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Posts Tagged ‘college’

Question: I am $20,000 in debt and facing litigations. Is a chapter 7 my best bet?

I have been lied to by everyone. I don’t even know how I got into this mess. I don’t want to file B.K. if it is my only option, I will. I have 4 Chase Cards and 1 Capital One Card. The total is about 20000. After the items go into litigation can I Consolidate all the Cards into one loan using a debt consolidation company. Is this even a good choice or should I just whip out the small amount of $20000 and start over. By the way I have a car loan I paid perfect on.

Answer: There is a lot of poor information in these previous answers.

From my observations, while it seems logical that filing a Chapter 13 is better, because it shows a "sign of good faith" in paying back a portion of the debt, that is NOT the case. All the creditor sees is the word "BANKRUPTCY" and you get rubber stamped. They don't care that you paid back a portion of the debt...They only see that you DIDN'T pay back some of the debt.

The funny thing is that if you go with a Chapter 7, you will find it is actually easier to get credit after your discharge. With no further financial commitments you are a better credit risk....but you will be paying a higher interest rate.

Steven's advice is dangerous. On the one hand, he preaches how bad a bankruptcy will look on your credit report, then he encourages you to let them sue you first! Do you have any idea what a judgment looks like on a credit report? It's not a nuclear bomb...more like a 10 ton bomb. And he wants you to take 5 of these first? THEN file bankruptcy on top of that? Nope...sorry....bad advice.

Johnny needs to do his research. The Bush changes did not exempt credit cards from bankruptcy.....the truth is if you have a lot of credit card debts that is the MAIN reason you would want to file! Unsecured debts are discharged completely! What he is getting confused about is the new law requires you to first pass a "means" test.....do you make too much money and/or have the ability to pay at least $100 a month toward your unsecured debts? If so you will be forced into a Chapter 13 plan that will require to pay back a PORTION of the debt.

Yes, BK is the last resort. I seriously doubt you will be able to get a consolidation loan. Bottom line, if these credit card companies are not willing to work with you, then don't pay them.

I worked with someone recently in the same boat as you are in. If you have decided to go BK, then stop paying your credit card debts. Put the money into the bank (not your own account, they could attach it). If a credit card company files to sue you, try to settle. If no luck then it's time to file for BK. It's a gamble....but many credit card companies will not sue for debts under $2000.

Federal Loan Consolidation & Best Student Loan Debt Consolidation Companies

Federal loan consolidation departments provide services for students who are loans for educational purposes. Consolidation is a program to convert a refinancing an opportunity for each to outstanding education loans from different lenders into one new loan with one monthly payment. This method of disposal of loan is a wonderful way to pay off the debt in full immediately, while providing you ...

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Question: Student Loan Consolidation Help Please!?

I am a May 2008 graduate with a significant amount of debt.

Because I transferred, I have over $50,000 in a number of private and federal loans from different companies in two different states. I just have a few questions about consolidation.

1. Can you consolidate both federal and private loans into one?
2. I just started working, so I don’t make that much, do you think consolidation is a good option? I can make the payments, but it makes everything else a lot tighter.
3. If I consolidate, what companies can I trust?
4. What companies are best?
5. What if I go back to grad school later and need to take out loans again? Can I add to the consolidation? Or does something else happen?

Any information will help. I am trying to be responsible and budget, but having a number of student loans is making things pretty difficult. Thanks in advance!

Answer: The only consolidation you can trust is your local bank or credit union. Some loans will allow you to go back to grad school but only if your payments have been in full and on-time..

Nine O'Clock

Private environment provides 4.5 times more unemployed than the state field.

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How to find help if you rang in the New Year with too much debt

After the holidays, many Americans face the not-always-pleasant task of opening and paying their credit card bills. For some, however, the task moves from vaguely menacing to downright terrifying.

What Is Debt Settlement and How Does It Work to Help Avoid Bankrucptcy?

Getting unsecured loans with bad credit can be a hard task. The majority banking institutions want some type of guarantee for loans given to people with bad credit. But, there are several companies that concentrate in helping people with bad credit obtain back on their feet. One of the ways that these companies do this is through the offer of unsecured loans to pay of credit card debts and extra kinds of debt that can keep a person’s credit score low.

Where to find these loans

There are few banking institutions that will let people with bad credit to obtain unsecured loans. However, there are several debt consolidation companies that will offer small loans, and there are online loan companies that can assist as well. The best system to find an unsecured loan is to conduct a small research. Look online for unsecured loans, and always be definite to research every company before handing out your personal information. Some companies are scam businesses planned to take your information and steal your identity. A legitimate company will not assure a large loan total.

What information is required?

There is some information that all lender requires before you can acquire an unsecured loan. Take your recent earnings statements to you when you go for the interview. It is as well necessary to have proof that you have a stable job. Usually loans are not given out to people who have been at a job for less than six months. You will as well need your social security number, the total of other debts and loans that you have, and your rent or home payment if you have one.

How much can I get?

Unsecured personal loans bad credits are generally only offered in little amounts. The fact that a person has poor credit usually tells the lender that he or she has been irresponsible with cash in the past. Since an unsecured loan is not anchored by anything, lenders are not probable to give out larger loans than they think the borrower can pay back within a sensible amount of time. Payments of $1000 to $3000 are common, with some payments being offered for up to $5000.

What loan lengths are offered?

Usually loan companies offer some dissimilar loan lengths. For unsecured loans, they prefer loans that have shorter lengths. Bad credit loans are usually given with the selection to pay it all back in five years or less. This is the best system for the monetary institution to obtain what they are owed.

Sallie Mae Reports Fourth-Quarter and Full-Year 2009 Results

RESTON, Va.—-SLM Corporation , commonly known as Sallie Mae, reported net income on a core earnings basis of $249 million for the fourth quarter ended Dec. 31, 2009, compared to $65 million for the year-ago quarter.

Debt management, Get out of debt, Debt Consolidation

EMS Technologies Announces 2009 Year-End Results

ATLANTA—-EMS Technologies, Inc. today announced financial results for the fourth quarter and the full year 2009. EMS reported fourth-quarter revenues of $85.0 million and earnings from continuing operations of $2.4 million, or $0.16 per share, on a non-GAAP reporting basis, excluding acquisition-related items and an impairment charge for LXE goodwill.

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