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Bank Levy? This makes no sense to me

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  • #61
    If you haven't lived in AZ for two years, they don't allow you to use your exemptions. New York may not allow you to use theirs either, even if you do go back, check cause I don't know. Then you would need to use the Federal exemptions. Best of luck in any event.

    If you gave back the two vehicles, would the companies come after you for the deficit amounts?

    For unsecured debt, can you just walk away? I've had to do that twice. Was thinking about it this time, but then I realized the tax man is still lying in wait, and they wait an awfully long time.

    Would giving up either vehicle or both amend your finances?

    Guy Picard wrote a book on getting out of debt where he covers the 20% method to pay everyone off, going to war with your creditors, and filing for bk. The 20% works, until it doesn't, and all you've wasted is nothing, because you can then go to bk wiht your head held high, "I tried my best." Even in the Bible it states that every 7 years debts should be forgiven, the basis of our bankruptcy laws. BTW, the free to read book is at http://web.archive.org/web/200201232....com/zbsk.html

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    • #62
      Originally posted by Maria80386 View Post
      Guy Picard wrote a book on getting out of debt where he covers the 20% method to pay everyone off, going to war with your creditors, and filing for bk. The 20% works, until it doesn't, and all you've wasted is nothing, because you can then go to bk wiht your head held high,
      If it doesn't work and you file BK anyway, you have wasted the money spent on paying dischargeable debt and the time that you could spend rebuilding your financial life with an earlier BK discharge.

      I skimmed through the book. Anybody who reads it should realize that any bankruptcy information is outdated because it was written before the 2005 bankruptcy reform.

      He suggests paying no more than 20% of what you earn to creditors, even if that's $20 or less per month per creditor. But, he himself says not do do it if you are going to file BK because you are throwing away money by paying on debt you will discharge. I bet that most people having trouble keeping up with their debt payments could not make a dent by paying $20 a month. In the situation he describes, he suggests that a woman pay $20 a month to 10 creditors to keep them off her back even though that is less than the minimum payments. The payments would likely not cover interest and late payment penalties. It may be a good solution if you are having temporary financial difficulties that you know you can recover from in a short period of time. But, it is not a good method to try just because you think it is somehow more honorable to try before filing bankruptcy.

      If you are in trouble with debt, you should evaluate the situation and all options realistically and make the decision that will definitely lead to resolution.

      I hold my head high because I saw that bankruptcy was the best solution to deal with the debt situation I had gotten into and made the good business decision to move forward quickly rather than struggling to delay the inevitable. I hold my head high because I completed a Chap 13, now live within my means, am building a savings and know I will not repeat my past mistakes.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      • #63
        Just an update the hiring Manager called me, I am officially hired (Jan 28th) just waiting on the background check and urine test to pass, which takes a week or two. Because I was still within a year of leaving, they were able to get me my same hourly rate which is $17.27hr plus commission. This job pays anywhere from $50-70K yr depending on how good you sell, and this store is BEAUTIFUL! It's a top location out here. I just have to pray the background screening company "Hireright" doesn't ask me for random stuff from jobs way back, that would be so annoying. I was with AT&T for 10 years so I don't see why. That background company is outsourced which makes it even worse.

        My plan is to save up a good chunk $ in three months, which would be roughly $7,000 and I would pay down the larger credit cards first so those minimum payments become much less. The good thing is my rent is payed up till May so I'll be able to save a good chunk.

        The $9,000 cash I got now, around $3,500 of that will be the tax I have to pay for the early withdrawal from my Pension.

        Once ALL that is done, it will give me some relief, but I still got this freaking $600month car. An account Manager from Ford called me on Thursday, he was actually really nice and I explained I'm looking for a job etc, and he said he will call me Monday to follow up. I need to see how much I would have to pay if I do an early termination of the lease.

        The lease amount I owe is $15,000, I already payed 18 months of the 41 month lease, so what I'm guessing is market value on a Ford Fusion is LOW it's probably worth $6,000, and I bet they will want me to pay the difference plus the early termination fee which is god knows how much lol.

        It's all up in the air right now, and I don't know what the process is if they repossess the car being that it is a lease??? Wouldn't Ford just want to sell it to a customer for a bigger profit instead of auctioning the damn thing for crap money?

