good luck!

i have one word for you - BUDGET!

Your story sounds just like mine when i was young and foolish. i partied and spent like a rockstar, everything from karoake bar to sushi bar to nudie bar, you name it. my debt was around $15k and i was considering bankruptcy at the time but ended up paying it off in the course of 5 years. i'm now debtfree cept for the mortgate. you're really never debt free in this society.

bankruptcy isn't so bad, you'll still be able to have a credit card, car loan, and even own a house, you'll just be paying higher interest. hope all goes well for you. if you need help rebuilding ur credit, i can help. i've gone from 590 to 728. good luck!

quote:

Originally posted by groovedaddy21 Your story sounds just like mine when i was young and foolish. i partied and spent like a rockstar, everything from karoake bar to sushi bar to nudie bar, you name it. my debt was around $15k and i was considering bankruptcy at the time but ended up paying it off in the course of 5 years. i'm now debtfree cept for the mortgate. you're really never debt free in this society. bankruptcy isn't so bad, you'll still be able to have a credit card, car loan, and even own a house, you'll just be paying higher interest. hope all goes well for you. if you need help rebuilding ur credit, i can help. i've gone from 590 to 728. good luck!

Whoa from 590 to 728!! you are good!!

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Dave, what are the new laws regarding bankruptcy? When do they take effect?

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Damn. Sorry to hear about the financial woes Dave. I hope things work out for you. Even though it will be on your record for a little bit, I think the amount of stress it will take off will be worth a lot more. My co-worker filed last year and he was always stressing out about due bills and late notices. Filing gave him a breather to figure everything out without the added stress of people coming after him. Now he is doing well, managing his finances better and A LOT happier.

Doug

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Originally posted by DaveT Well if the court clerk accepts my filing, I will hopefully not even have to go to court. Will just have to meet with some trustee in a month or two who will just ask me a few simple questions and that's that. How it works here. My parents had to go to court (in Florida), but they were in the court room for about 90 seconds according go them. Were just asked one or two questions by the judge and case was over.

The court date usually is just a simple in and out, unless one of the creditors contests to your filing. And probably for the most part if your debt is unsecured debt, then no one will contest. If it is secured debt like a car or huge purchase of an electronic item on your credit card, then the creditor has the right to contest and ask for it back. If it’s a car, then most likely you will have to give it back, but if it’s a computer or camera or something that you bought a while back, you can just easily say that you no longer have it.

Last edited by Carriegsxr6 on Oct-13-2005 at 18:09

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Originally posted by zealot Dave, what are the new laws regarding bankruptcy? When do they take effect?

The news laws make the process very painful and if you make of the state's medium income, you have to work some type of payment plan to pay at least a portion of it off over 5 years. Are forced to do credit counseling (which I did in 2003 and faield), etc etc. It's a big ole pain and makes it much harder.

It takes effect on Monday...

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Originally posted by ninetyninej Dave, I hope everything works out for you man. One good thing to point out is that although it will be on your record for that period of time, you will be able to buy a home after 2 or so years. Most lenders (including the one I work for) overlook BKs after 2 years from discharge. So at least theres a silver lining in that you won't have to wait 6-7 years to buy a home. 99j

Stay there for two more years so I can buy a house from you.

good luck dave and sorry to hear about all the financial distress, i was in a similar situatioin, ran credit cards up, etc. was only able to pay them off after selling my house when i got divorced this past year. not a good place to be, much luck and love!

sorry to hear that dave, i thought gamespot paid well??i asumed six figure income there, being as big as the site is???no?

though this doesn't suprise me as much as some of you guys go out...
EVERY weekend, and multiple times a week!!!must cost an arm and leg!!!! a weekend at home never hurts : )

good thing is, most banks love people coming right of a BK, so should be easy to get a loan...

good luck : )

I don't feel sorry for anyone that has foolishly spent money like crazy or has gotten into so much dept as I'm sure they enjoyed what they were doing while they did it.

I'm just being honest so don't take it as me being mean. Take it as a lesson learned. Yeah you know.... "Live & Learn"

Good luck Dave.

^^^^

Don't feel sorry for me. I said I was stupid when doing it...young and dumb. I honestly, I don't know if all the hardship it has caused was worth it...even at the time. Lots of times I wouldn't even realize how much money I was spending until it was too late....was bad at keeping track.

Anyhow, the deal has been signed. Case has been opened. Meet with a trustee on Nov 28.

BTW, watching all the lawyers in line and stuff was funny...because they'd get up there and they were finding all kinds of documents missing, mis-filled, etc etc...I was like 7th or 8th in line (hour wait) when I got there and I was the only person who they didn't find any problems with. Whoot.

When I left, there were at least 40-50 people in line. Ouch.