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Posted by its50 (Member # 4069) on :
 
anyone done this befor?????any recommendations?thanks

[ April 03, 2012, 03:06 AM: Message edited by: its50 ]
 
Posted by hidnn.o.s. (Member # 1219) on :
 
Don't buy a home with a psycho bitch when you aren't even married OR engaged....

Hope that helps....
 
Posted by NEIGHT (Member # 8741) on :
 
quote:
Originally posted by hidnn.o.s.:
Don't buy a home with a psycho bitch when you aren't even married OR engaged....

Hope that helps....
Thank you. [patriot]
 
Posted by venomous99 (Member # 1917) on :
 
why not give more detail on your situation so the cafords financial experts can guide u on the right track? [Wink] ...this is the go to source for invaluable non car related information.
 
Posted by MikeD. (Member # 8060) on :
 
I bought a Zr1 corvette and then declared bankruptcy..

Jk.

But I would hope you are in some serious debt, and just completely unable to pay bills before you make that descision. My parents owned a buisness in a Napa 25yrs ago. They dropped everything they had into it, and it worked well for 5 years, shit hit the fan and they were upsidedown drowing in it. They declared bankruptcy and still to this day it affects them.
 
Posted by hidnn.o.s. (Member # 1219) on :
 
quote:
Originally posted by venomous99:
why not give more detail on your situation so the cafords financial experts can guide u on the right track? [Wink] ...this is the go to source for invaluable non car related information.
[patriot] [Razz] [patriot]
 
Posted by v-town coupe (Member # 2771) on :
 
if you want any decent advice you should

1. try a different message board

2. give us a little info as to why you want to do this.

Filling bankruptcy is a big deal and you dont get away with murder like you would have back in the early 90's or 80's. I had a friend tell me he was going to file because he owed $15k in debt [Roll Eyes] , you should be in pretty bad shape before filling.

the amount of debt, your age, and the age of your debt(s) should all be looked at carefully before deciding to file.
 
Posted by ISP89LX (Member # 8949) on :
 
quote:
Originally posted by v-town coupe:
if you want any decent advice you should

1. try a different message board

2. give us a little info as to why you want to do this.

Filling bankruptcy is a big deal and you dont get away with murder like you would have back in the early 90's or 80's. I had a friend tell me he was going to file because he owed $15k in debt [Roll Eyes] , you should be in pretty bad shape before filling.

the amount of debt, your age, and the age of your debt(s) should all be looked at carefully before deciding to file.
Well said...I've been in similar situations but its never worth the thought of filling for bankruptcy unless its a huge amount like stated by other's. If its something you can work out then handle your business bro we are capable of everything and anything so don't give up if it's something that's still within grasp. Hope you get everything solved bro.
[patriot]
 
Posted by N8 (Member # 6048) on :
 
I learned a lot about how credit works here. They have a BK section
http://creditboards.com/forums/index.php?act=idx
 
Posted by DIRTY SALLY (Member # 7845) on :
 
[Roll Eyes]
 
Posted by jmcclesk (Member # 1355) on :
 
quote:
Originally posted by venomous99:
why not give more detail on your situation so the cafords financial experts can guide u on the right track? [Wink] ...this is the go to source for invaluable non car related information.
[patriot] [patriot]
from gods lips to our ears
 
Posted by 92LxHatch (Member # 11387) on :
 
haha.WHAT A LOOSER
 
Posted by hidnn.o.s. (Member # 1219) on :
 
quote:
Originally posted by 92LxHatch:
haha.WHAT A LOOSER
You're going to call him that, and spell like that [Roll Eyes]
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by hidnn.o.s.:
quote:
Originally posted by 92LxHatch:
haha.WHAT A LOOSER
You're going to call him that, and spell like that [Roll Eyes]
that is comedy...lol
 
Posted by its50 (Member # 4069) on :
 
Well i lost my mach 1 over a year ago and i still owed like 14k on it.they took it and sold it then a few months later they sent me a letter saying if i dont pay it off they are gonna take it to court and i will have to pay all of that as well.someone i work with did it and he said 6 monhs later he went out and bought a brand new car.alot of people been telling me its not at as as it use to be.just wanted some input here to see what i can come up with.thanks
 
Posted by JUNKYARD5.0 (Member # 10398) on :
 
quote:
Originally posted by hidnn.o.s.:
quote:
Originally posted by 2T0NE:
haha.WHAT A LOOSER
You're going to call him that, and spell like that [Roll Eyes]
[Roll Eyes]
 
Posted by hidnn.o.s. (Member # 1219) on :
 
quote:
Originally posted by its50:
alot of people been telling me its not at as as it use to be.
That is true
 
