24 year old New Yorker

[OhioFiler]

I have to respond because I see this A LOT on this board. It all depends on the circumstances, whether you have judgements, garnishments and what your income is among other things. I filed with 20k and it was necessary to do so.

I was getting settlement offers around 25-30%. I have no doubt I could have gotten some of the bigger creditors to go even lower. On a total of $15,000 debt you could negotiate settlements for about $4,000, save the expense of an attorney and not have a bankruptcy on your credit report for 10 years.

Just my reasons why filing on a relatively small amount of debt isn't the best idea. Everyone has their own ideas.

[Gonzo]

I was getting settlement offers around 25-30%. I have no doubt I could have gotten some of the bigger creditors to go even lower. On a total of $15,000 debt you could negotiate settlements for about $4,000, save the expense of an attorney and not have a bankruptcy on your credit report for 10 years.

Just my reasons why filing on a relatively small amount of debt isn't the best idea. Everyone has their own ideas.

If you got these good settlement deals after a judgment, you did very well indeed.

Well done.

[jaker2731]

cap one i owe high 8k and they offered me a settlement in the low 7ks

[IamOld]

cap one i owe high 8k and they offered me a settlement in the low 7ks

THat's not much of a settlement...

[keepsmiling]

You can always make a counteroffer. Worst is they say no.

[jaker2731]

I even tried a consolidation with care one, and it was rejected cause Capital one, won't take payments they was the full amount or garnishments

[mountanddo]

I even tried a consolidation with care one, and it was rejected cause Capital one, won't take payments they was the full amount or garnishments

Well, that was a blessing in disquise <----pretty sure I spelled that wrong but it's too early in the morning to check.

[jaker2731]

anyone still following??? I'm still stuck in the same spot, don't know what to do.

[jaker2731]

Also as a update, I recently reviewed my credit report, and the capital one debt which is the bulk it scheduled to be removed from my credit report in september 2012. From whats on my report I think I probably have well under 5k after that in the other misc. debt. But as I mentioned before Capital one sued me years ago and find my employer every couple years and starts garnishing. They are not garnishing right now, I'm 7 months in with my current employer. I wonder if after the 7 year mark (sept 2012), Will they stop garnishment or will the judgement stay for 10 years.

[keepsmiling]

You got some good advice on the previous page and haven't answered the questions about where all your cash is going.
We are all trying to help but without more info can do nothing else.
Again, with your income and no expenses, you are probably better off just paying and moving on.

[df04527]

I believe judgements can be renewed and i think it's another 10 yr renewal. Others will respond i'm sure. Where is the money going i didnt see a response.

[jaker2731]

I make 2833 a month before taxes, I take a little under 1k bi weekly after taxes. I spend 200 a month in tolls, 200 in gas to get to work a month. $200 for insurance and a 287.05 car payment( my mom is the registered owner). I spend $150 dollars a month on lunch. cell phone is $100 and I pay for the cable/internet/phone combo which is 100 bucks.

200.00 tolls
200.00 gas
288.00 Car
200.00 Insurance
150.00 Lunch at work
100.00 Cell phone
100.00 Cablevision

$1333.00

[mountanddo]

Wow, it costs you $968 ($818 for the car and $150 for lunch) just to go to work which is one whole paycheck. I make about the same and if I had to pay one whole check to go to work I'd find a different job. I'd have to but I don't live with my parents and have to pay rent. Somehow you have to figure out how to get that down. Any options to take a bus or train?

[df04527]

Is there any alternate routes you can take to bring that 200 in tolls down? Understand we are trying to help. Also can you come down any on the car insurance by going on a policy that is shared with your mom? Or is that what you are already doing?

[jaker2731]

the car and the insurance I don't consider to be just for work so I really only count the tolls and gas for work, and lunch i guess I could bring with me and not have to spend that. As the months go by though my salary is probably going to increase by another 5 - 8k a year.