My Story - Advice needed (debt/possible bankruptcy)

[ChalkyDog]

Unsecured debt gets wiped off. If you were really smart, you took out additional loans, on secured debt, to people that have second priority. Meaning - more free money when you file bankruptcy.

These are the rules. You are playing by the rules.

[Boscoe]

25k isnt impossible to pay off. I assume you drive a decent car? Sell it then get some early 90s Honda for next to neothing. Move into a dumpy apt and find a roommate. Eat the dollar menu for all your meals. Get a second job waiting tables at night. If you are single its easy to do with no kids to take care of and no wife complaining. You could get this pretty manageable in a year or two

[djefferis]

BK is rough to recommended on what you list.

Screw payday lenders, work out plans with cu's and tackle the cc debt and get a 2nd job.

[probettor1]

If you dont have kids and you are making 30k a year you can pay, you just need to reduce expenses. My cousin will share rent expenses with you if you make her happy now and then. If you like 300 pound girls give a call.

[alling]

fade yourself

[BuddyBear]

your life is basically over if you declare bankruptcy. Call your creditors and set up a payment plan.

[arnoldrothstein]

Hi all,
K
Long time reader, first time (obviously) poster. I've racked up a ton of gambling debts over the past 1.5 years.
This isn't meant to be a sob story or anything, I'm just looking for some advice.

I have began to attend GA meetings, so that's a start.

However, I have the following:
$950 owed on payday loan 1
$1000 owed on payday loan 2
$1500 owed on payday loan 3
$9,500 owed to credit union 1
$2,500 owed to credit union 2
$3,500 owed to credit union 3
$2,500 GE Money bank CC
$500 capital one card
$300 GE Money bank card 2
$2,000 PNC CC
$500 chase card
-----------------------------------
This is a total of $25,000 of unsecured debt --- almost all of it went to gambling , and all of these lines of credit were opened in the past 2 years.


This is in addition to the $50,000 of student loans I owe.

My salary is only $35,000 a year, and I'm bringing home about $2,230 a month after taxes.


Basically, after rent, food and gas, there's not enough to pay all of my credit bills by just paying the minimums.

I'm looking for any advice/suggestions.

Anyone been in this type of situation?


I'm in a constant state of panic/worry/anxiety over this. I have a terrible feeling in my stomach 24/7, and it's all I can think about.

To make matters worse, I have a little over $100 in my bank account, and I'm never able to save any money....it all goes straight to the minimum payments.


Thanks for any input!

You call this debt I owe a credit union 22k alone from gambling debt don't sweat it

[arnoldrothstein]

If you file for bankruptcy with only 25k in debt you are a low life peice of shit. I have like 65000 and haven't filed pay it off

[frostno98]

Good job?

How is being enough of a dumbfukk to run up 25k of cc debt, with NOTHING to show for it, a "good job".

What about the companies that get fukked over when some dumbass likes this decides they can't repay their debts?

Lots of brokedikk fukks around here.

Makes me sick.....

CC companies don't get fukked over by Bankruptcy by the way, instead the government will tax them less. So they don't lose a penny, it's coming out of tax payers money as a whole.

[paranoyd androyd]

25k isnt impossible to pay off. I assume you drive a decent car? Sell it then get some early 90s Honda for next to neothing. Move into a dumpy apt and find a roommate. Eat the dollar menu for all your meals. Get a second job waiting tables at night. If you are single its easy to do with no kids to take care of and no wife complaining. You could get this pretty manageable in a year or two

Exactly, first sensible post of the thread.

$25K in 'debt' at this kid's age is nothing.

Thinking of filing for BK? LMFAO no.

[Balco10]

CC companies are insured by careless debters like this guy. If he files, they get paid so a blessing for them. Why don't you rack up some more debt and try to dig yourself out of the hole. You know you will be jonesing once football comes around. Bet USC every game this season.

[beermankirk]

in alot of places there are crdit consolidation agencies that will consolidate all your debt into one payment with less interest. This is your way out....

