cd1977

Hi, I have a friend that bought a car from one of these buy here, pay here lots for $250.00 per month on a 2004 Pontiac Grand Am. The problem is that his parents are giving him their old car in January 2007 and he really can't afford the $250/month payment. I talked to my wife about it and said that we can afford it. My credit is pretty bad being that I just filed Ch.7 in February. I took in 2 other vehicles and some credit card debt with the bankruptcy. One of the vehicles was totaled from an accident and the other was a repo that I paid for twice (lease for 3yrs, buy for 5yrs.). Can my friend legally transfer the title and payments over to me without the financing company requiring my credit report? The finance manager took my information and said he doesn't know if he could get me into the 250/month price range and I would be looking at mid-upper 300's. My wife and I discussed it and we can't afford it, however, I don't want my friend to turn the car back in because they will call it a voluntary repossession and want more money out of him. The finance manager also told me that the banks don't like to see multiple vehicles in one person's name. I thought that was a crock, since people finance 2-3 cars in their names all the time. Thanks, Chris

Hi, My wife and I have an account with GMAC. I also filed for Chapter 7 but my wife didn't. The account is in both my name and my wife's name. The vehicle got totaled by the insurance company and the insurance paid the account leaving a balance of $536 on the account. I spoke to my bk attorney about the vehicle and she ripped up the reaffirmation agreement with the finance company. She said it can get wiped out in the bankruptcy. The problem I have is that on my wife's credit reports, it is showing on all 3 credit reports as up to date, but come next month, in order to keep it from messing up her credit is to pay the balance. Is it possible for me to call the lender to have her removed from the account so she doesn't get dinged and the balance go to collections? Another thing is that my wife doesn't work. I am the only one with income. Any information would be helpful. Thanks,

I am new at this bankruptcy and getting a loan thing. As mentioned above about my wife using her credit, how would I go about getting it set up? Would I give the mortgage lender or broker both of our social security numbers and have them run both credit reports and only put the house in her name or would I list both names on the loan? Thanks,

Hi, My wife and I want to move out of our current house and into a bigger one. We have a small 3 bedroom 2 bath house and want something with 4 bedrooms or more. I live in GA. I filed for Ch.7 in either February or March, had meeting of creditors on April 5th, and was supposed to be discharged around May 20th, but haven't received discharge papers. My wife doesn't work and didn't file bankruptcy. I read on some sites where I need to be discharged and paying for at least 2 years on my current mortgage. My wife wants to move within the next year to year and a half. I told her that I think we have to wait 2 years. Is there any way possible that I could put her as the primary on the house and me as the secondary and her get approved for the house, yet it will be my income paying for it? Not sure how all of that works. I currently have a FHA loan at 6.5% but we are quiclky out growing our current house. Does anyone know of any mortgage lenders that will prequalify us? I was browsing the web and found some site called http://www.buyahomeafterbk.com but didn't fill out an application. Does anyone know anything about this particular site? I am a little bit leery about having my credit report pulled multiple number of times and affecting my credit score. Thanks,

Hi, I filed for Chapter 7 and went to my meeting of creditors on April 5th. My discharge date is May 20th. I was involved in an auto accicent on April 4th. My vehicle was totaled. I had signed a reaffirmation agreement to keep the vehicle but when the vehicle was totaled, I called my attorney and she is going to void the reaff. agreement. Now, I am in the situation where a lender won't touch me until my discharge. My atty said there are a couple of lenders that will take written document from my atty stating that I will be discharged. They are DriveTime and AutoSmith. I also live in Georgia. Does anyone else know of any other dealerships that will honor the signed paper? Please help. Thanks, Chris

Hi, Both of your posts make great sense. I am trying to cut expenses where needed. On a side note, I am in a delima. I am currently contributing 180 a month to my 401k plan. The plan is company match. I can't decide if it would be better to keep contributing to the 401k or use the extra money to pay off debt. The 401k contribution lowers my taxable income, thus making it cheaper for my family and I during tax season. We have got money back from the IRS instead of paying. I have about 20K invested into the plan. Would it be better for me to stop the contribution and use the money towards my debt or keep investing? Another tidbit of useful information is that I am 28 years old. Thanks, Chris

Hi, I am in need of financial help. My current financial situation is, in my opinion, horrible. I have about $25,000 in unsecured debt. I am married with 3 kids. My wife stays at home since daycare rates in GA are outrageous. We are living from paycheck to paycheck. We are paying on a 2001 Ford Escort and had to buy a 2005 Hyundai Accent. We had a 99 F-150, but I let the payments get behind and they told me to take it into Ford and turn it in. The remaining balance is $5600 and is added into the $25000. We have about 3-4 years left on the vehicles before they are paid off. When all of my necessary bills (house payment, auto payments, auto insurance, gasoline, groceries, utilities, security fee, & life insurance) are paid, we are only left with about $150 every month. There isn't enough money there to pay my creditors. I talked to CCCS about handling my debt and they quoted me a monthly payment of $585 per month. How do I handle my financial situation? I am currently working full time. I don't have a part time job, but think I may have to get one. Your advice would be appreciated. Thanks, Chris

Hi, I am contemplating on whether to pay Georgia Telco the full balance or work out some kind of settlement with them. I owe about 3500. I was wondering how long a settlement would stay on your credit report and if it looks all that bad. I know it couldn't look worse than late payments or delinquencies on a credit report. They would have their money and I would not have to pay as much. It works out for both parties. By the way, they closed the account when I signed up for CCCS. Please help. Chris

