beeiilll Posted December 8, 2011 Share Posted December 8, 2011 I hate to put this on an open forum like LOR, but some of you folks are my extended family and I do need to ask for a bit of advice.I have had troubles for the last 2 years with my health and the economy going south which has lead me to my present state of affairs that are pretty dire I'm afraid.Yesterday I got my first call from a collection agency looking to collect on a large credit card bill that I have not been paying on for a few months as I have been more worried about making my mortage payments and basic bills to keep my home and the lights on.I am having trouble finding enough work to bring in a steady income now and I also am suffering from arthritis, tendonitis, bad back and a bad knee that are really making it tough for me to get going most days.I know that I am also very depressed over just about everything and some things that have happened in life.This is really bringing me farther down everyday it seems and I am pretty much ready to throw in the towel and give up.So the question I have is has anyone out there ever filed for bankrupcy?I am considering it since I know the next step will be for the collection people to freeze my bank account probably?I would like to know how much I am going to lose if I file? My only big bills are the credit card and my mortgage. I own my vehicle outright and only have the regular bills of phone, electric, and insurances to take care of now and with my aches and pains and lack of work it is impossible to maek them consistently.Any one out there with any advice who can give me some insight?Please.Thanks friends and I do hate to bring this up at this time of year, but I don't think it can wait any longer.Bill Link to comment Share on other sites More sharing options...
Redbirdruss Posted December 8, 2011 Share Posted December 8, 2011 Sorry to hear about your troubles Bill. I have been through similar financial circumstances in life and feel your pain.As a practical matter, the credit card company can do nothing but have the collection agency call and bother you. It's annoying but all you have to do tell them is to quit harrassing you and then hang up. They are paid to be ruthless so don't feel sorry for the caller. They can't freeze your assetts or repossess anything because credit cards are unsecured loans.I wouldn't declare bankruptcy unless you have more than $20K in outstanding debt but speaking with a lawyer would probably be prudent. A consultation is free but declaring bankruptcy isn't and it will ruin your credit for 7 years.Keep your head up, the clouds will part and the sun will come out.Merry Christmas and Best Wishes Link to comment Share on other sites More sharing options...
bisquit476 Posted December 8, 2011 Share Posted December 8, 2011 Hi Bill,Sorry to hear of your problems, here's something you may want to look at, like Russ said, they can't freeze anything, even if they take you to court, the only thing they can do is put a lien on your house, but most likely it would cost them more to do that then to charge off the bill.http://www.ftc.gov/os/statutes/031224fcra.pdf Link to comment Share on other sites More sharing options...
Guest guest Posted December 8, 2011 Share Posted December 8, 2011 I would recommend you get advice from a competent attorney as far as what the creditors can and cannot do in your particular state if they decide to take civil action to collect.They certainly can take civil action, get a judgment, and depending on the state and what is allowed, attempt to collect. The FCRA really doesn't apply/speak to as to what steps a creditor can and cannot take to collect a debt from a legal standpoint.While you may get deserved support from everyone here, its not expert advise that I would recommend you lean on as to how to protect yourself from creditors, and whether you should make a life-changing decision such as filing for bankruptcy.Having been on the other side of the fence, collecting a contracted debt, in Florida, I can tell you that once a judgment is awarded to the creditor, there are a lot of steps that can be taken to collect... Link to comment Share on other sites More sharing options...
Surfing4Dough Posted December 8, 2011 Share Posted December 8, 2011 I also strongly recommend that you talk to your doctor soon about getting your depression treated or treated better (it is very common these days for both reasons you mentioned--finances and pain, especially for men). It tends to help your situation--depression causes pain to intensify(confirmed in studies). Depression tends to limit your employment opportunities--even though you don't think potential employers can sense your depression, they can, which limits their willingness to hire you for a job (would you hire you knowing how you feel?). You have some very important life decisions that you have to make in the very near future and you don't want any of such decisions to be tainted by any ounce of emotion but instead be based entirely on wisdom. Plus, even though it might not make your life situation change, you might as well feel better ("more your self") while going through it--it will help you rebound on the backside. Link to comment Share on other sites More sharing options...