[manny24]

in alot of places there are crdit consolidation agencies that will consolidate all your debt into one payment with less interest. This is your way out....

guy is already buried and you're trying to set his funeral bouquet on fire for fukk's sake!...you play you pay old proverb book of corbin.

[manny24]

This guy called himself imscrewed, just for having a 25k debt, he is a pussie. He wont do that.
You should call your self imscrewed if you have terminal cancer, you got into an accident and got paraplegic, someone eat your face or you actually get screwed by a guy lebron's size.

probettor sharp post.

[manny24]

Hi all,

Long time reader, first time (obviously) poster. I've racked up a ton of gambling debts over the past 1.5 years.
This isn't meant to be a sob story or anything, I'm just looking for some advice.

I have began to attend GA meetings, so that's a start.

However, I have the following:
$950 owed on payday loan 1
$1000 owed on payday loan 2
$1500 owed on payday loan 3
$9,500 owed to credit union 1
$2,500 owed to credit union 2
$3,500 owed to credit union 3
$2,500 GE Money bank CC
$500 capital one card
$300 GE Money bank card 2
$2,000 PNC CC
$500 chase card
-----------------------------------
This is a total of $25,000 of unsecured debt --- almost all of it went to gambling , and all of these lines of credit were opened in the past 2 years.


This is in addition to the $50,000 of student loans I owe.

My salary is only $35,000 a year, and I'm bringing home about $2,230 a month after taxes.


Basically, after rent, food and gas, there's not enough to pay all of my credit bills by just paying the minimums.

I'm looking for any advice/suggestions.

Anyone been in this type of situation?


I'm in a constant state of panic/worry/anxiety over this. I have a terrible feeling in my stomach 24/7, and it's all I can think about.

To make matters worse, I have a little over $100 in my bank account, and I'm never able to save any money....it all goes straight to the minimum payments.


Thanks for any input!

you better get that athletic scholarship to law school kerry...hopefully your new imscrewed handle will keep it real for a minute.

[playersonly69]

The FIRST THING THAT YOU NEED TO DO IS TO STOP POSTING ON A gambling forum!


If you really want to quit, then you need to NEVER look at these sites again

[probettor1]

The FIRST THING THAT YOU NEED TO DO IS TO STOP POSTING ON A gambling forum!


If you really want to quit, then you need to NEVER look at these sites again

If all the losers here stop posting this will be a desert. JJgold, lou and the mods will be out of job. Just stick to sbr points. Lou wont give you credits for points so you will be safe. If people would start betting real money only after they win a decent amount of sbr points most people would never bet. Have you notice that most people here are sbr points broke?.

[AribaAriba]

Its normal pal first off you need not worry about your debt(relax and free your self from anxiety), bankcrupty is a tool to protect us vulnerable who has gambling disease. Dont worry about those debt as banks has tone ofcash on them, heck they got bailed out from us taxpayers when they were in the brink of bankcrupty. seek help and start new, if u want little action you should bet within ur means.

[ChalkyDog]

guy is already buried and you're trying to set his funeral bouquet on fire for fukk's sake!...you play you pay old proverb book of corbin.

Post of the thread.

[ImScrewed]

The FIRST THING THAT YOU NEED TO DO IS TO STOP POSTING ON A gambling forum!


If you really want to quit, then you need to NEVER look at these sites again

Last ditch effort; trying to see if anyone was in a similar situation.


Anyways, a lot of good (and bad ) advice here. Thanks to all who participated.

A couple things:
1) I DO want to pay everything back. I could, if I were able to build up 4-5,000$ to live on for a while. But, it's been 7 months and my bank account is at $109.
2)For those of you who ask about my assets: I have a piece of junk car, and a laptop with a busted keyboard. I'm using an external usb keyboard that I borrowed from work. Selling the laptop for parts on Ebay would net about $30.

[manny24]

Last ditch effort; trying to see if anyone was in a similar situation.


Anyways, a lot of good (and bad ) advice here. Thanks to all who participated.

