We live in PA and are currently enrolled in a debt reduction program which we enrolled in Sept 08. Our credit is trashed and we still have 3 years to go with the program or longer, which means that our credit will not get any better until the program is over since we aren’t paying our credit cards in the program. The fees for the program were pretty steep and on top of that, when the company negotiates our dept down, they take an additional 10% on top.
Since our credit is already trashed and the debt hasn’t really gone down, we are considering Chapter 7 bankruptcy. Is this a good move?

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I have a car loan (8% int. rate), a fixed 3% int. rate credit balance, & a 0% bal. expiring 4/09, which do I pay off 1st? I’d like to pay the car loan off first, but people are telling me it’ll be better for my credit if I pay off the credit balances first. Is that true? The 0% card is likely going to be transferred to another 0% promo offer I have in a few mo.s. (I teach at a school that just had salary reductions, so my income is low.)
Car loan – K
credit balances – 7K each
’07 Cobalt

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I am almost exactly 0,000.00 dollars in debt and I am single with one income and earn around ,200.00 per month.

The highest paying job I had after 5 years on college has been at .00 an hour where I worked for two years before getting laid off. Ever since, I have not been able to get a really good paying job with my degree.

Here are my debts:

,000.000 (and rising) to the IRS. After I bought my home, the IRS stopped working with me and everything became all threats with them answering every question with "I see you have a home, we don’t have to work with you-we can simply put the tax lien against your home) which they did.

I’m desperate to get from under this debt and I have heard stories about people making ridiculous settlement offers to the IRS and paying pennies on the dollar but the only settlement they will offer me is around ,900.00 (a 0 dollar reduction) IF I pay right away.

And this amount is originally ,000.00 with the rest being penalties and fees.

I owe ,000.00 on my home
I owe ,000.00 in medical bills
I owe ,000.00 in credit card bills
i owe ,000.00 in miscellaneous bills
I owe the utility company ,500.00
I owe Sallie mae (I had my student loans consolidated) ,000.00.

I can’t pay on any of them right now besides my home and my payment on that is 2.00 per month. I also live away from my home out of state and I pay 0.00 dollars for an efficiency.

Should I file bankruptcy? Which chapter should I file and how do you think it will help me?
PS-

I forgot to mention I just had a judgement filed against me by the lawyers for my HOA for 1,700.00 dollars and NOooooooooo I DO NOT want to sell my home. It will be lightyears before I’m able to buy another one.
The first answer given is why I want only "knowlegeable" folks to answer because they take the home if you file Ch. 7 NOT Ch. 13.

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I was about to default on my mortgage and all my credit cards were maxed out and delinquent. I was drowning in debt, when I saw the Great TV Evangelist Peter Popoff advise me that if I send him some money, all my debts would be erased. I found a lender who would give me a second mortgage for 0,000. I sent all the money to Rev. Popoff cause he IS a man of the LORD. I haven’t seen any reduction of my debts at all, and I’m about to lose my house and car and my wife is leaving me.
I figure that since he is Popoff is such a good Christian maybe all Christians could help him out and erase my debts.
I thank you all in advance since I know you are generous and caring people.
This request has been on R&S for 30 minutes now and no Christian has offered me any help. I always thought they were such nice people. They always told us Atheists about their love for fellow man. When they come to my door they say they want to help me. Their bible teaches them about charity to others less fortunate.
Go ahead you Christians. Send your money to your Jesus-jockeys and your silly tax-exempt churches. I"ll be OK , homeless, car-less, wife-less but knowing what Christianity is all about.

Please note: This is a parody. I am comfortable in my mortgage-free home, driving my North American made car with my lovely ex-Catholic wife.

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"Your account is only eligible for a maximum of three payment arrangements with interest rate reduction and/or no fees during the lifetime of the account.

Please also be advised that we will report your account as closed to the credit bureau.

It is important that you do not break or cancel your payment arrangement as you may not be eligible for an additional arrangement.
This payment program temporarily reduces the annual percentage rate (APR) and monthly payment on your account.

If your account was open prior to the start of this arrangement, it will be closed and will remain closed after the end of the arrangement.
The original cardmember terms will be reinstated upon completion of the program. The default APR will be reinstated if a payment does not post to the account as agreed (see your statement for details on your APR).

If you are currently enrolled in credit insurance or debt protection, it will be cancelled.

If two agreed upon payments are missed, the arrangement will be terminated.

Additional payments may be required at the end of the arrangement to bring your account current and under the credit line."

I’m trying to set up a payment arrangement to attempt to get a credit card that’s past due and over the limit back on the right track. Will this hurt my credit score severely?
my account is not closed yet

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I obtained a Chase Credit Card about a year ago with a ,000.00 credit limit an 0% introductory rate. I transferred a balance from my Discover card to that card to save on Interest Rates and haven’t increased the balance on the Discover Card, paying the minimum on the Chase card and continuing to pay down the Discover balance. I didn’t have any issues with Chase and when they opened a branch near my home, I decided to move my Checking Business to them.

I have about .000.00 every month deposited into the checking account from salary and expense reimbursements through my employer, so they were on track to handle over ,000.00 of my money in the course of a year. I received notice today that the Credit Limit on my Chase Card was being reduced from ,000.00 to ,200.00. My balance on the card is still below this and I have never been late on any of my payments to any of my creditors, so it’s not an issue although the reduction will have a very minor impact on my Debt to Credit ratio. It had a much bigger impact on my views of Chase and what they think of my business. I requested they reconsider this decision factoring in my Checking Account and they declined to reverse their decision.

It’s funny because yesterday, I received an offer from them for 0.00 if I opened a CD account. I had actually been considering refinancing my house through them as I didn’t have an issue until now. Now Monday, I’m going to go down and open a checking account with a local bank and move all of my checking business to them.

Why would Chase, or any bank for that matter, take such a dim view on their customers?

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Credit Card Debt Reduction

I am crushing with credit card debt and I am looking at working with a debt reduction program. You can see the adds on TV all the time on how they could negotiate a lower payment to help you get rid of your debt.I am looking at a number of programs but I am not sure how good these programs are and if they really work.

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Credit Card Debt Reduction

Basically my question is this: In a lenders eyes and for credit reporting/scoring purposes, are all loans viewed equally? Other than the commonly lower interest rates on student loans, is there any reason more attention should be given to credit cards and other loans when constructing a debt-reduction program? What are the pros and cons?
Some people seem to missing the point of my question (Hope). My credit is fine though I do have student loans for my undergrad and graduate education. I pay ALL of my bills ON TIME. I know lenders look at a debt-to-available credit ratio. I also know this is a variable in the formula they use to calculate your credit score. Because often times student loans are a necessary evil whereas credit cards aren’t, is there any difference in how their viewed for those purposes.

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