De Trommelslager Posted December 8, 2011 Share Posted December 8, 2011 Regarding your priority in paying bills, take care of your four walls first. Mortgage, utilities, food, meds. In other words, make sure you have a place to live and food to eat. Everything else is secondary.Let the credit card company(s) call. Just tell them that your budget can't cover them this month and you'll try to catch them next month. I had a kid that used to work for me get over his head in debt, and then let the collection agencies start making his financial decisions for him. In other words, he'd let them threaten him until he caved in and would pay their bill knowing that his mortgage money would be gone. He ultimately lost his house (and his wife), but his credit cards were current. Great plan!I don't know your whole situation, but do seek some help both financially (not a loan; either attorney or financial planner) and personally (doctors and close friend(s)). Make a decision to fight, and then make a battle plan to get on top of things that will work for you. That might mean downsizing and moving or just simply finding a stead source of income.Make a budget and know where every dollar goes if you haven't already. Spend them wisely; like time, you can only spend them once so make them count. Avoid the extras (cable TV, Starbucks, etc.) until you get in a better spot, then reward yourself for attaining a goal.Best wishes and good luck!! Link to comment Share on other sites More sharing options...
Guest Don Gillespie Posted December 8, 2011 Share Posted December 8, 2011 Bill sorry to hear about your troubles, everyone has given you good advice, I have no idea what the laws are down in the states so I won't profess to know them and give you advice, but please see a doctor about your depresion, your health is important, as a fellow carpenter things are looking up the economy is going to get stronger and there will be work hang in there and be strong. Link to comment Share on other sites More sharing options...
George Simmons Posted December 8, 2011 Share Posted December 8, 2011 Bill, you know we're here for you whenever you need us. There's never a good time of year to go through tough times, so don't feel bad about it being this season or that season. A lot of us have been where you are, including me, and the best thing to do is keep putting one foot in front of the other and making the best decisions you can when they come your way. Keep us informed - we care. Link to comment Share on other sites More sharing options...
bdeditch Posted December 8, 2011 Share Posted December 8, 2011 Surfing4Dough wrote: I also strongly recommend that you talk to your doctor soon about getting your depression treated or treated better (it is very common these days for both reasons you mentioned--finances and pain, especially for men). It tends to help your situation--depression causes pain to intensify(confirmed in studies). Depression tends to limit your employment opportunities--even though you don't think potential employers can sense your depression, they can, which limits their willingness to hire you for a job (would you hire you knowing how you feel?). You have some very important life decisions that you have to make in the very near future and you don't want any of such decisions to be tainted by any ounce of emotion but instead be based entirely on wisdom. Plus, even though it might not make your life situation change, you might as well feel better ("more your self") while going through it--it will help you rebound on the backside.I agree with Surfing, no one is saying you are mentally ill, but get to a Doctor. I have been in a similar situation many years ago and it drove me up the wall more than once. Think of your health first. And don't think you are in the only one that this is happening too. You are trying. Also if you want some other free info go to Clark Howard.com they have a lot of help on things like this, and I have to admit I do trust him on some of his approaches to things like this, and he hates collections agency's and think they are all crooks. Don't every think thats things are never going to get better, they will, you have friends here and it shows by the posts concerning this. We do care about each other out here. Link to comment Share on other sites More sharing options...
Denis Chaput Posted December 8, 2011 Share Posted December 8, 2011 Sorry to hear about your troubles but like everyone said here take care of your health and family first.Also talking about it with friends is sometiomes the best therapy, you are not aloneDenis Link to comment Share on other sites More sharing options...
scubado Posted December 8, 2011 Share Posted December 8, 2011 My wife lives with depression and Post Traumatic Stress Disorder and is on SSI because of it. This time of year is the worst for her. We did a bankruptcy 11 years ago because of medical bills, about $40,000 because of a month's stay when the crap hit the fan with my wife. No way was I going to pay that much and not much came out of that. I have no idea what the current laws are now, but it doesn't hurt to look into it. Get help from a Phychiatrist, they can prescribe meds that will help. The meds take several days just to get started and then find the right level that works for you.Thoughts and prayers are with you. Link to comment Share on other sites More sharing options...
beeiilll Posted December 8, 2011 Author Share Posted December 8, 2011 I want to Thank all of you from the bottom of my heart for all the kind words and support.Guess this is another of one of the reasons why this "hobby" helps!It is nice to find a "family of friends" out there who understand at least. Being that I have no family anymore, no significant other or children makes it tough to keep going at times. I pretty much have just myself to talk too about stuff a lot of the time (and wouldn't you know, I argue with myself!)It was a tough day yesterday and then a long sleepless night last night so this morning I was feeling pretty beat up and down.I have an appointment with a doctor to talk about things and see what can be done for the mental state of things and a friend is checking into attorneys for me to go look into the financial end.One day at a time and one step at a time. Each new day starts with a first step as they say. Guess I was having one of those "which foot do I stick out first days today".Your a great bunch of folks and I truely appreciate your support.Thank you all and have a great holiday season.Bill Ellick Link to comment Share on other sites More sharing options...
beeiilll Posted December 8, 2011 Author Share Posted December 8, 2011 Sorry - double post Link to comment Share on other sites More sharing options...
