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Plan to get out of debt ?


Lander
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Well, everyone keeps telling me Bankruptcy is a bad idea. Is a mark that stays with you. Things you can do having never declared Bankruptcy vs 1st BK, 2nd BK, etc.

 

But I don't want to dwell on that, leading in.

 

Maybe I can be a success story. 

 

So, the first of my debt situation is two-fold; I have a Judgement that reared its ugly head when I went for license renewal last year. (Of course, I didn't know things actually resulted in a Judgement before that. Oh well. Whatever. Its there.)

 

I was unaware the State could do such a thing for something that had nothing to do with a DL, *Drivers License they simply say "Suspended for Unresolved Civil Matter" .. I'm like.. really?

 

Oh well.

 

So the first prong of my "Get Out Of Debt" scenario is to see if I can tackle that 800lbs Gorilla in the room.

 

The second would then be my actual credit reports..  so I've learned how "communication is important." I at first thought that "If you don't have money don't even bother calling them" but.. here we are.

 

I am on a payment plan with another Government thing so that should never go to Judgement status. 

 

I made the Capital One thread as next-in-line. Because if that fails with the Judgement settlement/resolution "Warrant Of Satisfaction" effort, then, Bankruptcy...

 

Any other tips or questions on my journey to be debt-free?

 

Should I start by getting one of each of my credit reports?

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Well, do you seriously anticipate that someone here is going to tell you, "nah, don't bother getting copies of your credit reports from each of the CRA's"?

 

I suspect you're already aware that your 3 CRA reports are one of the best records of your outstanding debts, so if you're planning to tackle your debt, you should carefully review each one (contents can differ from one CRA to another).  The standard advice is that when charge offs, defaults and/or collections are involved, it's best to obtain printed copies direct from each CRA (online and hard copies usually are identical, but in the case of adverse information, hard copies sometime are more detailed in content).

 

As to the rest of your journey, the big picture is to assess what monthly payment stream may be required to satisfactorily service your debt and pay it off in timely fashion and whether that outflow is feasible given your income.  That pretty much frames things up so you can see whether bankruptcy needs to be an option in that picture.

 

Beyond that, I suggest you pose questions re specific debt situations and your options to solicit concrete advice/suggestions/input.

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2 hours ago, hdporter said:

Well, do you seriously anticipate that someone here is going to tell you, "nah, don't bother getting copies of your credit reports from each of the CRA's"?

 

I suspect you're already aware that your 3 CRA reports are one of the best records of your outstanding debts, so if you're planning to tackle your debt, you should carefully review each one (contents can differ from one CRA to another).  The standard advice is that when charge offs, defaults and/or collections are involved, it's best to obtain printed copies direct from each CRA (online and hard copies usually are identical, but in the case of adverse information, hard copies sometime are more detailed in content).

 

As to the rest of your journey, the big picture is to assess what monthly payment stream may be required to satisfactorily service your debt and pay it off in timely fashion and whether that outflow is feasible given your income.  That pretty much frames things up so you can see whether bankruptcy needs to be an option in that picture.

 

Beyond that, I suggest you pose questions re specific debt situations and your options to solicit concrete advice/suggestions/input.

Are the links about how to request your report from each of the 3 CRAs still working?

 

I've made a thread about the Judgement (in Bankruptcy) and then Capital One (if the Judgement is able to be negotiated pretty well, then it seems calling Capital One would work.. unless writing them makes more sense?)

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You can request a mailed copy (recommended) of your credit reports by printing, completing, and mailing the form found at the following link:

 

Request Form - Annual Credit Report

 

To accommodate needs that may be posed by the Coronavirus pandemic, you're temporarily entitled to request a new copy of your reports (online or by mail) weekly.

 

 

 

 

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As far as staying out of debt, your first priority needs to be stop driving without a license and insurance.  That readily leads to massive civil obligations, job loss, and pesky "government stuff" like fines and jail time.

 

So consider that judgment which resulted from crashing a car without insurance, which rightly has everything to do with your DL-- really.

 

Here are the practical options:

1.  BK it.  If BK is seriously on the table for the end-game, you should go ahead and do it.  That at least starts the 7 year clock sooner.  Then you have to fly right for 7 years. 

2. Lump sum settlement.  You don't have the money.  Moving on... quit wasting money pursuing that.  No one here has recommended it.

3. Payment plan.  If a judge signs off on the plan, you get your license back.  Judges can be sympathetic to poor people.  Figure out how much of your wages the creditor can garnish per week (which is something that is coming down the pike anyway) and offer to voluntarily pay a few dollars more.  It is likely to be a rather small amount.

4. Ignore it.  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

 

 

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2 hours ago, mk_378 said:

As far as staying out of debt, your first priority needs to be stop driving without a license and insurance.  That readily leads to massive civil obligations, job loss, and pesky "government stuff" like fines and jail time.

