NoDebt w/ Bad Credit or Debt w/ Good Credit
30-Jul-2006 | 12:18 AM
#63
Registered User
Joined: Apr 2002
Posts: 8,921
From: Moon
Originally posted by Connie
They will find out about that ONE card.
Bankruptcy is not like you just go into the office and say I want to file bankruptcy and you do the paper work and your done.
You have to report to them every month what income your making and where all your money is going to. They pull a credit file on you when you go for your second appointment... so they will have a list of all your creditors.
and also, its not free to file bankruptcy... I was in debt about $13,000 and based on that, and my income I had to pay only the trustee fee of $175 a month. But it all depends on how much you make and how much you owe on how much you pay. and the length of time you pay it for.
I had to pay mine for 9 months. And I am discharged already and all that good stuff
Good Luck to you... sorry your friend
They will find out about that ONE card.
Bankruptcy is not like you just go into the office and say I want to file bankruptcy and you do the paper work and your done.
You have to report to them every month what income your making and where all your money is going to. They pull a credit file on you when you go for your second appointment... so they will have a list of all your creditors.
and also, its not free to file bankruptcy... I was in debt about $13,000 and based on that, and my income I had to pay only the trustee fee of $175 a month. But it all depends on how much you make and how much you owe on how much you pay. and the length of time you pay it for.
I had to pay mine for 9 months. And I am discharged already and all that good stuff
Good Luck to you... sorry your friend
30-Jul-2006 | 12:19 AM
#64
Registered User
Joined: Apr 2002
Posts: 8,921
From: Moon
Originally posted by Cynikal.Mindset
hey pays 15,600/yr in payments, 10 of that is inrest...it will take him like 5yrs to pay it off...if he keeps up that kinda payment schedule and no other "bad" things happen...I dunno how u can live makin 20k yr and pay 16grand to debt...thats impossible
hey pays 15,600/yr in payments, 10 of that is inrest...it will take him like 5yrs to pay it off...if he keeps up that kinda payment schedule and no other "bad" things happen...I dunno how u can live makin 20k yr and pay 16grand to debt...thats impossible
credit cards dont charge interest for the amount thats been taken out. they charge interest on top of interested.
so its waaaaaaaaaaaaaaaaaaay more then that.
30-Jul-2006 | 12:49 AM
#65
Senior Member
Joined: Dec 2003
Posts: 23,881
oh, I know its waaaaaay more than that...which is why this dude would never get outta debt makin minimum payments...thats just paying off the accrued intrest, which is compounded monthly...and at like 19% thats a crapload of dough as a minumum payment...if his card is at 10k or whatever dude gots to pay like 20% of that a month to keep the balance at what it currently is and to make a noticable dent in the debt he's gonna have to pay HUGE monthly payments which it seems in his case is impossible cuz that would be like spending every earned cent on his credit card debt...dude needs to get rid of his debt, file for proposal or bankruptcy or strike the lotto
basically dude is drowning and needs his ship to sail in to save him or just swallow his pride and get financial help
basically dude is drowning and needs his ship to sail in to save him or just swallow his pride and get financial help
30-Jul-2006 | 01:22 AM
#66
Registered User
Joined: Apr 2002
Posts: 8,921
From: Moon
Originally posted by Cynikal.Mindset
oh, I know its waaaaaay more than that...which is why this dude would never get outta debt makin minimum payments...thats just paying off the accrued intrest, which is compounded monthly...and at like 19% thats a crapload of dough as a minumum payment...if his card is at 10k or whatever dude gots to pay like 20% of that a month to keep the balance at what it currently is and to make a noticable dent in the debt he's gonna have to pay HUGE monthly payments which it seems in his case is impossible cuz that would be like spending every earned cent on his credit card debt...dude needs to get rid of his debt, file for proposal or bankruptcy or strike the lotto
basically dude is drowning and needs his ship to sail in to save him or just swallow his pride and get financial help
oh, I know its waaaaaay more than that...which is why this dude would never get outta debt makin minimum payments...thats just paying off the accrued intrest, which is compounded monthly...and at like 19% thats a crapload of dough as a minumum payment...if his card is at 10k or whatever dude gots to pay like 20% of that a month to keep the balance at what it currently is and to make a noticable dent in the debt he's gonna have to pay HUGE monthly payments which it seems in his case is impossible cuz that would be like spending every earned cent on his credit card debt...dude needs to get rid of his debt, file for proposal or bankruptcy or strike the lotto
basically dude is drowning and needs his ship to sail in to save him or just swallow his pride and get financial help
30-Jul-2006 | 01:23 AM
#67
Senior Member
Joined: Aug 2005
Posts: 13,424
From: Photographer's Corner
Originally posted by Team Rukus
math pwnz joo.
credit cards dont charge interest for the amount thats been taken out. they charge interest on top of interested.
so its waaaaaaaaaaaaaaaaaaay more then that.
math pwnz joo.
credit cards dont charge interest for the amount thats been taken out. they charge interest on top of interested.
so its waaaaaaaaaaaaaaaaaaay more then that.
30-Jul-2006 | 09:51 AM
#68
Thread Starter
Registered User
Joined: Jul 2006
Posts: 146
He doesn't really have any assets, [the condo is solely on his wife's name]
He has a '04 TL which is leased, which is where i think a lot of his 'credit income' is going to. I suspect that he has basically been transferring funds from his credit cards/line everymonth, treating it like income.
He has a '04 TL which is leased, which is where i think a lot of his 'credit income' is going to. I suspect that he has basically been transferring funds from his credit cards/line everymonth, treating it like income.
30-Jul-2006 | 12:32 PM
#70
Senior Member
Joined: Dec 2003
Posts: 23,881
hold up...dude is leasing an 04 TL? get rid of the card dude!!!!!!! free up that 400bucks a month and drive a 88 civic dx...this dude is living the niggaracci life bein broke as but still with a pimp ride. right there is his problem
31-Jul-2006 | 08:32 AM
#74
Registered User
Joined: Feb 2003
Posts: 1,258
.
Originally posted by Cablerat
If you were smart, you would use that 100K to purchase 2 + condos/homes, which would easily pay for themselves(rented out) and perhaps give you an extra $100-200 a month. Then in 2 years you sell each for $25K-50K profit.. Oh and did you know as a sole proprietor you can write off all mortgage interest and expenses(Utilities, renovations, car, gas).. Even expenses that do not really exist? That way you claim loses each year and get significant tax returns back. Significant as in $1500-$5000 depending on the quality of your claims and your personal income.
If you were smart, you would use that 100K to purchase 2 + condos/homes, which would easily pay for themselves(rented out) and perhaps give you an extra $100-200 a month. Then in 2 years you sell each for $25K-50K profit.. Oh and did you know as a sole proprietor you can write off all mortgage interest and expenses(Utilities, renovations, car, gas).. Even expenses that do not really exist? That way you claim loses each year and get significant tax returns back. Significant as in $1500-$5000 depending on the quality of your claims and your personal income.
31-Jul-2006 | 09:33 AM
#75
Senior Member
Joined: Aug 2005
Posts: 13,424
From: Photographer's Corner
Re: .
Originally posted by Ryan
Thread
Thread Starter
Forum
Replies
Last Post
