I have some rather large debt issues and I need to make a decision soon on which way to go.

I have about $30,000 in unsecured debt, mostly credit card accounts. Don't start preaching, I accept the fact that I'm a dumb ass for getting in over my head but hey shit happens!

I also have a back tax issue of about $10,000. I'm sure that can be negotiated down with the IRS.

So my question is, should I resolve the credit card with credit counseling and deal with the IRS issue myself.....or just file bankruptcy and let a lawyer handle it?

I'm really not worried about the ramifications of never having credit again because I operate on a cash only system now anyway. No more credit!

I'g go BK.

After you have filed and had your meeting of creditors, you can sleep at night knowing you will wake up debt free.

Sure you can have honor and pay your debts- but how do you think Trump made his money, by paying all his bills? How many times did he file and he is still rich? Exactly.

Eventually they will make it harder for us common people to file, so best to get it over with now and go from 100k-zero in one move vs going 100k, 98k, 65k- and its still 2 years later and you're still paying.

3-6 months after BK- as long as you have a job, Capital One will get you a decent used car loan (based on income, like around 20-30k usually @5-8% apr hey you just filed bk best you can do!) and a credit card (with a $500 limit) but hey its a start. Don't fuck those up, 2 more years, you will have a high 6=something FICO and can look at another mortgage if you wish. Renting is easy too just keep your FICO above 620 and the BK shouldn't matter.

Pay it if you wish- but the law is some tricky shit so use it to your advantage!! The banks do!!!

Go talk to a bankruptcy attorney. The initial meeting is free. They can advise you concerning the available options and what bankruptcy itself will and will not do for you. It won't help with the tax issues. Those will need to be resolved separately. Mostly, bankruptcy is some second-chance short-term pain in exchange for quite a lot of long-term gain. It has helped a lot of people get straight. Most "credit counseling" is a hoax. An attorney can refer you to the few services that are not, if that is deemed warranted.

NC4Ek Wrote:
-------------------------------------------------------
> I'g go BK.
>
> After you have filed and had your meeting of
> creditors, you can sleep at night knowing you will
> wake up debt free.
>
> Sure you can have honor and pay your debts- but
> how do you think Trump made his money, by paying
> all his bills? How many times did he file and he
> is still rich? Exactly.
>
> Eventually they will make it harder for us common
> people to file, so best to get it over with now
> and go from 100k-zero in one move vs going 100k,
> 98k, 65k- and its still 2 years later and you're
> still paying.
>
> 3-6 months after BK- as long as you have a job,
> Capital One will get you a decent used car loan
> (based on income, like around 20-30k usually @5-8%
> apr hey you just filed bk best you can do!) and a
> credit card (with a $500 limit) but hey its a
> start. Don't fuck those up, 2 more years, you will
> have a high 6=something FICO and can look at
> another mortgage if you wish. Renting is easy too
> just keep your FICO above 620 and the BK shouldn't
> matter.
>
> Pay it if you wish- but the law is some tricky
> shit so use it to your advantage!! The banks do!!!


Good info.

I do have a job and fortunately I have an almost new car that is paid for so that shouldn't be an issue for some time. Like I said, I am learning how to live without credit, after 30 years of being addicted to it.

Debt Pool Wrote:
-------------------------------------------------------
> I have some rather large debt issues and I need to
> make a decision soon on which way to go.
>
> I have about $30,000 in unsecured debt, mostly
> credit card accounts. Don't start preaching, I
> accept the fact that I'm a dumb ass for getting in
> over my head but hey shit happens!
>
> I also have a back tax issue of about $10,000. I'm
> sure that can be negotiated down with the IRS.
>
> So my question is, should I resolve the credit
> card with credit counseling and deal with the IRS
> issue myself.....or just file bankruptcy and let a
> lawyer handle it?
>
> I'm really not worried about the ramifications of
> never having credit again because I operate on a
> cash only system now anyway. No more credit!

