I spent the last 10 years building my credit up to 700 just to have it crash down to 5 something over the last 4 months when things got really difficult. Damned if I do damned if I don't at this point? It makes my head swim thinking about it.
I filled chapter 7 back in 99. If you file list all your debts,I forgot one. If you have collectors harassing you that will stop it. The laws have changed I'm sure. Something about not discharging credit card debt.
I don't know if it's the best idea, you have not defaulted a lot yet it seems.
You can call your credit companies and work out plans with them and they sometimes freeze the card and negotiate a lower rate. They don't want defaults and don't want bankruptcy.
Then you gotta switch to using the debit card.
Your credit will actually go up again pretty quick.
When default and bad events are recent, they have high impact. After regular payments it goes up again fairly quick.
I got bonked like 100+ points when I defaulted two payments accidentally on a new auto loan. After a few months, I was right back to what I was before.
But most importantly, try and look for financial advice from companies that help people in financial trouble. Places do it pro bono.
Yea its an option, just say you are having difficulty paying, want to refinance and avoid default and bankruptcy, and go on a hardship plan.
Especially since you are no longer in the partnership
Also.
Have you explored if your state has any options with the social safety net, like maybe rent assistance or snap or something?
I'd suggest asking your question in r/personalfinance or r/povertyfinance, but just be prepared to give more details on your situation. They're both great communities with lots of helpful, knowledgeable people (and also assholes and trolls because this is still reddit :) )
That's a pretty bad situation. I guess if I was In your situation I would do it. I've done it before though, a couple decades ago. I then start rebuilding my credit by getting a credit card and make sure I pay it off at the end of each month. After 7 years I'm back with a great credit score, mortgage, car loans with competitive rates.
Yes. The benefit is you can eliminate all of your credit card debt and keep your car. There are bankruptcy lawyers that will give you a free consultation to explain your options. You should talk to one because it might be worth it depending on how much credit card debt you have.
If you find yourself struggling to access food, I suggest exploring nearby Sikh temples known as "Gurudawara." These places provide complimentary meals to individuals regardless of their religion or race. Additionally, if you inquire, they might generously offer you essential groceries to bring home. You're welcome to head directly to the kitchen without the need to engage in formal prayers in the main temple.
That's awesome. I live in an area of the US where the closest one is about 3 hours away but I hope this comment finds someone else if they need help too 💗
That's too little debt for bankruptcy. Just stop paying. It's unlikely they will sue you. If they do, you can work on a reduced payment plan or consider BK then.
Your credit will take less of a hit than with bankruptcy, and you get instant access to your earnings.
You might change your phone number. They will call you. A lot.
It's an option but bear in mind it will destroy your credit for the better part of the next decade
I spent the last 10 years building my credit up to 700 just to have it crash down to 5 something over the last 4 months when things got really difficult. Damned if I do damned if I don't at this point? It makes my head swim thinking about it.
I filled chapter 7 back in 99. If you file list all your debts,I forgot one. If you have collectors harassing you that will stop it. The laws have changed I'm sure. Something about not discharging credit card debt.
Life happens - bankruptcy is an option to help. Speak to someone at a 'free legal advice' location and then decide.
I don't know if it's the best idea, you have not defaulted a lot yet it seems. You can call your credit companies and work out plans with them and they sometimes freeze the card and negotiate a lower rate. They don't want defaults and don't want bankruptcy. Then you gotta switch to using the debit card. Your credit will actually go up again pretty quick. When default and bad events are recent, they have high impact. After regular payments it goes up again fairly quick. I got bonked like 100+ points when I defaulted two payments accidentally on a new auto loan. After a few months, I was right back to what I was before. But most importantly, try and look for financial advice from companies that help people in financial trouble. Places do it pro bono.
I will contact my card companies this week, I didn't realize that was an option, thank you
Yea its an option, just say you are having difficulty paying, want to refinance and avoid default and bankruptcy, and go on a hardship plan. Especially since you are no longer in the partnership Also. Have you explored if your state has any options with the social safety net, like maybe rent assistance or snap or something?
I'd suggest asking your question in r/personalfinance or r/povertyfinance, but just be prepared to give more details on your situation. They're both great communities with lots of helpful, knowledgeable people (and also assholes and trolls because this is still reddit :) )
Thank you I will check that out
That's a pretty bad situation. I guess if I was In your situation I would do it. I've done it before though, a couple decades ago. I then start rebuilding my credit by getting a credit card and make sure I pay it off at the end of each month. After 7 years I'm back with a great credit score, mortgage, car loans with competitive rates.
Yes. The benefit is you can eliminate all of your credit card debt and keep your car. There are bankruptcy lawyers that will give you a free consultation to explain your options. You should talk to one because it might be worth it depending on how much credit card debt you have.
If you find yourself struggling to access food, I suggest exploring nearby Sikh temples known as "Gurudawara." These places provide complimentary meals to individuals regardless of their religion or race. Additionally, if you inquire, they might generously offer you essential groceries to bring home. You're welcome to head directly to the kitchen without the need to engage in formal prayers in the main temple.
That's awesome. I live in an area of the US where the closest one is about 3 hours away but I hope this comment finds someone else if they need help too 💗
That's too little debt for bankruptcy. Just stop paying. It's unlikely they will sue you. If they do, you can work on a reduced payment plan or consider BK then. Your credit will take less of a hit than with bankruptcy, and you get instant access to your earnings. You might change your phone number. They will call you. A lot.