Surfing4Dough Posted December 8, 2011 Share Posted December 8, 2011 beeiilll wrote: I have an appointment with a doctor to talk about things and see what can be done for the mental state of things and a friend is checking into attorneys for me to go look into the financial end.Bill Ellick Very glad to hear that you have an appointment with your doc. You don't need to see a psychiatrist necessarily--any decent primary care provider should be able to manage possible depression and/or anxiety more than adequately. Most are seeing multiple patients with similar complaints every day, so you are not alone when it comes to this.Just make sure you take it one day (or even hour) at a time, and trust that things will get better--because they will for sure! Link to comment Share on other sites More sharing options...
caniac Posted December 8, 2011 Share Posted December 8, 2011 beeiilll wrote: I hate to put this on an open forum like LOR, but some of you folks are my extended family and I do need to ask for a bit of advice.I have had troubles for the last 2 years with my health and the economy going south which has lead me to my present state of affairs that are pretty dire I'm afraid.Yesterday I got my first call from a collection agency looking to collect on a large credit card bill that I have not been paying on for a few months as I have been more worried about making my mortage payments and basic bills to keep my home and the lights on.I am having trouble finding enough work to bring in a steady income now and I also am suffering from arthritis, tendonitis, bad back and a bad knee that are really making it tough for me to get going most days.I know that I am also very depressed over just about everything and some things that have happened in life.This is really bringing me farther down everyday it seems and I am pretty much ready to throw in the towel and give up.So the question I have is has anyone out there ever filed for bankrupcy?I am considering it since I know the next step will be for the collection people to freeze my bank account probably?I would like to know how much I am going to lose if I file? My only big bills are the credit card and my mortgage. I own my vehicle outright and only have the regular bills of phone, electric, and insurances to take care of now and with my aches and pains and lack of work it is impossible to make them consistently.Any one out there with any advice who can give me some insight?Please.Thanks friends and I do hate to bring this up at this time of year, but I don't think it can wait any longer.BillI did but under different circumstances (loaned my son my truck, he gets in wreck that shuts down major highway for 5 hours in both directions, 1 person died and several injured, wasn't his fault (blown tire) but he was driving with a suspended license, dear old dad on the hook) and was staring down the barrel of a $3.5mil judgment. Negated that and took care of a couple of other pesky situations from a prior marriage. It can give you a fresh start but you need a good attorney. Link to comment Share on other sites More sharing options...
alchrisr01 Posted December 8, 2011 Share Posted December 8, 2011 Go to DaveRamsey.com and read up. Link to comment Share on other sites More sharing options...
CooBeans Posted December 8, 2011 Share Posted December 8, 2011 alchrisr01 wrote: Go to DaveRamsey.com and read up.110% Agree with alchrisr01, My parents and I both fallow his program and we both love it!! Link to comment Share on other sites More sharing options...
bdeditch Posted December 8, 2011 Share Posted December 8, 2011 CooBeans wrote:alchrisr01 wrote: Go to DaveRamsey.com and read up.110% Agree with alchrisr01, My parents and I both fallow his program and we both love it!!He's darn good as well. They don't carry his show on the radio out in Northern CA anymore, I miss his great advise as well. Link to comment Share on other sites More sharing options...
toddmoon Posted December 8, 2011 Share Posted December 8, 2011 Take care of yourself and your family first. Realizing that you need help is the first step to helping your self.Like others have already said good medical care is very important. Good financial advice and planning is just as important. With all of the best of intentions my wife and I decided to care for dying mother and became tenants in common on a home. When her mother passed away she left with over $700K in medical bills. We went into the situation with out consulting with any kind of advice and it left us with a huge bill to pay off. We wound up working out a settlement that took us 7 years to payoff. I would definitely consult with an attorney or financial ad-visor before you make any long term decisions.There are many programs out there that can help with payment plans and budget workout programs that can help work with your creditors and help stop the harassment calls. Link to comment Share on other sites More sharing options...
MCas4380 Posted December 8, 2011 Share Posted December 8, 2011 Bill I have been where you at. I understand how tough this can be it beats you up quit abit. look locally for programs that provide credit help there are credit advisers that work for no cost to you and can tell you how to budget and deal with the credit collectors. talk to your bank and see if they know who they send people that ae cedit challanged to help fix there credit. i know that not what your problem is but that same person could be an assit in your corner fighting the credit company and in most cases they are a free service if not cheap cheaper then an attorney. Link to comment Share on other sites More sharing options...
Recommended Posts