Comments for The GOOD Project

Comment on Bankruptcy or choosing to default on credit card debt. What are the ramifications of each? by R543D

R543D — Sun, 09 Nov 2008 21:20:19 +0000

They can sue you, try to garnish wages and money from accounts and in some cases even go after your assets. Bankruptcy is a safer choice.

Comment on How do you consolidate credit card debt if you do not own a home? by Cynthia S

Cynthia S — Fri, 07 Nov 2008 04:10:50 +0000

Do it yourself. Pull a tri-merge bureau on yourself (one that contains all three credit bureaus) and dispute the charges or contact the companies yourself. Nothing works better than a person to person chat with your debtor as long as you stay rational about it.

Comment on How do get my credit card debt to zero? by Gem

Gem — Thu, 06 Nov 2008 20:40:33 +0000

Here is an article which would help you:

How to Manage Your Credit Card Debt?

Comment on How do you consolidate credit card debt if you do not own a home? by LiTlE S

LiTlE S — Thu, 06 Nov 2008 19:29:07 +0000

being in debt *****. use this site to get quotes on debt consolidation. you’ll be debt free in no time!

Comment on Bankruptcy or choosing to default on credit card debt. What are the ramifications of each? by Mr Met

Mr Met — Thu, 06 Nov 2008 10:09:54 +0000

I was in debt about till about 6 months ago. I found this free E-Book that basically answered every single one of my question and helped me get totally out of debt. Its at .It was %100 free and within 20 seconds your emailed both ebooks. I now am able to answer the phone every time it rings and actually know for the first time in my life its not a creditor.check out I’m sure it will answer your question as it answered all of mine.

Comment on How do you consolidate credit card debt if you do not own a home? by bali

bali — Thu, 06 Nov 2008 04:39:13 +0000

you need help

Comment on Bankruptcy or choosing to default on credit card debt. What are the ramifications of each? by Curly

Curly — Wed, 05 Nov 2008 13:48:50 +0000

I am a paralegal for a bankruptcy attorney who specializes in Chapter 7 and Chapter 13. The first thing you need to ask yourself is–can you live if these creditors get garnishments against you? A creditor can get up to 25% of your paycheck. If the debt is small enough to where it can be paid off rather quickly through the garnishment, then it may not be so detrimental. However, if you are living paycheck to paycheck, it may not be the best situation for you to be in. The other issue is that a judgment, if certified, can attach to your assets, particularly any property you own. If you should want to refinance or even sell your home, those judgments will have to be satisfied and they can often ***** up any financing that you have acquired.
Bankruptcy is not as negative as everyone thinks it is. It can stay on your credit report for up to 7 to 10 years. It depends on the credit reporting agenxt. Experian typically reports for 10; transunion and equifax are typically 7 years. However, there have been a multitude of studies recently that show that after you get out of bankruptcy, your credit rebuilds faster than if you were to attempt to do it on your own.
A Chapter 7 bankruptcy usually lasts from 4 to 5 months. And for most individuals, depending on your income level and the exemption laws of the state you live in, you may be paying a miniscule percentage of what you owe. Think — you pay $1500.00 for attorney fees in a Chapter 7 and you discharge $40 or $50K worth of credit card debt. While some people think it is immoral–just open your Bible and turn to Nehemiah 10:31 and Deuteronomy 15:1-2. If bankruptcy were immoral, would it be legal and provided for by the U.S. Government — one of the most prudish governments there is? What you really need to look at is your income level. If you are below the median for your area (which you can find in bankruptcy code books or from the state statutes concerning exemptions, which vary from state to state) then you are eligible to file for a Chapter 7. There are other issues such as personal property and how much of it falls within the exemptions, as well as concerns regarding recent transfers of property. These can all be brought to the attention of a bankruptcy attorney and they can guide you in the right direction.
If your income is OVER the median, then you have no choice but to a Chapter 13 bankruptcy…which can be very long and painful for some people. They last from 3 to 5 years and eat up a lot of your income. The Chapter 13 is ideal for people who are behind on their loans to either mortgage companies or their vehicle lenders or if you are behind in taxes and/or child support payments.
The bankruptcy code is federal and does not change from state to state. However, what does change are the exemptions which are incredibly important so I would recommend seeking counsel on those matters.
I have had a lot of clients who have been screwed over by the credit negotiating programs but if you find one that has good references from people you know and is trustworthy-go for it.

Comment on How do you consolidate credit card debt if you do not own a home? by whatevit

whatevit — Wed, 05 Nov 2008 04:56:13 +0000

You can go to a bank for a signature loan. Enough to pay one or two cards. By taking out the loan you may pay 12% interest; and retire a credit card at 23% interest. Make the payoff of your loan over 3 years and place the extra monthly cash against another card, the highest interest payment.

OR Pay the minimum on all your credit cards and the balance into savings. Look for a house, when you find a place you can afford to buy YOUR RENT MONEY WILL WORK FOR YOU. The purpose is credit control not the “castle of your dreams”.

Comment on Bankruptcy or choosing to default on credit card debt. What are the ramifications of each? by Ms M

Ms M — Tue, 04 Nov 2008 23:33:15 +0000

You know, there’s really no need to do either. Bankruptcy is hard work, despite what you may hear about a clean slate. It also takes some money down, which you probably don’t have if you are desperate enough to be thinking about it.

If you default on your debts, you end up racking up so many late fees and penalties, that it is almost impossible to start fixing the problems again later. You’ll end up getting reported to credit bureaus and debt collectors. They can start calling you at WORK and starting all kinds of problems.

I would suggest trying to work with a credit counseling agency. Try something like this: Good luck!

Comment on How do you consolidate credit card debt if you do not own a home? by IslandGurrl

IslandGurrl — Tue, 04 Nov 2008 12:12:49 +0000

Hopefully you have kept up with minimum monthly payments…

You can make an appointment with a loan officer at your bank and discuss a consolidation or line of credit loan in order to pay off the high interest rate balances on your credit cards.

However, if you haven’t been keeping up and missing payments here and there and making late payments, your credit history is likely down the tubes and all you can do is to talk to the credit card companies about payment plans that will not end up with your account being sent to a collection agency!!!

Once you belong to a collection agency there is not much left to do except sell everything you own and try to pay them off. Maybe your family could help you out?

I had to use my children’s RESP to pay off a collection debt–they wanted all the money within a week! Or else….

Good luck and don’t wait too long before trying to make amends with your credit rating!