The only thing you didn't mention is whether or not you're a homeowner. The homestead exemption in Virginia is minuscule- only $5,000- so if you own a house any equity you might have will evaporate in a bankruptcy because they'll force you to sell it.

Income taxes can sometimes be discharged by bankruptcy but there's a very specific set of conditions that you probably won't meet. See https://www.nolo.com/legal-encyclopedia/bankruptcy-tax-debts-eliminating-29550.html

If you don't own a house or an expensive car (over about $10,000), go chapter 7. Here's a list of the exemptions you can take: http://www.nolo.com/legal-encyclopedia/virginia-bankruptcy-exemptions.html and see also http://www.nolo.com/legal-encyclopedia/virginia-auto-exemption-keep-car-bankruptcy.html

Debt Pool Wrote:
-------------------------------------------------------
> I have some rather large debt issues and I need to
> make a decision soon on which way to go.
>
> I have about $30,000 in unsecured debt, mostly
> credit card accounts. Don't start preaching, I
> accept the fact that I'm a dumb ass for getting in
> over my head but hey shit happens!
>
> I also have a back tax issue of about $10,000. I'm
> sure that can be negotiated down with the IRS.
>
> So my question is, should I resolve the credit
> card with credit counseling and deal with the IRS
> issue myself.....or just file bankruptcy and let a
> lawyer handle it?
>
> I'm really not worried about the ramifications of
> never having credit again because I operate on a
> cash only system now anyway. No more credit!

dont be so sure about the irs - they do whatever they want and that debt is non-dischargable. Pay the IRS first. Period. The interest and penalties accrue and dont stop. I would suggest you hire a CPA that specializes in the IRS stuff. It will cost you hundreds an hour but you might get relief that way.

On the Credit card stuff, that in fact can be negotiated down to 10-25 cents on the dollar. Id tell the creditors your irs woes and offer them 10 cents on the dollar if you have the 3k available after the money you owe the IRS.

Like I said, IRS 1st (they will take it from your wages anyway). After that simply stall the creditors till you can pay something. In no event keep paying the credit cards. Sounds like you will default anyway so the sooner they sell the debt to a trash credit broker the better - they will take dimes because they paid pennies.

It will only take 3 years to rebuild your credit.

Debt Pool Wrote:
-------------------------------------------------------
> NC4Ek Wrote:
> --------------------------------------------------
> -----
> > I'g go BK.
> >
> > After you have filed and had your meeting of
> > creditors, you can sleep at night knowing you
> will
> > wake up debt free.
> >
> > Sure you can have honor and pay your debts- but
> > how do you think Trump made his money, by
> paying
> > all his bills? How many times did he file and
> he
> > is still rich? Exactly.
> >
> > Eventually they will make it harder for us
> common
> > people to file, so best to get it over with now
> > and go from 100k-zero in one move vs going
> 100k,
> > 98k, 65k- and its still 2 years later and
> you're
> > still paying.
> >
> > 3-6 months after BK- as long as you have a job,
> > Capital One will get you a decent used car loan
> > (based on income, like around 20-30k usually
> @5-8%
> > apr hey you just filed bk best you can do!) and
> a
> > credit card (with a $500 limit) but hey its a
> > start. Don't fuck those up, 2 more years, you
> will
> > have a high 6=something FICO and can look at
> > another mortgage if you wish. Renting is easy
> too
> > just keep your FICO above 620 and the BK
> shouldn't
> > matter.
> >
> > Pay it if you wish- but the law is some tricky
> > shit so use it to your advantage!! The banks
> do!!!
>
>
> Good info.
>
> I do have a job and fortunately I have an almost
> new car that is paid for so that shouldn't be an
> issue for some time. Like I said, I am learning
> how to live without credit, after 30 years of
> being addicted to it.


almost new car paid for - why not sell it. It has to be worth at least 15k even if it is crap. That would cover your IRS and you could buy a used car for 5k. Dont file for a mere 30k in credit card debt. Im guessing its with 5 creditors - non of them will sue for 7k in debt. Offer to pay 1/4 after you have stopped paying the minimum for 6 months.

