Would I be better to file bankruptcy or debt consolidation

Submitted by Shannonwasray on Sat, 07/12/2008 - 16:48
Forums

Would I be better to file bankruptcy or debt consolidation. I owe payday loans that are passed due, my bank acount is destroyed.

Bankruptcy is really not the best idea these days. A few years back when you filed you would loose your debt and ruin your credit for 10 years but, it's not quite that easy anymore. These days you file and you still have to pay some of your debt and you still kill your credit for years. As far as debt consolidation, why are you going to pay someone else to pay your bills if you cant afford it? What you need tp do is make a budget, cut corners where you can. Pay all of your secured debt each month and then pay what you can to your highest intrest rate accounts first. Trt to make arragements with each company to try and prevent any court summons but, if they are unwilling to work with you as I said pay what you can to the high intrest reate accounts first. As they will cost you more in the long run. Then work your way down to the less expensive accounts. Also remember not to give away all of your money. you need to save some money incase of emergency so you don't ever take another payday loan.

Sun, 07/13/2008 - 01:22 Permalink

Hi Shannonwasray
You should opt for debt consolidation services if you think that you are in a position to pay off your debt. Debt consolidation helps you by consolidating all your debt account into a single account with low interest rates. However, if your debts are out of your control, then I think that bankruptcy is a better option. So I would advice you go for credit counseling first before deciding which option to chose.

Mon, 07/14/2008 - 06:46 Permalink

Hi Shannon
Since you have payday loans, you must be paying very high interest rates. So I think you should go for a debt consolidation loan to pay off the payday loans first. But as Anthony said, if your loan amount has gone out of your control you should go for bankruptcy. However, bankruptcy will stay in your credit report for 10 years and adversely hamper your credit score.

Mon, 07/14/2008 - 06:59 Permalink

I have filed bankruptcy (8years ago) and it is definitely a last resort. My advice would be to exhaust other avenues first if you possibly can. Yes, it was a a relief when I did the BK, but it also took a toll on my nerves.

Wed, 07/16/2008 - 18:23 Permalink

I agree with you Lorri. Bankruptcy should always be the last resort and before filing bankruptcy we should explore all other way to pay back the debt. This is because once you file bankruptcy, it gets reflected in your report and a potential creditor will look upon you as a high risk customer and will charge very high rates of interest on future credit. Moreover, this bankruptcy will stay on your credit report for ten years.

Thu, 07/17/2008 - 13:08 Permalink

Bankruptcies are or can even be looked at by potential employers.

Fri, 07/25/2008 - 19:37 Permalink

You are correct Lorri. Even if you do not disclose your bankruptcy, potential employers sometimes make routine checks of bankruptcies and if you have any such listing in your credit report, you may not be considered by them. So bankruptcy should always be the last resort as said by Justin.

Wed, 07/30/2008 - 12:10 Permalink

I agree with anyone who says bankrupsty is a last resort. It really is like being behind bars because it holds you back in soo many ways once you do. I think it is a little bit pushing it that all types of employers can use it but I guess if you were trying to get a job at the bank it would have some importance.

Wed, 07/30/2008 - 13:00 Permalink

oh, it is amazing what credit affects these days, you are right fireyone, it can affect your ability to get a job and many other things. Good comparison on being behind bars.

Thu, 07/31/2008 - 10:12 Permalink

Sounded fitting. I just don't think once a person screws up it should be an automatic 7 year sentence.

Thu, 07/31/2008 - 12:47 Permalink

True, I think it is a little much, wonder how they came up with the 7 years, why not 5, or 6, why 7.

Mon, 08/04/2008 - 22:55 Permalink
BigBird (not verified)

If your bills exceed what you make, would that be a good reason to file bankruptcy? example. bills are $4,500 per month, $1,500 of that would be dropped via bankruptcy. Your income averages about $2,000 per month. how could you pay the debt consolidation firm?

Sun, 09/20/2009 - 23:49 Permalink
Success (not verified)

Well as some of you may know some laws are founded on bibical pricipals .
I have a good idea why bankruptcy last for 7 years oppose to 5 or 6 years. in the bible it states a man should be forgiving of his debts every 7 years. futhermore the number 7 is fo completion. 8 is for new beginings.
let me know if this helps.

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Fri, 06/07/2019 - 00:05 Permalink
latin girlsdfi (not verified)

seek advice from me about dating again

So I recently got on an online dating service started talking to this guy. (Yes exclusively one guy) He's the only one who decided to also have a good conversation with me has kept the conversations going.

We merely talk everyday now. He provided his number so we text i deleted the app for now. He's very flirty i flirt back because im in to him but hes never mentioned lurking or going on an actual date.

I am having a conflict with myself on what to say to him usually so im not coming off too clingy or too "Hey lets rush into this kind of deal, (Thank you past failed human relationships! ).

We've met briefly personally twice now. Hes a digital photographer for stock car races I've taken my son to 2 races now. He doesn't actually say anything to me in person. But i recognise that hes working during that time.

