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Topic: bankruptcy
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its50
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Member # 4069
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posted
 
 
anyone done this befor?????any recommendations?thanks
[ April 03, 2012, 03:06 AM: Message edited by: its50 ]
Posts: 940 | From: 510..fremont.. | Registered: Jan 2004
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hidnn.o.s.
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Member # 1219
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posted
Don't buy a home with a psycho bitch when you aren't even married OR engaged....
Hope that helps....
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R.I.P. Willie G. You are missed on this forum
Posts: 15950 | Registered: Apr 2002
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NEIGHT
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Member # 8741
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posted
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]](graemlins/patriot.gif)
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-Savage Habits-
1992 Summer Edition
1986 Hatch- catfish killer
1964 Impala hard top
Posts: 18528 | From: EA$T $IDE REDWOOD CITY | Registered: Nov 2008
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venomous99
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Member # 1917
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why not give more detail on your situation so the cafords financial experts can guide u on the right track? ![[Wink]](wink.gif) ...this is the go to source for invaluable non car related information.
Posts: 4811 | From: dc | Registered: Oct 2002
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MikeD.
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Member # 8060
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posted
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.
Posts: 2854 | From: Vacaville Ca, 707 | Registered: Nov 2007
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hidnn.o.s.
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Member # 1219
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posted
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? ...this is the go to source for invaluable non car related information.
![[Razz]](tongue.gif)
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R.I.P. Willie G. You are missed on this forum
Posts: 15950 | Registered: Apr 2002
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v-town coupe
fordologist
Member # 2771
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posted
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]](rolleyes.gif) , 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.
Posts: 4597 | From: the V-town | Registered: May 2003
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ISP89LX
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Member # 8949
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posted
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 , 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.
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89LX
Turbo50built!!!
Wait, he jacked my shit!!!
"Dan will make It rite" THIEF!
Posts: 2997 | From: Nowhere to be found. | Registered: Feb 2009
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DIRTY SALLY
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Member # 7845
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Savage Habits
instagram @2cheezen
Posts: 9145 | Registered: Aug 2007
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jmcclesk
Moderator
Member # 1355
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posted
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? ...this is the go to source for invaluable non car related information.
from gods lips to our ears
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Ford trained ASE master tech.
Posts: 4024 | From: marrysville | Registered: May 2002
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hidnn.o.s.
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Member # 1219
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posted
quote:
Originally posted by 92LxHatch:
haha.WHAT A LOOSER
You're going to call him that, and spell like that
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R.I.P. Willie G. You are missed on this forum
Posts: 15950 | Registered: Apr 2002
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N8
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Member # 6048
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posted
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
that is comedy...lol
Posts: 11638 | Registered: Sep 2005
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its50
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Member # 4069
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posted
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
Posts: 940 | From: 510..fremont.. | Registered: Jan 2004
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JUNKYARD5.0
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Member # 10398
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posted
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
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"My team doesn't make hits, we hit home runs"
86 Coupe-Storage
91 Coupe-Sold
91 Hatch-In Progress...
04 SVT-RIP
Posts: 1854 | From: WEST Menlo | Registered: Oct 2010
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hidnn.o.s.
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Member # 1219
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posted
quote:
Originally posted by its50:
alot of people been telling me its not at as as it use to be.
That is true
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R.I.P. Willie G. You are missed on this forum
Posts: 15950 | Registered: Apr 2002
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v-town coupe
fordologist
Member # 2771
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posted
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.
Posts: 4597 | From: the V-town | Registered: May 2003
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v-town coupe
fordologist
Member # 2771
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posted
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!"
Posts: 4597 | From: the V-town | Registered: May 2003
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stanger50
20yr club
Member # 1665
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posted
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.
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1998 Cobra SVT convertible
Bright Atlantic Blue (1 of 247)
20 year club.
Posts: 1318 | Registered: Aug 2002
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1996 GT
I'm Joe Yates
Member # 4992
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posted
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.
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http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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its50
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Member # 4069
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posted
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
Posts: 940 | From: 510..fremont.. | Registered: Jan 2004
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1ST0KGT
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Member # 10606
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posted
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]](biggrin.gif) jk
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RIP Willie Guzman (5LTRSVT)
04/24/87-11/23/12
Posts: 1742 | From: San Jose (SOUTH BAY) | Registered: Jan 2011
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its50
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Member # 4069
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posted
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 jk
Thought about it...lol.i been bustin ass at work.30 hours of ot this commin check but damn.....smh
Posts: 940 | From: 510..fremont.. | Registered: Jan 2004
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