 

So consider that judgment which resulted from crashing a car without insurance, which rightly has everything to do with your DL-- really.

 

Here are the practical options:

1.  BK it.  If BK is seriously on the table for the end-game, you should go ahead and do it.  That at least starts the 7 year clock sooner.  Then you have to fly right for 7 years. 

2. Lump sum settlement.  You don't have the money.  Moving on... quit wasting money pursuing that.  No one here has recommended it.

3. Payment plan.  If a judge signs off on the plan, you get your license back.  Judges can be sympathetic to poor people.  Figure out how much of your wages the creditor can garnish per week (which is something that is coming down the pike anyway) and offer to voluntarily pay a few dollars more.  It is likely to be a rather small amount.

4. Ignore it.  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

 

 

I don't know what you're talking about with "crashing a car without insurance." Not me. I do have a Judgement. 

 

Now let's proceed.

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Here are the practical options:

1.  BK it.  If BK is seriously on the table for the end-game, you should go ahead and do it.  That at least starts the 7 year clock sooner.  Then you have to fly right for 7 years. 

2. Lump sum settlement.  You don't have the money.  Moving on... quit wasting money pursuing that.  No one here has recommended it.

3. Payment plan.  If a judge signs off on the plan, you get your license back.  Judges can be sympathetic to poor people.  Figure out how much of your wages the creditor can garnish per week (which is something that is coming down the pike anyway) and offer to voluntarily pay a few dollars more.  It is likely to be a rather small amount.

4. Ignore it.  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

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2 hours ago, Lander said:

Here are the practical options:

1.  BK it.  If BK is seriously on the table for the end-game, you should go ahead and do it.  That at least starts the 7 year clock sooner.  Then you have to fly right for 7 years. 

2. Lump sum settlement.  You don't have the money.  Moving on... quit wasting money pursuing that.  No one here has recommended it.

3. Payment plan.  If a judge signs off on the plan, you get your license back.  Judges can be sympathetic to poor people.  Figure out how much of your wages the creditor can garnish per week (which is something that is coming down the pike anyway) and offer to voluntarily pay a few dollars more.  It is likely to be a rather small amount.

4. Ignore it.  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

 

For Option 1: Yep, was about ready to until people continuously talking me out of it. Asking, "Do you really need to do that," etc etc. Maybe I can take the high road and avoid. It will be expensive.

 

But maybe I can get ALL my debts settled for about what the Judgement initially will be for.. I'm not letting this linger anymore, its BS and it has to go.

 

2. You're right, I'm broke. But if I negotiate one, I'll find the money. 

 

3. "Payment Plan" - I'm already on some.. Unemployment etc..

 

4. I have been. 

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2 hours ago, mk_378 said:

As far as staying out of debt, your first priority needs to be stop driving without a license and insurance.  That readily leads to massive civil obligations, job loss, and pesky "government stuff" like fines and jail time.

 

So consider that judgment which resulted from crashing a car without insurance, which rightly has everything to do with your DL-- really.

 

Here are the practical options:

1.  BK it.  If BK is seriously on the table for the end-game, you should go ahead and do it.  That at least starts the 7 year clock sooner.  Then you have to fly right for 7 years. 

2. Lump sum settlement.  You don't have the money.  Moving on... quit wasting money pursuing that.  No one here has recommended it.

3. Payment plan.  If a judge signs off on the plan, you get your license back.  Judges can be sympathetic to poor people.  Figure out how much of your wages the creditor can garnish per week (which is something that is coming down the pike anyway) and offer to voluntarily pay a few dollars more.  It is likely to be a rather small amount.

4. Ignore it.  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

 

 

Oh, mk_378, the fuses were fine, just like you said, seems to be the radio itself. Darnit.

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3 hours ago, hdporter said:

You can request a mailed copy (recommended) of your credit reports by printing, completing, and mailing the form found at the following link:

 

Request Form - Annual Credit Report

 

To accommodate needs that may be posed by the Coronavirus pandemic, you're temporarily entitled to request a new copy of your reports (online or by mail) weekly.

 

 

 

 

Very nice.

 

I will likely do this right when I get home. I have everything all lined up to pull the trigger On the Settlement Attempt people on Friday, and I would like to see what they say first.

 

So since this site seems pretty good with worst case scenarios, lets say no settlement is reached (I think they may. Starting with 25% of it so they don't brush it off as a waste of time.)

 

I then call up the Ch.7 lawyer.

 

I fall under every exemption, can pass the Means Test easily. 

 

So then my creditors know what I make at work. 

 

Let's say I make $2000 a month at work. 

