Bad Credit Car Loan?

Just go to the dealership and see what happens. Definitely buy a used car you have a strong downpayment if your looking for something in the $10,000 range maybe even less. Whats the worse that can happen? They say NO or you say NO....

Maybe you will get a high interest rate thats what you get with bad credit...But if your filing for BK wont most of youjr commitments be gone? If so so pay more and pay that off ASAP make sure they dont have a penaltiy for doing so...


If you dont get approved ..It looks like you have to have a car so see what you can pawn off or sell on the internet. Most people have some things of value if you can find away to turn $3,000 to $7,000 you can buy something cash.....This might actually be the best thing...

But I disagree with most here getting a car should be a high priority if you cant get to work you cant work........

 

47K a year in the OC area is about 35K in Houston. Second, a student loan and child support take a huge chunk of his pay.

I am not saying he is great with money, but his situation is not as great as some seem to think. Also, he does need a dependable car or he will lose his job, it has to be a top priority.

 

I like how people consider the status of another person's debt as some emblem of that person's moral worth.

You know what I think? I don't give a ****. **** credit card companies, **** loan companies, **** 'em all. Take as much as you can from them, for as long as you can, and then die.

**** them.

As long as we live in a culture that has massive pools of capital sitting in the accounts of a handful of people, festering like a pus-filled boil on the face of the United States, then **** them all. Capital is only valuable when it's moving. Hording ***** deserve to have their wealth liberated - and if the only way a person can do that is to take massive loans from them, put that money back into the economy (where it will actually move) and then never pay the ****ers back ... then that's great! Everyone should do it!

They can do whatever they want with my **** when I'm dead and gone.

 

You can file an amended return. I suggest you at least look into how much additional money you can get. 6 cents/mile on 10,000 miles is an extra $600 in deductions. For someone in you precarious financial position, it would be a shame to have money you are entitled to sitting out there.

 

You should continue trying to work with the credit card companies. Go up the ladder and make sure that they understand you may be filing bankruptcy. Even if you think you have done all you can with them, try again. Be persistent. Write registered letters exposing your predicament and asking for consideration.

How much is your bankruptcy attorney charging you?

 

There is some great advice being given in this thread. I'm learning quite a bit.

 

Your major problem is those student loans -- they aren't going anywhere. I'm surprised with you living in Cali that they haven't already starting pulling money out of your paycheck.

 

Student loans are indeed protected from BR like someone had asked. I had a relative file a few years ago, as their lawyer put it, BR is for people who have money. It usually cost a couple grand to get someone to work for you.

 

You better pray you die single then, if not your kids and significant other are going to be getting some pretty bad news. I've personally taken a few hours and thought about the consequences of racking up thousands in debt and then telling them to kiss my ass, after all we don't have a debtors prison in the US.

 

He should be warned that amended returns do raise a flag with the IRS. At the very least, his return is probably going to be looked at. He may not get audited, especially over 600 bucks, but amended returns do increase audit exposure.

I generally advise against amended returns unless it's significant (or it's an error going to the other - increased liability for the taxpayer, since the IRS seems to be "nicer" when you tell them you goofed up instead of making them figure it out themselves).

 

This is a very accurate statement.

Also, 9 times out of 10 when a client goes into bankruptcy protection the car payments are added into the bankruptcy. You must specify that you do not want the vehicle under the bankruptcy to your lawyer, which he will advise you against. This is why your bk lawyer is insisting you purchase a vehicle before your bk hits your credit.

I have applications hit my desk on a daily basis with clients that are in bankruptcy. They are automatic turn downs.

 

I intend to. But I'm not actually doing this. I'm just against the perception of debt as having some sort of moral dimension. It doesn't.

 

Can't argue that. I would actually do something along those lines if for some reason I came down with a illness that gave me a specific time to live. At that point, I go out and do anything I want and then tell them to kiss my ass.

 

If you have nothing to hide, there is no need to fear an audit. Are you a CPA? If so, that is pretty bad advice to give out if folks should be filing amended returns and you are advising them against it.

 

I worked in a collection agency a year ago as a summer job, so I'll give you some info and hopefully I can help.

70-80% is a damn lie if that's the best they can do. That's usually what we're told to negotiate if you say you can't pay. Anything over 50% will fly most of the time, but you might have to submit "proof" of your financial situation, basically documents showing your struggling (bills, bank balances, etc)..Also, try to negotiate your deal at the end of the month. If they haven't hit their sales goals and are under pressure, this makes a huge difference. I've closed deals at 30-40% that I have started at the beginning of the month when I "couldn't go lower than 70%." We were short of our goals and this got accepted, just because it was the end of the month. Be persistent that you can't pay more than X amount, and don't budge.

Collection agencies usually teach their collectors to not get you off the phone without some kind of payment. 95%+ of ppl we call just don't answer their phones. If you are answering your phone, which I'm guessing you are since you stated they won't do less than 70-80%, then you are really controlling where this goes. Collectors are trained to pursue people who have picked up their phones and work something out, this is where you come up ahead. I would make 150+ calls daily and talk to less than 5 ppl. If you have talked to them, chances are they are interested in working out a deal. Hopefully every time you have talked to them you have low balled them. Them saying no less than 70% is just "hard ball" talk, and if you are persistent enough, you can get a MUCH better deal than that. Most of the debt settlement/management companies basically just "negotiate" you a deal, and charge you a fee, but this is something anyone can easily do for themselves. Honestly, to anyone in debt, the very best thing you can do when collectors are calling you, is to pick up your phone. If you have true intentions of paying off the debt, you can get a good settlement.

If you want, post which creditors you are currently in debt to and I'll give you some insight as to what average settlements with that creditor are. I've negotiated settlements for a wide range of creditors including GE money bank (usually department store CC's, walmart, sears, home depot, etc), to wells fargo, chase, etc. I'm guessing your CC stuff is already in collection agencies because your credit score has taken a hit..If this is the case, even better for you (not better for your score, but better for your current situation), because these companies just want to take what they can get (within reason) and collect their fee. If some of the cards are still in the collections of the CC company, its a bit harder, but once again..you can still get yourself a deal. They don't want to send it to collections where they have to pay the collection agency a fee. Just negotiate and stand your ground.