I need to do Ch 7 and I'm 23...need some advice

[dp1969]

Dave Ramsey's plan is free and avaiable on the AM radio five days per week. If you want to attend live events of buy books of course there are charges.
regards,
emoney

eMoney, I've been through his site and can't find advise without having to pay for it.
I'm going to listen to his show on the XM...hope it has more advise.

[albert88]

I just want to thank everyone for their input. Buying a car in someone else's name seems foolish if I can continue to keep my current car. My current income is VERY low and I can hardly support essentials...this is such a big change from 2 years ago when money was rolling in.

I'm honestly not trying to do anything fraudulent or against the law...Just getting advice. I've made an appointment for this Friday with an attorney...but thanks to this forum, I won't be asking him about buying a car in someone else's name...Thanks again guys.

Also, if I borrowed money from someone, and I can pay them back by swiping my card at their place of business (they're self employed) will that be considered luxury?

God Bless everyone here, you guys are awesome.

[Logan]

Albert,

Sorry to hear it. Unfortunately, the oft-unscrupulous actions of big money hurts not only those directly in the line of fire, but has a nasty 'splash effect' as well.

On one hand I want to say that you're young enough that it might make sense to try and work something out with your creditors until you are able to find more stable employment. Remember, a BK will stay with you for years. At the very least, I would contact a local non-profit credit counselling place and just see what they say. Even if they can't help, they will probably have a few nuggets of wisdom.

On the other hand, like you pointed out, you are still young, and if you file now, there is a good chance that you can rebuild your fiscal life before too long. As dp1969 pointed out, the last thing you want to do is delay the inevitable. We did and it was probably the single dumbest thing I've done in a long time. Had we faced facts and done it when we first knew we were in over our heads, there wouldn't be a 2nd mortgage on our home that we need to deal with (reaffirming).

I'm not a lawyer, and I didn't stay at a Holiday Inn last night, ;) so I would suggest talking to both an attorney and a local non-profit credit counselling place.

1) I would switch banks no matter what, and get separate accounts. I don't want to sound harsh, but you aren't married yet, and too much (on top of everything else) can go wrong. This is not a comment on your girlfriend, I just know too many people who have personally been burned. More often than not, it was the lowlife boyfriend though.

2) You can reaffirm the car and keep it if you want. My wife did that with hers. It is a secured property, so it is your choice, within reason. If you're driving a BMW 5 series, the Trustee will probably raise an eyebrow. If you're driving a 'normal' car, then you should be fine.

3) Consult a lawyer on that, but I'd advise against it. If you stop paying on your unsecured debts, pay only the secureds and essentials (condo/car/utilities/food/ect), you'll be surprised how far you can stretch the dollar.

4) Again, contact a lawyer (or three).

IMO, sit down and have a real heart-to-heart and head-to-head with yourself and decide what is best for your situation. Once you do, you will be better equipped to make the decisions that need to be made.

Regardless of what happens, keep your head up. I'm sorry this has happened to you, but at least it did when you were still young, unmarried and childless. You have a chance to turn it all around. Not that the rest of us don't, but it is much more difficult with all the trappings of being an older adult with a family, ect.

Good luck and keep us posted!

I filed BK last June and I've already rebuilt my fiscal life.

The only thing a BK really means is you can't file BK for another 10 years. After 3 years you can get any loan anyone else has as long as you've cleaned up your credit.

Logan

[FreshLikeADaisy]

Albert, my own opinion after reading what you've written is that you're doing the right thing. Keep in mind that Dave Ramsey himself went through bankruptcy, so even he would have to agree that at some point it is just the right thing to do. There are some that say that a bk in your youth will "ruin" you forever, but I am older now and have found the exact opposite to be true: the older you get, the easier it is to explain the mistakes of youth. Unless you are in a career that requires top secret clearance, your bk is something you may have to explain, but it will NOT ruin you for life, and don't let anyone tell you that. Keepmine and Logan are right on, in my opinion.

And don't hesitate to ask your attorney whatever questions come to mind, whether they seem stupid to you or not. Since you are paying him for advice, that means you get to be as dumb as you wanna be, and he still has to answer you. The things you are thinking have all been thought before, and he's not going to think less of you because you had some extreme ideas about how to save some of this mess. I'll tell ya, we have ALL had some extreme ideas trying to save our situations!!!! If you only knew some of the stuff that has crossed my mind... The important thing is that we get advice enough not to act on them! So go in, be humble, be honest, be free with your questions, trust your gut, and do what is right for you. I wish you all the best. Good luck!!!

[albert88]

Albert, my own opinion after reading what you've written is that you're doing the right thing. Keep in mind that Dave Ramsey himself went through bankruptcy, so even he would have to agree that at some point it is just the right thing to do. There are some that say that a bk in your youth will "ruin" you forever, but I am older now and have found the exact opposite to be true: the older you get, the easier it is to explain the mistakes of youth. Unless you are in a career that requires top secret clearance, your bk is something you may have to explain, but it will NOT ruin you for life, and don't let anyone tell you that. Keepmine and Logan are right on, in my opinion.

And don't hesitate to ask your attorney whatever questions come to mind, whether they seem stupid to you or not. Since you are paying him for advice, that means you get to be as dumb as you wanna be, and he still has to answer you. The things you are thinking have all been thought before, and he's not going to think less of you because you had some extreme ideas about how to save some of this mess. I'll tell ya, we have ALL had some extreme ideas trying to save our situations!!!! If you only knew some of the stuff that has crossed my mind... The important thing is that we get advice enough not to act on them! So go in, be humble, be honest, be free with your questions, trust your gut, and do what is right for you. I wish you all the best. Good luck!!!

Thank you so much.