 

Isn't it then the Trustee that decides.. who gets what, what gets set aside, if the law firm smells blood in the water and wants to fight for their Judgement, and it costs them more in legal fees than what they may recoup?

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2 hours ago, mk_378 said:

Go back and read all the words, not just the ones you want to see.

 

What words?

 

What do you want me to say?

 

You are wrong, there was no Judgement as you say, you don't know that. All you know is there is one.

 

EDIT:

  This is a potential option only if you quit driving.  Otherwise what I said in the first paragraph applies.  Also your State's laws for how long judgments are collectable would need to be considered.

 

Your statements imply that i drive,, that there is some kind of issue with the underlying driving, again, speculative. 

Edited by Lander
having to address the poster
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Here is the trigger I am prepared to pull Friday to tackle Judgement. Judgement is B.S., anyways, but, alas, it exists. 

 

I have always been told Bankruptcy is something to be avoided and will mess up credit/life for 10 years and will forever be going forth as "I should have never got a Bankruptcy, now I can't  _________."

 

Getting it negotiated down would be lovely.

 

Hey, even the Bankruptcy lawyer didn't think I was serious because I ultimately decided not to go with THOSE (Bankruptcy Lawyer) services and never responded once I decided to not take the easy road. 

 

This attempt will cost $500.

 

I am.prepared to spend $500 because I have to know before I decide.. Chapter 7.

 

j5Vd30x.jpg

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Question: Should I post the law firm that holds the Judgement, or does that not much matter/invite people trying to alert the law firm that I'm about to hire lawyer to settle with them?

 

I've heard law firms don't take anything that is not from another law firm seriously, anyways.

 

I got as far as having a paralegal calling me and attempting to ask me for "information" before they could then present my request for settlement "to one of the attorneys" so I again also never got back to them, that also following the STAY OFF THE PHONE and GET IT IN WRITING rule...

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4 hours ago, Lander said:

I don't know what you're talking about with "crashing a car without insurance." Not me. I do have a Judgement.

What judgements get your DL suspended? I'll tell you 1. Crashes without car insurance 2. Judgements for failure to pay child support. So you want to be honest with us or you want to continue playing this game of yours? Losing your license due to creditor judgements .... even the most creditor friendly states like Indiana where courts (and their associated judges) are bought and paid for by CA's and collection attorneys don't suspend DLs over creditor judgements.

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2 hours ago, IndyPoolPlayer said:

What judgements get your DL suspended? I'll tell you 1. Crashes without car insurance 2. Judgements for failure to pay child support. So you want to be honest with us or you want to continue playing this game of yours? Losing your license due to creditor judgements .... even the most creditor friendly states like Indiana where courts (and their associated judges) are bought and paid for by CA's and collection attorneys don't suspend DLs over creditor judgements.

Piling on? What? Not sure how that applies to me, it says "Unresolved Civil Matter" so... I suppose you can think what you want...

 

I'm trying to take the high road and not to Bankruptcy. Are you saying I should just do Bankruptcy?

 

I was told the dollar amount was "not high enough" when I first contacted an attorney about this. Said "In the grand scheme of things, it's not that much."

 

What say you?

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2 hours ago, IndyPoolPlayer said:

That can be a lot of things, including non-insured crash or child support which are civil matters. Then again in some areas traffic tickets are considered civil matters.

Right... its on there, you've got that right. Whatever you feel it is.. The purpose of this thread is to address the Judgement.

 

They sure have held that hostage. 

 

I'm taking it head-on.

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If/then:

 

 

IF I'm declaring a Chapter 7 Bankruptcy..

THEN I don't need to worry about contacting Capital One.

 

War on two fronts here. Last year I fell behind on C1 and just couldn't make the payments. Lost the cards. That hurt.

 

Now,. The whole purpose of this thread, is, to decide...

 

Do I fight the good fight,

Get Judgement Settled, 

Contact Capital One, 

(The combined of which above probably equals Judgement Amount, again, total B.S. however this is where we are,)

And do it that way,

And avoid BK7?

 

OR...

 

$1895, Ch.7, Done.

 

? ? ????

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In most States traffic violation is a criminal prosecution, which can be a good thing because there is a higher burden of proof the State must meet.  For example tickets based on an automatic camera don't meet the Sixth Amendment right to confront your accuser.

Edited by mk_378
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2 hours ago, mk_378 said:

In most States traffic violation is a criminal prosecution, which can be a good thing because there is a higher burden of proof the State must meet.  For example tickets based on an automatic camera don't meet the Sixth Amendment right to confront your accuser.

Pretty sure if you don't pay one they can still take your license for it.

 

They suspended the Automated Red Light Camera System here some years ago.

 

It is my honest to goodness hopes they don't start thinking things like that are a good idea. 

 

They blur the line between criminal and civil because they say driving is a "privilege." Interesting thing, this.

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