I guess I just need advice on how to talk to a guy besides flirting always? Some days he seems sorta distant other days we text nonstop.

I'm out of touch with this as its been 4+ years pretty much since my last real relationships.

Any tip? Sorry immature long rambly post lol

Why have you not go on a proper date yet? Just couple when no one is working? I think this guy is not interested in dating/relationship and just buying a "publish pal" Or should it be called.

My advice is reinstall the app and start talking to and date more than one guy prior to too involved. if you ask me online chatting or texting and even phone conversations do not rally tell if you will connect in person. it is just a way to setup an in person meeting.

So find the app back, Go on some dates and have fun!

Why haven you go on the proper date yet? Just two of you when no one is working? I think this guy is not interested in dating/relationship and just buying a "note down pal" Or whether it called.

My advice is reinstall the app and start talking to and date more than one guy before getting too involved. if you ask me online chatting or texting and even phone conversations do not rally tell if you will connect in person. It just a way to setup an at a store meeting.

So acquire app back, Go on some dates enjoy yourself!

We live in different towns he hasnt asked me on a date yet. i'm talking about why.

Whenever I feel that hes distant with me i feel that maybe I pushed his boundry of comfort zone some thing.

But yet he gets really flirty in some interactions sometimes sexual humor. We send memea traditionally.

I think hes showing fascinate but just hasnt acted on anything yet.

I am needs to think I need to leave this guy alone tho, Till he understands what he wants.

I dont have much self confidence if you are obtaining talking to a new guy. I'm afraid to appear as too clingy.

the thinking behind dating again is fairly scary to me too. I'm disabled so I aren't effective, Although I do receive SSDI and am capable of making it on that. Add in a complete rock star of a little guy who's autistic.

I think you ought to talk to some more guys like PP (aged poster) stated. I hate saying this but one considered that ran through my mind was maybe he's married? There's lots of guys who are into the flirting texting and whatnot. The not contacting you much when you've seen him kinda set bells off with me, even though he's working it still seems a bit odd.

Yeah it looks like hes not really looking for anything serious and more like he has one foot on you and the other one who knows where,

Dont make the same mistake millions of people make and jump into anything! Just because you had a few good conversations doesnt mean anything thats completely normal for the initial few days even weeks after meeting some cute guy or girl. If you are running out of things to talk about then reconsider if hes really what you are interested in. It should feel natural for both of you and you should be comfortable. It sounds like you are hoping to fan a latino lady flame thats dying out all by yoursef dont do it, You will be stuck doing this for years and it all will be one sided. Take it from me you shouldnt have to put in all of the work in a romanntic relationship while he sits by unimpressed and you worry about thinking up knew ways to keep his attention.

that's the truth if he was really into you he would be jumping through hoops to impress you. This is the honeymoon phase of every thing has become after all! Its allowed to be all lovey dovey and butterflies in your stomach not wondering why he acts the way he does and thinking its your fault for boring him.

Get back on that app and meet some are more guys! Dont be scared to be yourself if hes the right guy you guys will hit it off despite your past.

A years ago when I was dating and using on line things my general rule was if after three rounds of communication he didn't suggest meeting, Or seemed to have too many excuses if I made the guideline to meet, Then arrived to move on. It's easy to maintain the fantasy of some kind of connection on line when you don't need to make any real effort. There are also lots of men (and some women) That like to have someone respond to them but have no interest in actually dating. They just like the game and the interest. You don't live in various states, Just unlike towns, And 45 minutes is less than most people spend in traffic just to get to work on a regular basis. If you feel ready to date then decide to find someone who finds you so intriguing that he can't wait to meet you in person. A man that actually likes you won't keep you guessing.

A long time ago when I was dating and using on line things my general rule was if after three rounds of communication he didn suggest meeting, Or seemed to have too many excuses if I made the recommendation to meet, Then the time had come to move on. It easy to maintain the fantasy of some type of connection on line when you don have to make any real effort. There are also lots of men (and some women) That like to have someone respond to them but have no interest in actually dating. They just like the game and a person's eye. You don live in various states, Just countless towns, And 45 minutes is less than most people spend in traffic just to get to work often. If you feel ready to date then get out there and find someone who finds you so intriguing that he can wait to meet you in person. A man that in some way likes you won keep you guessing.

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Wed, 09/11/2019 - 08:20 Permalink
moldovawomengok (not verified)

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this sounds crazy or more like a social move, Paul Graves and Brandon Koechlin have setup an online dating platform for HIV positive people. In the very first two years of their venture they got more than 50,000 registrations and their second year revenue was a commendable $1.1 million.

Who may want to pay for a fake plastic wishbone? crazy, But there are several, Or Ken Ahroni's Lucky Wishbone Company wouldn't have been coming up with 30,000 fake wishbones evening. With $3 for just about any wishbone, Ken has made a few million dollars year after year.

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Wed, 09/25/2019 - 06:56 Permalink
qpidnetworkcgr (not verified)

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Tue, 03/31/2020 - 09:53 Permalink