through bankruptcy for a lousy 20k?
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
1. 'single' with 2 cars - jerk, sell one car and pay the IRS
2. Pay the IRS interest and penalties are brutal and they will garnish your SS
3. $3500/month with a 150k mortgage and 20k credit card debt is doable. Get a consolidation loan or Home Equity for the 20k
4. Plan a move. Why stay in Fairfax - you could live in a nice 200k house with almost no mortgage within an hours drive of Fairfax.
Why go through bankruptcy for a lousy 20k?
Re: Bankruptcy or debt consolidation?
Posted by:
LetsRock
()
Date: February 26, 2016 08:26AM
Uhshdhh Wrote:
-------------------------------------------------------
> You have $250k in home equity and $180k of
> debt...
>
> Get a HELOC, get cheap access to the equity. $30k
> on a 15 year Heloc will be cheap.
Great idea!! That way the interest you are paying on all your debt becomes TAX DEDUCTIBLE. Later if you have to sell the house, you will be free and clear of it all and your credit will be unharmed.
-------------------------------------------------------
> You have $250k in home equity and $180k of
> debt...
>
> Get a HELOC, get cheap access to the equity. $30k
> on a 15 year Heloc will be cheap.
Great idea!! That way the interest you are paying on all your debt becomes TAX DEDUCTIBLE. Later if you have to sell the house, you will be free and clear of it all and your credit will be unharmed.
Re: Bankruptcy or debt consolidation?
Posted by:
u r screwed
()
Date: February 26, 2016 09:14AM
You can't qualify for a HELOC loan approval if you don't have income, etc.
Your home is not protected in bankruptcy, I do believe. It will be used to pay your creditors, of which you have many.
You can't write off interest on a loan you can't obtain in the first place, plus, if you don't have any income, there is nothing to take a tax deduction against.
Sell one or both cars, immediately start selling your furniture and other belongings on Craig's List, sell the house, etc. Wait for your pension, and move out to a little town in the middle of nowhere to live out your days. And pay the IRS first and fast.
Your home is not protected in bankruptcy, I do believe. It will be used to pay your creditors, of which you have many.
You can't write off interest on a loan you can't obtain in the first place, plus, if you don't have any income, there is nothing to take a tax deduction against.
Sell one or both cars, immediately start selling your furniture and other belongings on Craig's List, sell the house, etc. Wait for your pension, and move out to a little town in the middle of nowhere to live out your days. And pay the IRS first and fast.
Re: Bankruptcy or debt consolidation?
Posted by:
move and get on
()
Date: February 26, 2016 10:35AM
Not good with finances Wrote:
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
Key words 'living off savings' - you are blessed to have time to deal with this but deal with it you must.
1. Sell one car and your house and move to a place where you can purchase a home for cash with the proceeds (in Masury OH you can get a 3 bdrm for under $65,000; live off the home sale till your 3500/mo SS and retirement kick in.
2. Sell one car and pay the IRS. Get an hourly job to pay off your mortgage and food for the next 3 yrs till your 3500/mo SS and retirement kick in. Pay the Credit Card Co forever or just default and take a settlement when a bill collector offers fifty cents on the dollar.
3. Go to a Bankruptcy Lawyer and shell out 3k for advise on what the hell to do.
No matter what you would will have to move as 3500 bucks really wont cut it here in FFX with even a small 150k mortgage. Why suffer. Just move and get on with life.
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
Key words 'living off savings' - you are blessed to have time to deal with this but deal with it you must.
1. Sell one car and your house and move to a place where you can purchase a home for cash with the proceeds (in Masury OH you can get a 3 bdrm for under $65,000; live off the home sale till your 3500/mo SS and retirement kick in.
2. Sell one car and pay the IRS. Get an hourly job to pay off your mortgage and food for the next 3 yrs till your 3500/mo SS and retirement kick in. Pay the Credit Card Co forever or just default and take a settlement when a bill collector offers fifty cents on the dollar.
