24 year old New Yorker

[jaker2731]

Hi, 24 year old New Yorker here, Capital one approved me for a card when I was 18 with a $4,500 credit line which I never paid of course and grew to about 8k, over the years a few other smaller card and cell phone bill debts, total debt now about 15k, Capital one sued me and the marshal manages to find me every couple years where I'm working and starts garnishing, about 5 months ago I started working at a job were i make and will hopefully make every more than I was ever making.. 35k now with lots of room for growth. Not only do I not want to start getting garnished again but I also want to start rebuilding credit, as I want to buy a car my own car and not be turned away everywhere I apply for credit. Any suggestions?

[keepsmiling]

Single I presume?
You probably are under the median for a 7. Do you live at home or rent somewhere? Car payment?
Welcome to the forum btw !
And hey, it's the middle of the night here, how come we are both still up lol?
Nighty- nght~

[jaker2731]

I'm a bit of a night owl, but yes Single, and live at home. No car payment, my mom is the registered owner of my car.

[mountanddo]

Do you pay rent to your mom and can you show that you do? It might make a difference in your expenses.

[jaker2731]

I don't pay rent at all.

[keepsmiling]

You might want to start or they'll take the payment in a 13. Better it should go to your mom. You are going to wind up showing too much disposable income. Keep reading here. You'll need to think about car exemptions too, when you buy one. Start scheduling some free consults with a half dozen bk attorneys and come back and tell us about them. We'll keep you company along the way and you may wind up teaching us something as well.

[keepsmiling]

Another thought, and it's not always a popular one here--- since your balance is relatively low, your expenses are nil, and your salary is ok for you for now; consider paying off your debt, either in full or in settlement. You could knock it off in a year and be done, save a bk for when times are really tough.

[OhioFiler]

I doubt I would file over a $15K total of debt.

[jaker2731]

I appreciate your feedback guys! I'm not sure what I'm gonna do yet, I've received settlement offers but they are all pretty high I'm going to. All around and see what the lawyer fees are going for, any lawyer suggestions?

[IamOld]

jaker I have one, but I can't PM you for some reason...

[keepsmiling]

By the time you pay an attorney fee, you could settle already. In NY you are going to pay 2K. Make an offer and leave room for negotiation. What percent are they offering? You only have one major debt, the rest are probably little amounts. Regardless, bk at this point is probably not a good idea. You will wind up in a 100% payback. Rule of thumb is if you can pay off your debts in 5 years, don't file.
I think Jake needs 10 posts in order to get pm's. So, Jake, post a few more questions or hello's.

[jaker2731]

Thankyou for the suggestions I look forward to the pm's

[jaker2731]

I'm actually on my cell phone but I would love to chat with someone when I get home from work which will be about 7pm est

[jaker2731]

Just for the record I have a big commute that includes over $200 dollars in tolls a month 30 miles one way to work not that it matters much but just wanted to mention

[IamOld]

Just for the record I have a big commute that includes over $200 dollars in tolls a month 30 miles one way to work not that it matters much but just wanted to mention

That is GREAT!!! That reduces your Disposable MOnthly INcome (DMI) on Schedule J...so that's GOOD!!!! AND on that you can include gas, car maintenance, oil changes, tires, brakes, etc.

My commute sounds like yours...I spend about $100-120 per WEEK on gas alone...never mind brakes, oil, etc.