Unemployed - Credit Card Debt - Bankruptcy? Consolidation Loan? What?

Unemployed - Credit Card Debt - Bankruptcy? Consolidation Loan? What?

Greg Kurtz	12/29/2004 12:25:41 AM
I really need some advice and don't know what else to do. My situation: 44 yeard old male Live in Illinois Unemployed from 11/2001 thru 4/2004 Used CC to live on 35k in CC debt 3 CC in total Have stopped using all CC's 10k - 14.9% 12k - 19.9% 14k - 4.9% (special rate) Rent 800/mo Own car outright (worth around 6500.00) Now making 50k but at least 25% going to CC bills Current on all day-to-day bills including rent Making payments in CC but balance not going down much Had perfect credit all my life Credit rating in 2000 was 900 now 650 due to CC balances Parents are retired living in Europe Have bank account w/parents $8500.00 Pension and retirement checks get deposited in it This is the only reason I don't file Chapter 7 Concerned this money which belongs to my parents would be lost I don't ever see myself paying this off in my lifetime I would like to buy a condo or new car someday again Any suggestions or advice? Please respond to the newsgroup. Thanks..........



"Rob"	12/29/2004 3:42:23 AM
i'd talk to a bankruptcy attorney, consultation is generally free and you can ask the questions about your parents account. there are also plenty of personal exemptions allowed. "Greg Kurtz" <greg_kurtz@hotmail.com> wrote in message news:0cu3t0pd0devkhidem3806a0bdvg43gs0s@4ax.com... I really need some advice and don't know what else to do. My situation: 44 yeard old male Live in Illinois Unemployed from 11/2001 thru 4/2004 Used CC to live on 35k in CC debt 3 CC in total Have stopped using all CC's 10k - 14.9% 12k - 19.9% 14k - 4.9% (special rate) Rent 800/mo Own car outright (worth around 6500.00) Now making 50k but at least 25% going to CC bills Current on all day-to-day bills including rent Making payments in CC but balance not going down much Had perfect credit all my life Credit rating in 2000 was 900 now 650 due to CC balances Parents are retired living in Europe Have bank account w/parents $8500.00 Pension and retirement checks get deposited in it This is the only reason I don't file Chapter 7 Concerned this money which belongs to my parents would be lost I don't ever see myself paying this off in my lifetime I would like to buy a condo or new car someday again Any suggestions or advice? Please respond to the newsgroup. Thanks..........



solarchase@aol.com (SolarChase)	12/29/2004 7:37:53 AM
Greg Kurtz wrote ">I really need some advice and don't know what else to do. My situation: 44 yeard old male Live in Illinois [...] Now making 50k but at least 25% going to CC bills..." You gotta be kidding !!!! At the risk of pointing out the super freaking obvious, why dont you just pay the most over the minimums you _possibly_ can til you are done with it ??!! Bankruptcy aint cheap... so if you are looking for a quick 'n easy fix otherwise, you may as well wish for a pony. ------- have a GREAT day !!!!! Solar



"Rob"	12/29/2004 1:59:38 PM
"SolarChase" <solarchase@aol.com> wrote in message news:20041229023753.06403.00001773@mb-m22.aol.com... Greg Kurtz wrote ">I really need some advice and don't know what else to do. [...] You gotta be kidding !!!! At the risk of pointing out the super freaking obvious, why dont you just pay the most over the minimums you _possibly_ can til you are done with it ??!! Bankruptcy aint cheap... so if you are looking for a quick 'n easy fix otherwise, you may as well wish for a pony. ------- have a GREAT day !!!!! Solar bankruptcy can actually be quite cheap, other than to your credit rating, but the cost outlay is quite often easily under $1000.



horrigan@aol.com (Horrigan)	12/29/2004 3:25:52 PM
Parents are retired living in Europe Have bank account w/parents $8500.00 Pension and retirement checks get deposited in it Hmm, they should probably have their own bank account. They are living in Europe, but US banks do have branches over there, so they could still have a US dollar ccount with a US bank. In fact, they could probably have USD and Euro (or whatever) accounts at the same bank. It sounds like you are paying about $1000 a month to the credit card companies. A lot of that is interest on the outstanding balance, but you are probably getting rid of at least $500 in principal every month. In which case the bills will disappear in oh, about 12 years or so. (Probably sooner than that.) You might want to go to a reputable consumer credit counseling service. (Many of them are ripoffs, but some, such as the CCC, are legitimate.) They basically set up a payment plan with lower interest rates. Even if you file for Chapter 7, you might get Chapter 13 instead, anyway! *** Tim Horrigan <horrigan@aol.com> ***

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