3. Go to a Bankruptcy Lawyer and shell out 3k for advise on what the hell to do.
No matter what you would will have to move as 3500 bucks really wont cut it here in FFX with even a small 150k mortgage. Why suffer. Just move and get on with life.
Re: Bankruptcy or debt consolidation?
Posted by:
7FtHM
()
Date: February 26, 2016 10:56AM
You may very well not qualify for bankruptcy either, and you are still too young for a reverse mortgage. You may need to consider finding a job. Depending on your history, you may be eligible for unemployment and other benefits in the meantime.
Re: Bankruptcy or debt consolidation?
Posted by:
real estate 5
()
Date: February 26, 2016 11:05AM
Sell houss , pay debts , buy a house in Front royal for cash , live off savings till pension kicks in , maybe work at fast food job or walmart if you are able.
Re: Bankruptcy or debt consolidation?
Posted by:
U4JuH
()
Date: February 26, 2016 11:30AM
move and get on Wrote:
-------------------------------------------------------
> 3. Go to a Bankruptcy Lawyer and shell out 3k for
> advise on what the hell to do.
Almost all bankruptcy attorneys charge nothing for an initial consultation. You can learn a lot for free.
> No matter what you would will have to move...
Moving is expensive. It is not some panacea. If you are a country-mouse, you never should have moved here to begin with. If you are a city-mouse, moving away will be your ruination.
-------------------------------------------------------
> 3. Go to a Bankruptcy Lawyer and shell out 3k for
> advise on what the hell to do.
Almost all bankruptcy attorneys charge nothing for an initial consultation. You can learn a lot for free.
> No matter what you would will have to move...
Moving is expensive. It is not some panacea. If you are a country-mouse, you never should have moved here to begin with. If you are a city-mouse, moving away will be your ruination.
Re: Bankruptcy or debt consolidation?
Posted by:
pay the IRS quickly.
()
Date: February 26, 2016 01:31PM
why not get a job? If you are single with no dependents what the hell do you do all day? Fairfax will pay you $500/week to drive a bus. That would cover food and your PITI. In 3 years pay of the cards. Do sell a car and pay the IRS quickly.
Re: Bankruptcy or debt consolidation?
Posted by:
NjNyc
()
Date: February 26, 2016 01:56PM
Not good with finances Wrote:
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
I know I'm pissing in the wind here, but please tell me it's not possible to file for bankruptcy with net assets of 200K+. Wouldn't a bankrutcy court make you sell the house (or at least refinance it) to clear your other debts? Doesn't seem like it should be ok to wall off the assets from creditors that way just because it's tied up in a house.
-------------------------------------------------------
> I am asking a serious question here.
>
> I have been living off savings for about 3 years.
> I tried to start my own business but it failed. So
> now Im unemployed and running out of money. I have
> about $20K in credit card debt which I have been
> making minimum payments on but that may come to
> and end soon. I have a home I owe about $150K on
> the mortgage. Home is worth approx $375-$400K. I
> have 2 cars both paid for with a combined value of
> probably $20K. I also owe the IRS about $10K.
>
> Should I file for bankruptcy which I believe would
> exclude my home? I am 59 years old so I will be
> collecting a pension and Social Security in about
> 3 years which will be about $3500/month.
>
> I am single with no dependents.
>
> Thanks for any tips.
I know I'm pissing in the wind here, but please tell me it's not possible to file for bankruptcy with net assets of 200K+. Wouldn't a bankrutcy court make you sell the house (or at least refinance it) to clear your other debts? Doesn't seem like it should be ok to wall off the assets from creditors that way just because it's tied up in a house.
Re: Bankruptcy or debt consolidation?
Posted by:
u r screwed
()
Date: February 26, 2016 02:02PM
The court will order the house sold to pay creditors. And you are going to pay a pretty penny for somebody to help you through the process.
FFU advice is much cheaper. Sell your furniture and one car, sell the house, pay off your debts, go live out your days in Front Royal or PG County or Stafford in a rented room until your $3500 kicks in.