Posted by v-town coupe (Member # 2771) on :
 
quote:
Originally posted by its50:
Well i lost my mach 1 over a year ago and i still owed like 14k on it.they took it and sold it then a few months later they sent me a letter saying if i dont pay it off they are gonna take it to court and i will have to pay all of that as well.someone i work with did it and he said 6 monhs later he went out and bought a brand new car.alot of people been telling me its not at as as it use to be.just wanted some input here to see what i can come up with.thanks
so did they give you any credit for the amount they got for the car when it went to auction? sure your buddy at work went and got another car but filling for bankruptcy does not seem worth it over $14k.

you ask your friend at work what his interest rate was on this car he bought? how long his loan is for? you ask him if anyone co-signed? either way you save up a decent down payment and get something worked out with the company you got the loan from on your mach. I'm sure it will look a lot better if you were making small payments to them. do you own a home? if not then I would highly discourage you from filling as it could come back and bite you in the ass when going to buy a home.

What im trying to get at is car loans are still pretty much just handed out. filling bankruptcy for a new whip is not the answer, you have to remember that this will stay on your record for years! what is it? 7 years and something falls off your record? and bankruptcy stays on for 7-9 years(sorry I dont know how long). well...... you already got 1 year down out of the 7 to let it fall off. negotiate with the place your mach loan was through and tell them you want to work with them but they need to help you by showing you've made payments.

make some small payments for a little bit, save some extra$$$ for your down payment and when everything is all good get your car and at that point its up to you on what to do wether you want to keep paying that lender on your mach or what ever.

Whats the difference of you paying this Mach lender or a an attorney? and you will have already have a year down out of 7 to let it fall off your record. you never know what will happen in the future and to have the Bankruptcy lingering is all bad.

what if you go gambling and win $20k? you'll be like damn I could have put this money down towards buying a house but i filled bankruptcy. thats just a scenario for ya.
 
Posted by v-town coupe (Member # 2771) on :
 
you dont need to air out all your business on here, BUT if your a young guy living at home still and dont see a house in your immediate future you will probably be able to bounce back fairly quick if you file.

if your on the older side (lets say 28-30+) waiting for that bankruptcy to clear may take its toll on you as you'll be tipping 40 before its all good again and mean while sure you got out of that $14k owed BUT you will pay one way or another because car loans,credit cards hell even getting PG&E turned on in a new home is all going to cost you more due to really bad credit.

is this Mach the only item F'ing your credit up? is there some cheaper things that could be handled to help boost your score?

when I took this financial course they always drilled into our heads:"when fixing credit, start with the cheapest, most current items first!"
 
Posted by stanger50 (Member # 1665) on :
 
Let the Mach 1 loan go. The bank can sell the debt to collections and they can possibly garnish your wages, but I dout that. You can get another car loan now, its just your gonna need a huge down payment, co-signer and the APR % rate will be @ 24%.

Like mentioned before, dont file dude, your better of making small payments to keep the collector off your back. I worked very hard for my 799 credit score and would work 3 jobs if needed to keep it that way. Everone is in debt at some point of their lives. We will always owe money to someone. Hell, I owe $280k on my house. Thats way worse than your $14k. It sounds to me that your young and got coaght up with excessive car payments.
 
Posted by Secnd2nun64 (Member # 1431) on :
 
http://www.youtube.com/watch?v=hiCilTzhXrA

http://www.youtube.com/watch?v=grMBw8xKBl4

Sorry, it's one of my favorite episodes!!
[Big Grin]

Dont file BK over a car.
 
Posted by Cobra 93-4992 (Member # 4992) on :
 
Annualcreditreport.com. They can sue you but most likely won't. They will probably put a collection on your credit report which will fall off after 5-7 years. If you pull up your credit report it will tell you. Don't ever finance a car, it's never worth it.
 
Posted by its50 (Member # 4069) on :
 
Wasnt even the payment.the last 6 months i had the car it didnt run but i wanted to keep it until i got the money to fix my baby but it got towed one weekend from my house while i was outta town.by the time i got home and even realized it was gone it was like 2k to get out.had some drastic living situation changes and alot of shit come down on me at the same time...the car is all i have on my credit everything else i always kept up with.just wanted more input befor i think about filing.alot of you guys come with alot of valid points so this was my last stop.lol
 
Posted by 1ST0KGT (Member # 10606) on :
 
That should be your last option, but if you are that bad in bills I would recommend selling coke, you will bounce back in two months [Big Grin] jk
 
Posted by its50 (Member # 4069) on :
 
quote:
Originally posted by 1ST0KGT:
That should be your last option, but if you are that bad in bills I would recommend selling coke, you will bounce back in two months [Big Grin] jk
Thought about it...lol.i been bustin ass at work.30 hours of ot this commin check but damn.....smh
 
Posted by SwEeT 03 Gt (Member # 10283) on :
 
quote:
Originally posted by MikeD.:
buy a Zr1 corvette and then declared bankruptcy..

this ^^^ or a shebly gt500 [Razz]
 
Posted by hidnn.o.s. (Member # 1219) on :
 
quote:
Originally posted by stanger50:
Let the Mach 1 loan go. The bank can sell the debt to collections and they can possibly garnish your wages, but I dout that. You can get another car loan now, its just your gonna need a huge down payment, co-signer and the APR % rate will be @ 24%.