A couple things:
1) I DO want to pay everything back. I could, if I were able to build up 4-5,000$ to live on for a while. But, it's been 7 months and my bank account is at $109.
2)For those of you who ask about my assets: I have a piece of junk car, and a laptop with a busted keyboard. I'm using an external usb keyboard that I borrowed from work. Selling the laptop for parts on Ebay would net about $30.

your brain is already thinking about making another run.

[probettor1]

Last ditch effort; trying to see if anyone was in a similar situation.


Anyways, a lot of good (and bad ) advice here. Thanks to all who participated.

A couple things:
1) I DO want to pay everything back. I could, if I were able to build up 4-5,000$ to live on for a while. But, it's been 7 months and my bank account is at $109.
2)For those of you who ask about my assets: I have a piece of junk car, and a laptop with a busted keyboard. I'm using an external usb keyboard that I borrowed from work. Selling the laptop for parts on Ebay would net about $30.

I was in a similar situation, I broke into a house in foreclosure, not paying rent since then, I brought a chick to help paying utilities. All debt paid off in 10 month. I'm saving now. I might buy a house soon. My credit is over 750. The difference is that I didnt spend the money gambling. I would never spend over 10% of my income gambling. I do have kids. You need to find a way to reduce your expenses. A efficiency with all included plus a chick to share expenses will work too. You need to be positive. You sound like a depressed guy. Compulsive gambling is most of the time an escape from depression. Try Dr Amen for mental health, joel osteem for positive mind, and yoga for mental control. For rush do sports. Gambling should be a bussiness, you dont fukk around with it.

[probettor1]

To tell you the truth I didnt broke into a house, I did rent a house that i knew was going to be foreclosure. I took a risk and is paying off. And my debt are related to expenses due to studies. Time out of a job to be able to study. I had a 18k debt. I make a little more than you(40K) but I have a lot of expenses in my kids, i have a car lease, plus some close to 200 dollars charity I always do and i do eat healthy food. I think you can pay that money.

[Inkwell77]

You can settle with these companies for probably 50%, so $12,500ish is whaT you couldb probably swing. It will take multiple talks but they'll most likely settle. Bankruptcy is not the answer. The other dudes idea to start a new life in another country was funny and one could definitely see that working for some.

[probettor1]

You can settle with these companies for probably 50%, so $12,500ish is whaT you couldb probably swing. It will take multiple talks but they'll most likely settle. Bankruptcy is not the answer. The other dudes idea to start a new life in another country was funny and one could definitely see that working for some.

The guy working with me did that, he messed up his credit and is still paying. I have a great credit and paid my debt. Just get half of your salary to pay and live with the other half, you just need to reduce expenses.

[ChalkyDog]

[MrXYZ]

I was in a similar situation when I was younger. Had a CC debt of $6500 from gambling on stock options, when that was considered a lot of money. I moved into a dump, cut most of my expenses and worked hard, doing graveyard and weekend shifts in a dead end job. They made a me a supervisor, I built up my savings and went back to studying, eventually moving into a much nicer home.

The best part about paying off your debts is that you get very disciplined with money and that will extend to other areas of your life and give you more confidence.

But the guy who wrote about taking off for a new life overseas is onto something! That's the coolest advice I've ever read.

Good luck with whatever you decide to do.

[slambam]

Hi all,

Long time reader, first time (obviously) poster. I've racked up a ton of gambling debts over the past 1.5 years.
This isn't meant to be a sob story or anything, I'm just looking for some advice.

I have began to attend GA meetings, so that's a start.

However, I have the following:
$950 owed on payday loan 1
$1000 owed on payday loan 2
$1500 owed on payday loan 3
$9,500 owed to credit union 1
$2,500 owed to credit union 2
$3,500 owed to credit union 3
$2,500 GE Money bank CC
$500 capital one card
$300 GE Money bank card 2
$2,000 PNC CC
$500 chase card
-----------------------------------
This is a total of $25,000 of unsecured debt --- almost all of it went to gambling , and all of these lines of credit were opened in the past 2 years.