Hi, I am 27 years old and am wanting to prepare a Willor Trust. My wife doesn't work and I have 3 small children. I also have a life insurance policy for about 300K. My house is about 100K and I have about 30K in credit card debt. My question is that if I were to die tomorrow, would my debt be left up to my wife to be responsible for or will the Life Insurance policy take care of it? My wife isn't on the title of the house or vehicles. She isn't working right now either. How would I go about getting her added to the title of the vehicles and house or is it possible? Thanks, Chris

Hi, I am 27 years old and am wanting to prepare a will. My wife doesn't work and I have 3 small children. I also have a life insurance policy for about 300K. My house is about 100K and I have about 30K in credit card debt. My question is that if I were to die tomorrow, would my debt be left up to my wife to be responsible for or will the Life Insurance policy take care of it? My wife isn't on the title of the house or vehicles. She isn't working right now either. How would I go about getting her added to the title of the vehicles and house or is it possible? Thanks, Chris

Hi, Just got done reading the posts. I am going to take some of the advise on this board and use it. I now know that I don't want to borrow against my 401K. I have read several websites that say not to borrow from it. I have an account in collections right now. I am going to talk to the lawyers with the legal service that I am paying on every month. They deal with Bankruptcy Law as well. I will talk to one of them and decide what is the best route to go. I know that I need to do something because like one of the posts said, I am killing myself with overdraft fees. One thing I forgot to mention at all during this whole post is that I have a student loan from 96-98 when I graduated from college. Unfortunately, I didn't get a first job where the employer would pay off my school loan for me. My second job I got was one that would honor my school loan but it was already too late. I am also paying for Life Insurance and a identity theft protection program, which is tied into the law firm that I am paying for each month. Just out of curiosity, how much will the payment be if I filed Ch13 with about 30K in debt? That would be all of my bills excluding the housing, utilities, vehicle payments, insurance, etc. Thanks, Chris

I may have found an option. I have about 14,000 in my 401K. I contribute 180.00 per month and have been contributing for about 3 1/2-4 years. I started with my present job 5 years ago. I am actually putting in more than my company will match. My CCCS bills total around 10,000 and I have an account in collections that is around 3,500. That would exhaust all of my 401K. I would also take a big tax hit drawing it out. Would it be wise for me to withdraw everything in my 401K and put it towards my debt? Is there a possibility that I can offer the creditors a settlement and have my debt lowered overall? That would at least be better than filing BK but in the long run, I would be hurting my retirement. What kinds of opinions do you have? Thanks, Chris

angeedee, Did you file for bankruptcy back in July of 04 or July of 03? Just wondering because I noticed the day you joined was back in Oct 03. I signed up for the CCCS back in Jan 04 and have paid some money, almost $2,000 if not more. They would only work with certain creditors. The CCCS I signed for lasts about 5 years and 1 month and I would be out of debt that way. I know that CCCS hurts me, because I went to draw some money out on a line of credit because I needed the extra money and found out that it had been closed due to me enrolling in CCCS. I figured I would give it a try before filing for bankruptcy, if I had to. I am still a little skeptic about filing for bk because of the utilities and other items that my wife and I have. We currently have cell phone service that we pay each month and security monitoring fee. If I file, will they require us to close our bank account? Will they cut the utilities off to our house? I know that if I file, I will have around $800-1000 per month left to spend instead of living paycheck to paycheck. We are also paying overdraft fees with the bank and that really racks up at $30.00 a pop. The most I have had to pay is around 240.00 one month. I don't like it and know that filing for BK may be our only option to stop the overdraft fees and living from paycheck to paycheck. Thanks, Chris

One thing I forgot to mention is that my total debt without my vehicles, house, and utilities is around 30,000. One of them is a student loan that I forgot to mention that I have requested that my monthly payment be lowered. Thanks, Chris

Hi, I am new to the board and have read the Newbies section and got some good tips. My current financial situation is, in my opinion, horrible. I am married with 3 kids and my wife stays at home since daycare rates in GA are outrageous. We bought a house 3 years ago and want to be able to get a bigger house about 5-7 years down the road. We are living from paycheck to paycheck. We are still paying on vehicles, a 99 truck and a 01 car. We have about 3-4 years left on the vehicles before they are paid off. We are also going through CCCS because of past debt that I have. They are taking care of my American Express, Aspire (formerly Providian), and a Mastercard. We have an MBNA line of credit which was closed out due to being late, and 2 loans, one with the Telco Credit Union and one for a Rainbow vacuum cleaner that we purchased last year. It is so bad that I by the time we pay for the bills we can afford and living expenses, that I can't seem to come up with a payment for the MBNA and Telco Credit Union loans. My wife and I were talking about our financial options and I thought of how easy it would be to file for Bankruptcy and only keep the vehicles and house and let everything else be settled. I know that even though that seems like the easiest way out, it will damage my credit for at least 7 years. At this point, I am willing to keep that as an option, unless I am convinced otherwise. The other option would be to draw money out of my 401k plan to at least pay 2 of those debts off. Either way, both options are going to hurt me, possibly in the long run. I pulled my credit report back in the early part of the year but didn't pull my fico scores. I guess I would need to pull those as well. Any suggestions would be helpful. Thanks, Chris