Debt Pool Wrote:
-------------------------------------------------------
> Which is better choice: Credit Counseling
> or Bankruptcy?

Paying your bills is the best choice, deadbeat.

Deadbeat say what! Wrote:
-------------------------------------------------------
> Debt Pool Wrote:
> --------------------------------------------------
> -----
> > Which is better choice: Credit Counseling
> > or Bankruptcy?
>
> Paying your bills is the best choice, deadbeat.

Amazing. Only one ASSHOLE so far! I'm impressed!

Pay your bills you deadbeat...must be a bernie supporter!

That degree in Afro/Victim Studies just not paying off for ya? Shocking!

Spend less than you make and save at least 20% of your take home pay. Simple math but somehow people are just too stupid to understand it.

Colonel Obvious Wrote:
-------------------------------------------------------
> That degree in Afro/Victim Studies just not paying
> off for ya? Shocking!

LOL! Attempting to monetize everything is a fool's errand. It will typically land people in either the poor house or the looney bin.

Fork u Wrote:
-------------------------------------------------------
> Spend less than you make and save at least 20% of
> your take home pay. Simple math but somehow people
> are just too stupid to understand it.

Or 100% of their take-home pay would itself fall short of a subsistence wage. Poor people are not poor because they are lazy or stupid. They are poor because their jobs don't pay them enough.

BK. I was able to take out a car loan 2 months after my chap 7 was discharged (although the interest rate was 12.75% -- I've gotten it down to 5.9% since Jan 2014)... and, my spouse and I just closed on our first home together 3 months ago - granted, it was solely my bankruptcy.

Figure 3-5 years as a reasonable recovery period, but recovery is the whole idea behind bankruptcy. It's intended as a second-chance do-over for those who got messed up the first time around.

i've spent so littel in life and watched so many other cut in line

i spent so much of childhood beign attacked by information wars

--------------

that i naturally know if i spent near nothing compared to others, and others living large are INDICATING THEIR VISA CREDIT DEBT IS MINE

that i'll tell them to fuck off - say you spent it not me, and get back at them if they keep making advances

This is the op. Unemployed. 40 year old internet loser who has three lawsuits against him and has been to three jails alone this year. He is worthless scum and does nothing for society but make us pay for his criminal antics with our hard earned money!
Attachments:

Is OP a man or woman? If woman do you do anal? Respond back her and I'll log in so we can exchange PMs, meet up.

F'm, pull a Trump and do bankruptcy. You won't owe dime to anyone and that $40,000 debt is gone. Poof

They both suck! Pay your effin bills on time loser!

i only read up to chapter 7 Wrote:
-------------------------------------------------------

> If you don't own a house or an expensive car (over
> about $10,000), go chapter 7. Here's a list of the
> exemptions you can take:
> http://www.nolo.com/legal-encyclopedia/virginia-ba
> nkruptcy-exemptions.html and see also
> http://www.nolo.com/legal-encyclopedia/virginia-au
> to-exemption-keep-car-bankruptcy.html


this

sell the car if it is relatively new - buy a 5-6000 vehicle + pat irs with the rest

I received car loan offers weeks after my chapter 7 and with decent interest rates

remember, after your chap 7 you are debt free and now a low risk (oddly enough) to car dealerships

your credit recovers quickly and unless you plan on buying a home in the next 2 years, your credit doesn't mean shit

people stress over credit too much, I went to get a loan with zero debt and no credit cards and was told that I needed MORE activity = credit card activity, other loans still active......so, more debt - I was actually told to take out short term loans of a few grand at 6 months to IMPROVE my credit score - told to GET A CREDIT CARD and leave a balance on it (small) to improve my credit score

had a couple I knew pay for everything up front, car home, everything
they went to get a loan for their daughter and found out that they were fucked, not even on the radar and their interest rates would be skyhigh, BECAUSE THEY HAD NO DEBT, LOANS, CREDIT CARDS