This is in addition to the $50,000 of student loans I owe.

My salary is only $35,000 a year, and I'm bringing home about $2,230 a month after taxes.


Basically, after rent, food and gas, there's not enough to pay all of my credit bills by just paying the minimums.

I'm looking for any advice/suggestions.

Anyone been in this type of situation?


I'm in a constant state of panic/worry/anxiety over this. I have a terrible feeling in my stomach 24/7, and it's all I can think about.

To make matters worse, I have a little over $100 in my bank account, and I'm never able to save any money....it all goes straight to the minimum payments.


Thanks for any input!

I work at a CU, here's my advice. First step is to talk to a CU who you might have the best relationship with (checking, dir deposit, most accounts, long time member), let them know your situation and see if there's anything they can do to help. They are MUCH more willing to help if you are honest and willing to do everything that you can. Yes, it can be embarrassing, but it happens, I've seen it many times. Cut up every CC you have, use cash for everything you can. That way you aren't adding any more unsecured debt. See if your CU is willing to consolidate any of these CC or payday loans, which I'm sure have massive interest rates. Do you/your parents/wife own a car outright that you can use as collateral to pay off these debts, and get a lower interest rate? Set a budget. A few of those cards balances are pretty low. If you can't consolidate them, pay the smaller ones off ASAP and stick to your budget while making extra payments on the remaining debts, to get rid of those quicker. Example: when the GE Money Bank #2 card is paid off, use the money you were paying towards that (or at least part of it) for your other GE Money Bank card to pay it off quicker. Student loans can be a pain in the ass, but I would give them a call and see if you can get an extension for a financial hardship. I would never recommend bankruptcy, it's something that can really screw your credit for a long time. If you file, and plan on a house or car in the 7 year future, you can count that out unless you want a massive interest rate. Good luck with everything, I hope this helps. It takes time and you really have to commit yourself to a better financial future to get out of the hole you've dug, but it's not impossible, it'll probably be easier than you might think.

[slambam]

CC companies are insured by careless debters like this guy. If he files, they get paid so a blessing for them. Why don't you rack up some more debt and try to dig yourself out of the hole. You know you will be jonesing once football comes around. Bet USC every game this season.

No... they don't get paid. He is just no longer legally liable for them.

[chico2663]

i had a friend that had over 100,000 worth of CC bills due to turfway park. He worked for the city of cincinnati,ohio. When he went to file the judge stated" how did you get so much credit. That the he (judge ) didn't have that much.

[chico2663]

except the money written off becomes taxable income. file bankruptcy so you won't be looking over your shoulder

[chico2663]

you can file your on bankrupty----dont need a lawyer----office depot has do it yourself bankrupty kits----contact everyone you owe with bankrupty details---this stops phone calls, collections, everything---at first bankrupty hearing ---do not show up---they will reschedule---buys you more time---you can quit paying rent for about 3 months, unless you want to stay at present location, or roomates----this worked for me in the 90s-----my bankrupty never completed ---dismissed---bought me time----i was a self employed contractor so they could not garnish wages---i got by without bank account----after 7 years credit report free of all---start over---good luck.

your wrong. companies can come back on you after 7 years. there are companies that buy your debt for pennies on the dollar. They get a judgement on you and start garnishing your wages.

[AraiWa]

I owed $150K for medical bills that insurance didn't pay. My mother told me to make payments,which I tried for about two months. After literally hundreds of calls a month and their unwillingness to work with me, I finally said, "FUKK IT, they can all kiss my ass!" That was about 16 years ago. My credit is now around 800. Nobody said life is easy, but trying to pay back blood when the turnip is dry is like twisting a monkey's balls and not expecting him to hit you.

Companies can come after you up to 10 years. If you want them to stop contacting you, you need to send them a registered letter stating as such. If I were you I'd simply get a new phone number, unlisted, and don't let it out to anyone.