        If it helps, this car had negative equity rolled into the lease, it was I believe $6,000 negative equity from another car I traded in.

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        • #64
          Congratulations.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #65
            Congratulations on getting the job!

            How long ago did you take the distribution of the pension? I am pretty sure that if you deposit the funds into an IRA within 60 days of the withdrawal, it will be considered a rollover and you wouldn't have to pay the tax or penalty. Even if you can only deposit part of what you withdrew, it would reduce the income tax and penalty.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


            • #66
              Originally posted by LadyInTheRed View Post
              Congratulations on getting the job!

              How long ago did you take the distribution of the pension? I am pretty sure that if you deposit the funds into an IRA within 60 days of the withdrawal, it will be considered a rollover and you wouldn't have to pay the tax or penalty. Even if you can only deposit part of what you withdrew, it would reduce the income tax and penalty.
              I took it out March 2017

              I don't even know how to pay the 10% penalty, do they just send me a bill? Going back 3-5 years I always took loans out of my 401k, and it said I would have to pay the penalty but I got nothing in the mail.

              When I do my taxes, I usually use Turbotax, do you think I will get any money back from that 20% Federal tax they took out of $35,000? Just trying to think ahead. I only worked a month and a half in 2017 also, so not much refund there.

              Comment


              • #67
                Originally posted by Trevor View Post
                don't even know how to pay the 10% penalty, do they just send me a bill? Going back 3-5 years I always took loans out of my 401k, and it said I would have to pay the penalty but I got nothing in the mail.
                You will receive a form 1099-SA from your benefits provider. You will then use the information on that form to complete your federal tax return. The federal tax return will ask about early withdrawals and will also have several conditions where the 10% penalty is avoided. Unless it's something significant (think medical exceeding AGI of 7.5% or divorce), then you can't avoid the 10% penalty. The penalty was to force people to save.

                Originally posted by Trevor View Post
                When I do my taxes, I usually use Turbotax, do you think I will get any money back from that 20% Federal tax they took out of $35,000? Just trying to think ahead. I only worked a month and a half in 2017 also, so not much refund there.
                Turbotax asks the question correctly under "other" income.

                I personally can't tell what you would get back. If $35K is all you received in income in 2017 and 20% tax was withheld, you may get a refund. I don't know your tax story and I'm not a tax expert. But, I did use Turbotax for the last 20 years.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog


                I am not an attorney. Any advice provided is not legal advice.

                Comment


                • #68
                  Thanks for the advice. Getting this job (once background is passed) is kind of bittersweet. Mainly because I just feel like now I'll be stuck here, and honestly I don't like it much. I can always put in for a transfer to a store in NY but it's a huge process. God I just miss grabbing a beer with my brother and friends, even miss visiting my mothers and uncles graves.

                  Just watching the New Years Eve specials on TV brought a tear to my eye, being at Times Square at Christmas time is beautiful I miss my fellow New Yorkers lol saying "coffeeee" and "caaa's" instead of cars" lol. Out here it's like people come out here to age and die, there's bleach blonde sun soaked ladies and meth heads riding bmx bikes everywhere.

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                  • #69
                    Trevor, leverage the job to move back to NY. Save every penny if it requires you to eat... yes... ramen noodles or PB&J sandwiches. I have seen people save thousands and buy a house by skimping on nearly everything (cable, cheap cellular phones, keeping AC/Heat high/low during season, couponing, odd jobs). Hunker down for a year and then make your move (literally).

                    Just make your exit strategy, figure out a way to execute that strategy, and do it!
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog


                    I am not an attorney. Any advice provided is not legal advice.

                    Comment


                    • #70
                      Originally posted by justbroke View Post
                      Trevor, leverage the job to move back to NY. Save every penny if it requires you to eat... yes... ramen noodles or PB&J sandwiches. I have seen people save thousands and buy a house by skimping on nearly everything (cable, cheap cellular phones, keeping AC/Heat high/low during season, couponing, odd jobs). Hunker down for a year and then make your move (literally).

                      Just make your exit strategy, figure out a way to execute that strategy, and do it!
                      Sound good man. Yeah I love brown bagging lunch, it's fun to see your account not get drained by food. I used to be a HUGE Craft beer guy, would spend $200 month on just beer. I recently gave up the Rum, cause honestly I was drowning myself to sleep with captain morgan to calm my nerves.