You do not qualify for bankruptcy.
FFU advice is much cheaper. Sell your furniture and one car, sell the house, pay off your debts, go live out your days in Front Royal or PG County or Stafford in a rented room until your $3500 kicks in.
You do not qualify for bankruptcy.
Re: Bankruptcy or debt consolidation?
Posted by:
GFTDJ
()
Date: February 26, 2016 03:56PM
GFTDJ
Re: Bankruptcy or debt consolidation?
Posted by:
sell the home
()
Date: February 26, 2016 06:15PM
Sell the home. Bankruptcy will only save a very small part of the equity you own. Legal Eagle's points are dead on.
Re: Bankruptcy or debt consolidation?
Posted by:
Broke NOVA
()
Date: February 26, 2016 09:42PM
You are a lot less worse off than many around NOVA. A guy where I work hasn't made a house payment in 16 months. No sign of foreclosure yet.
Re: Bankruptcy or debt consolidation?
Posted by:
for real
()
Date: February 26, 2016 10:03PM
please, for your own sake call a LAWYER. get a consultaion
Re: Bankruptcy or debt consolidation?
Posted by:
CharlieB
()
Date: February 27, 2016 04:10PM
It could be a lot worse. You could be the Mayor and have health problems to boot.
https://www.washingtonpost.com/local/virginia-politics/for-small-city-mayor-2015-was-a-terrible-year/2015/12/29/1a3f17b4-a42c-11e5-b53d-972e2751f433_story.html
https://www.washingtonpost.com/local/virginia-politics/for-small-city-mayor-2015-was-a-terrible-year/2015/12/29/1a3f17b4-a42c-11e5-b53d-972e2751f433_story.html
Re: Bankruptcy or debt consolidation?
Posted by:
BeenThereBefore
()
Date: February 27, 2016 09:02PM
As somebody said earlier, you are asset rich and cash poor and in no way a bankruptcy candidate. You have too many assets for a Chapter 7 filing and you have no income to support a Chapter 13 filing.
Selling one car and paying off the IRS is great advice. If you default on credit card debt in the short term, the worst the creditors can do is get a judgment against you which probably won't happen for a few years. And if sued, you will have sufficient time to work with your creditors. Your biggest issue is making house payments. Looks like you should find employment at least until you start getting retirement income. You will be fine.
Selling one car and paying off the IRS is great advice. If you default on credit card debt in the short term, the worst the creditors can do is get a judgment against you which probably won't happen for a few years. And if sued, you will have sufficient time to work with your creditors. Your biggest issue is making house payments. Looks like you should find employment at least until you start getting retirement income. You will be fine.
Re: Bankruptcy or debt consolidation?
Posted by:
BeenThereBefore
()
Date: February 27, 2016 09:05PM
And if you do speak with an attorney, do your own research as well and get more than one opinion. While most attorneys are very ethical, just remember that bankruptcy attorneys make money when you declare bankruptcy. Don't let someone talk you into doing something stupid for you and lucrative for him/her.
Re: Bankruptcy or debt consolidation?
Posted by:
BeenThereBefore
()
Date: February 27, 2016 09:19PM
Additional advice from someone who's been in your shoes at a much younger age, TIME IS YOUR ENEMY. Don't wait to make decisions. Every day that you aren't working is more money out the door. The first step is to stop the bleeding.
Is your current mortgage a VA mortgage? If so, you might consider a refinance to get your monthly payment as low as possible if you decide against or refuse to sell. VA interest rate reduction loans usually require no appraisal, credit check or income verification.
Is your current mortgage a VA mortgage? If so, you might consider a refinance to get your monthly payment as low as possible if you decide against or refuse to sell. VA interest rate reduction loans usually require no appraisal, credit check or income verification.
Re: Bankruptcy or debt consolidation?
Posted by:
Ypmee
()
Date: February 28, 2016 10:20AM
GmmNh