Like mentioned before, dont file dude, your better of making small payments to keep the collector off your back. I worked very hard for my 799 credit score and would work 3 jobs if needed to keep it that way. Everone is in debt at some point of their lives. We will always owe money to someone. Hell, I owe $280k on my house. Thats way worse than your $14k. It sounds to me that your young and got coaght up with excessive car payments.
False
 
Posted by its50 (Member # 4069) on :
 
quote:
Originally posted by SwEeT 03 Gt:
quote:
Originally posted by MikeD.:
buy a Zr1 corvette and then declared bankruptcy..

this ^^^ or a shebly gt500 [Razz]
do people really do that????i had a few people tell me max out everything and go get a car or motorcycle then do it .....sounded like a good idea. I could go for another stang myself

[ April 03, 2012, 10:17 PM: Message edited by: its50 ]
 
Posted by v-town coupe (Member # 2771) on :
 
quote:
Originally posted by its50:
quote:
Originally posted by SwEeT 03 Gt:
quote:
Originally posted by MikeD.:
buy a Zr1 corvette and then declared bankruptcy..

this ^^^ or a shebly gt500 [Razz]
do people really do that????i had a few people tell me max out everything and go get a car or motorcycle then do it .....sounded like a good idea. I could go for another stang myself
see thats what I'm saying, I have heard of people in the past doing that but like i said were not in the 80's and 90's anymore and with the high amount of foreclosings and higher bankruptcy fillings I remember there being some laws passed a few years ago to change a lot of that stuff.

so you really want to talk to an attorney to atleast find out what has changed recently and ask all the questions you can and take his advice with a grain of salt so to say cause you have to remember they are out to make money and if you dont file he doesnt get paid.

if it was that easy to acquire stuff and pass on the bill there would be a lot more folks doing it!
 
Posted by rwc (Member # 8047) on :
 
whats your friends interest rate is the number one question. bet its between 17-25%. i really cant count how many cars iv picked up and i hear the r/o say " im not worried ill have a brand new car in 6 months. guess what he i come again to take it back for the bank. im assuming you had your loan with ford motor credit. make arrangements to pay them 100 bucks a month till its gone. thats what i would do. but you do have the repo on your credit report and that stays on there the same amount of time as the bk. its your choice if you have a bunch of credit cards you want to 86 with the car loan then go for it
 
Posted by ISP89LX (Member # 8949) on :
 
quote:
Originally posted by hidnn.o.s.:
quote:
Originally posted by 92LxHatch:
haha.WHAT A LOOSER
You're going to call him that, and spell like that [Roll Eyes]
Haha for real's what a dipshit. If you going to talk shit check your spelling bruh!!!

[ April 03, 2012, 11:25 PM: Message edited by: ISP89LX ]
 
Posted by its50 (Member # 4069) on :
 
quote:
Originally posted by rwc:
whats your friends interest rate is the number one question. bet its between 17-25%. i really cant count how many cars iv picked up and i hear the r/o say " im not worried ill have a brand new car in 6 months. guess what he i come again to take it back for the bank. im assuming you had your loan with ford motor credit. make arrangements to pay them 100 bucks a month till its gone. thats what i would do. but you do have the repo on your credit report and that stays on there the same amount of time as the bk. its your choice if you have a bunch of credit cards you want to 86 with the car loan then go for it
not to sure he said doesnt remember it was 8i years ago and he got two cars one for him and one for the wife.he is a old fuk i work with ...
 
Posted by its50 (Member # 4069) on :
 
Anyone know any good attornies?????
 
Posted by phonso302 (Member # 9260) on :
 
Why not man up and pay for what you asked/signed for? 500x a month could wipe that down in a little over two years.

Bankruptcy wasn't made to bail you out after you buy something you can't afford. Its to help people facing real financial hardship.

You thinking about going out and "maxing out" credit cards and buying expensive shit shows alot about your moral character...

What if I borrowed money or got parts on credit from you and just decided to tell you to fuck off and not pay? I bet you would run on here and call me a lowlife thieving scamming dead beat piece of shit in a heart beat....
 
