UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: EMTneeded One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308475  
Subject: Re: Where do I go from here Date: 10/17/2000 6:50 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
There are a couple things you can do:

First, you can file bankruptcy chapter 13 (maybe 7) this gives you court ordered payments and restructures the debt, even the IRS. Stays with you forever (10 years) but your credit is shoot anyway why not get the protection you need. Many people look down on bankruptcy, but you aren't avoiding the debt, just reorganizing it.

Secondly, you could go to the IRS and ask them to garnish your wages. Sounds stupid but total gaarnishments can only take 15% of after tax $$.
If the cards get there first, they will get 15% and you still have to pay the IRS out of the remaining 85%.

Thirdly, if you have a friend or relative who is an attorney, have them write a letter on their firms letterhead stating your financial delema and that you are examining ALL possibilities and that their assistance in resolving this matter is greatly appreciated. Their assistance by not contacting you at work or after 8:30 p.m. nor before 8:00 a.m.(adjust times to your work and sleep schedule)

Lastly, since these are credit cards you could go to a not for profit credit counselling service and ask for help.

These may seem unorthodox but will help you remain calm and less stressed. I am 33 y.o. and have been in debt since I was 18 (student loans suck) I have come to the conclusion that no one (person or company) is worth losing a night sleep over, getting an ulcer, nor are they worth added aggrevation during the day.

Live a long happy life, and don't let it get you down.
Do what you can, you can't do anymore.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Macro Economics

2.1: The Labor Pool Problem
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement