First, i am NO attorney but below reflect my own experiences with debt -
Creditors always talk bullshit about how they will make the entire bill due immediately. If someone HAD the god damn money then they would pay. It is just the creditor version of a temper tantrum.
Bankruptcy typically costs about $1,200 if you do it through an attorney. It is not a horrible or shameful process.
Some say $10,000 isn't a lot of money but it sure as hell is if you do not have it. Even $1,000 is a lot of you do not have it. More on that later.
About the car - They are not likely just making idle threats when talking repossession. How much money they can get out of you is a different story. If someone makes $217 take-home or less per week, they cannot take jack shit for consumer debt.
Like Swickdinging said - yes they use every scare tactic there is. Here is my advice about the non-car debts - if you cannot or will not pay them, do not bother communicating with them. There is NO point. If you DO communicate with them, they will never leave you alone.
NOW FOR THE FACTS...
If the car gets repossessed - yes they will still try to get you to pay for it. If they get a judgement, they can likely take part of your paycheck if you do not make payments. They cannot leave you with less than $217 a week. The most they can take is 25%. examples -
You make $400 a week, they can take $100 (100 is 25% of 400).
You make $250 a week, they can take $33 (250 - 33 = $217)
You make $200 a week, they can take NOTHING.
BTW if you work a job with varying hours, how much they can get will depend on each week. If you get paid bi-weekly, they have to leave you with $435 after taxes.
So should you file bankruptcy?
It sounds to me like since you have a child on the way, that will limit your ability to work a lot.
If you already have seriously past due debts PLUS the car, your credit is likely pretty bad so filing bankruptcy is not really gonna make things worse, but it WILL erase your debt (except student loans or money owed to the govt for tax, child support, etc).
Be REAL honest with yourself about your situation. Do you have solid plans in place or more the "I will figure it out somehow".
If they take back the car, I say file. Nothing more to lose at that point. Your credit will be fucked anyways and you will owe more than you can pay off anytime soon.
My final advice is this - ask bankruptcy attorneys if they offer a free consultation. At the consultation, be completely honest about your situation and ask what options you have. They are not going to belittle or anything. They will stick to the facts. They do this for a living. Why shouldn't the want YOUR business?
I need financial advice
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First, i am NO attorney but below reflect my own experiences with debt -
Creditors always talk bullshit about how they will make the entire bill due immediately. If someone HAD the god damn money then they would pay. It is just the creditor version of a temper tantrum.
Bankruptcy typically costs about $1,200 if you do it through an attorney. It is not a horrible or shameful process.
Some say $10,000 isn't a lot of money but it sure as hell is if you do not have it. Even $1,000 is a lot of you do not have it. More on that later.
About the car - They are not likely just making idle threats when talking repossession. How much money they can get out of you is a different story. If someone makes $217 take-home or less per week, they cannot take jack shit for consumer debt.
Like Swickdinging said - yes they use every scare tactic there is. Here is my advice about the non-car debts - if you cannot or will not pay them, do not bother communicating with them. There is NO point. If you DO communicate with them, they will never leave you alone.
NOW FOR THE FACTS...
If the car gets repossessed - yes they will still try to get you to pay for it. If they get a judgement, they can likely take part of your paycheck if you do not make payments. They cannot leave you with less than $217 a week. The most they can take is 25%. examples -
You make $400 a week, they can take $100 (100 is 25% of 400).
You make $250 a week, they can take $33 (250 - 33 = $217)
You make $200 a week, they can take NOTHING.
BTW if you work a job with varying hours, how much they can get will depend on each week. If you get paid bi-weekly, they have to leave you with $435 after taxes.
So should you file bankruptcy?
It sounds to me like since you have a child on the way, that will limit your ability to work a lot.
If you already have seriously past due debts PLUS the car, your credit is likely pretty bad so filing bankruptcy is not really gonna make things worse, but it WILL erase your debt (except student loans or money owed to the govt for tax, child support, etc).
Be REAL honest with yourself about your situation. Do you have solid plans in place or more the "I will figure it out somehow".
If they take back the car, I say file. Nothing more to lose at that point. Your credit will be fucked anyways and you will owe more than you can pay off anytime soon.
My final advice is this - ask bankruptcy attorneys if they offer a free consultation. At the consultation, be completely honest about your situation and ask what options you have. They are not going to belittle or anything. They will stick to the facts. They do this for a living. Why shouldn't the want YOUR business?
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drat
4 years ago
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Goddamn nickvey, stfu.
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leggs91200
4 years ago
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Drat, please go be a needle dick elsewhere.