Posted by its50 (Member # 4069) on :
 
First of all im not maxing out shit i paid all my credit cards off well the two have.second im not trying to buy anyhing else at this point in time in my life.when i said what i said it was a question if people really do that.i never delt with shit like this befor then the new stang joke came after that .i was trying to work something out with them but they were telling me i gotta give them 2300 bucks just to keep them from filing a lawsuit and keeping the courts out of it.then after i do they can accept payments from me.
 
Posted by fam_lace (Member # 8565) on :
 
You probably shouldn't have posted this on here cause u got dumb asses and judgmental ass people on here that rather be hella disrespect and not try and help but I know its a few different chapters that u could file just deal with an attorney u could even try calling those paralegals they could help and u don't have to deal with some of the jack ass people like above hope u get it worked out bruh good luck
 
Posted by autumnstang97 (Member # 6111) on :
 
Don't file for BR. Deal with it and move forward. You can pull through you'll be cool...just work it out with the loan company and try to pay it off ASAP even if that means eating top ramen for two years... Seek financial advice elsewhere bc threads tend to shy away off topic. Good luck.
 
Posted by CobramanPhil (Member # 2170) on :
 
Filing bankruptcy is the absolute last thing you should consider...especially over just 14K. If it comes to a point where you cannot afford to eat then..okay..do it. Other than that it is always better to tough it out and get your finances in order. Get a beater for transportation and don't worry about mustangs for a while.
 
Posted by its50 (Member # 4069) on :
 
yea thats been the way i been thinking about it from the jump street but i kept having people put that in my ear so i got a little curious about it.i havent looked into at all that why i wanted a little more feedback befor i did.i have been asking everyone i know.
 
Posted by its50 (Member # 4069) on :
 
quote:
Originally posted by phonso302:
Why not man up and pay for what you asked/signed for? 500x a month could wipe that down in a little over two years.

Bankruptcy wasn't made to bail you out after you buy something you can't afford. Its to help people facing real financial hardship.

You thinking about going out and "maxing out" credit cards and buying expensive shit shows alot about your moral character...

What if I borrowed money or got parts on credit from you and just decided to tell you to fuck off and not pay? I bet you would run on here and call me a lowlife thieving scamming dead beat piece of shit in a heart beat....
i bet i wouldnt because that would be my fault for giving you some AFR 185s cause u drive the same car as me and you seemed pretty fucking cool.lol.i dont roll like that,thats not my thing.and as far as you thinking i couldnt afford it your wrong.my payment was 450 and i gave 600 every payment.the car did run and it sat for months in my parking stall.the car was gone and i didnt even know it.then i had a death in the family and i forked out some cash i had aside to take my car to AED.then my living situation change and some old old shit popped up and at that very moment my life was in a shit hole.i have been paying off someones doctor bill because i did smething i shouldnt have but had to or else i woulda been the one is the hospital.i never try to get over anyone at all.i dont give a fuck if its 2 cent i always make sure you get your shit back and nine out of ten i give a lil extra just because u had my back when needed.thanks for your input though dude [patriot]
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by N8:
I learned a lot about how credit works here. They have a BK section
http://creditboards.com/forums/index.php?act=idx
[patriot]

I frequently browse through creditboards on a daily basis. I get most of my financial / credit related advices from the experts there.

In addition they even answered most of the questions I had related to my first home investment.

Creditboards FTMFW

I would also recommend expertlaw.com for all legal related inquiries and MyFico.com for other credit-related inquiries.
 
Posted by AL STOCK (Member # 1852) on :
 
quote:
Originally posted by stanger50:
Let the Mach 1 loan go. The bank can sell the debt to collections and they can possibly garnish your wages, but I dout that. You can get another car loan now, its just your gonna need a huge down payment, co-signer and the APR % rate will be @ 24%.

I highly recommend against this, you owe them money and sooner or later it WILL come back to you if you ever think of purchasing a home.

You are young and owe $14k for a car, I say speak with the bank and work-out some sort of payment plan. I'd try my best to keep the $14K off my credit.

Speak with the bank, sometimes they are willing to work with you.

Again, i'm only giving you advice based off experience however I do recommend speaking with financial advisers or credit counselors.
 
Posted by phonso302 (Member # 9260) on :
 
I apologize about my comment towards you, I took it as you where thinking about going out an buying shit on credit with the intention of not paying and going bk..
 
Posted by hidnn.o.s. (Member # 1219) on :
 
You're getting a lot of FALSE information on here from people who "heard" of high interest rates, not being able to purchase cars or homes ETC! There are different chapters and options, call a specialist and discuss "your options and needs," you will not be steered wrong by him or her.
 
Posted by its50 (Member # 4069) on :
 
quote:
Originally posted by phonso302:
I apologize about my comment towards you, I took it as you where thinking about going out an buying shit on credit with the intention of not paying and going bk..
its all good bro wasnt that serious just getting feedback from real people.
 




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