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                      • #71
                        Morgan... he's not even a real captain. He was a privateer. Now that Jack Sparrow guy...
                        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                        Status: (Auto) Discharged and Closed! 5/10
                        Visit My BKForum Blog: justbroke's Blog


                        I am not an attorney. Any advice provided is not legal advice.

                        Comment


                        • #72
                          Once you get the job, and have already begun working, you can (and should) still file for bankruptcy. Sure, you could live poorer than a church mouse trying to repay these unsustainable debts, but why do that? If you eliminate your debts through bankruptcy, you can live quite well on what you will be making. To put this in perspective, I currently make about $33k per year, and am supporting a family of 3 on that, and we are living just fine. I also live in Arizona.

                          Comment


                          • #73
                            Originally posted by bcohen View Post
                            Once you get the job, and have already begun working, you can (and should) still file for bankruptcy. Sure, you could live poorer than a church mouse trying to repay these unsustainable debts, but why do that? If you eliminate your debts through bankruptcy, you can live quite well on what you will be making. To put this in perspective, I currently make about $33k per year, and am supporting a family of 3 on that, and we are living just fine. I also live in Arizona.
                            I honestly just don't want to deal with a Chapter 13 for 3-5 years where a Trustee takes my money, tax refund etc. I'd rather pay off a good chunk of my credit card debt, keep my financed truck and motorcycle and contribute HEAVILY to my 401K. This job, AT&T, matches 6% so your 401K can grow quickly, I'm gonna have Fidelity take out 10-15% so my 401K grows faster for savings.

                            My only big issue is this freaking Ford fusion car lease, I'm right in the middle of the lease term, and have to read my contract about early lease termination. I gotta get rid of this car.

                            Call me stubborn, but I'd rather try and clean up this mess myself, hell on my off-days I'm going to either deliver pizzas or work at some rinky dink fast food spot to earn an extra $400 month or more.

                            I just got emailed the background check, looks like it's good to go!

                            The other reason I wouldn't want to do the Bankruptcy is because I just feel like something would come back and bite me in my butt. The Discover card, where I took out $2,500 cash....the truck loan where the sales guy said I could put down my "past" or present employer and income...which is lying on a credit app, I should have known better. You can literally go to prison for like 10 years for that, it's a Federal crime. This explains why I am quite nervous now, all the time.

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                            • #74
                              I can't think of any reason why you wouldn't qualify for a Chapter 7, but regardless you need to (at a minimum) get rid of the leased car, and probably should get rid of all 3 vehicles and buy an inexpensive used car outright.

                              Comment


                              • #75
                                Originally posted by bcohen View Post
                                I can't think of any reason why you wouldn't qualify for a Chapter 7, but regardless you need to (at a minimum) get rid of the leased car, and probably should get rid of all 3 vehicles and buy an inexpensive used car outright.
                                I believe I would be WAY over the means test. This job basically pays on an average month $3,000 after taxes. If you sell a lot, like I do, I'll be at around $3400-3700 after taxes. Commission is pretty decent. The other thing I like about this job is overtime, most weeks you'll be scheduled 40-43 hours, but because there's customer issues, you'll easily do 55 hours a week.

                                The truck I want to keep, it's $480 month, and the Motorcycle is only $160 month. The only MAJOR snag I have is this freaking Ford Fusion, I can't just sell it and that's it. It is a lease in which I rolled in $9000 negative equity (I just read my lease papers). It says in the papers that the total price of the adjusted capitol price is around $35,000 and I owe I believe 24 payments to satisfy the lease and give it back.

                                Nobody wants to take over the lease also because it's a $600 note....God I was so foolish when I got this car.

                                I am fine with paying off a huge chunk of my credit cards so the minimums drop, and I'm fine with my other bills like the truck and bike, as long as I can save $200-$400 per month. Plus I want to grow my 401K really fast. It's just that freaking car....

                                And the Chapter 13 would stress me the hell out, I can barely sleep now, I give you guys credit for dealing with it for 3-5 years. You're basically STUCK for that time and any money you make extra gets sucked away from you by the Trustee.

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