Comments on: Declare Bankruptcy, or Tough It Out? http://www.askmrcreditcard.com/creditcardblog/declare-bankruptcy-or-tough-it-out/ Latest Credit Card News, Reviews and Information Thu, 09 Feb 2012 07:48:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Brenda http://www.askmrcreditcard.com/creditcardblog/declare-bankruptcy-or-tough-it-out/comment-page-1/#comment-153933 Brenda Sat, 18 Dec 2010 09:34:29 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=1695#comment-153933 I am $45,000 in debt. I considered bankruptcy. One credit card company is currently garnishing my wages at %25. Is is better for my credit to declare bankruptcy or to allow my credit cards to go into default and have my wages garnished for the next 4 years? I am $45,000 in debt. I considered bankruptcy. One credit card company is currently garnishing my wages at %25. Is is better for my credit to declare bankruptcy or to allow my credit cards to go into default and have my wages garnished for the next 4 years?

]]> By: Sandy824 http://www.askmrcreditcard.com/creditcardblog/declare-bankruptcy-or-tough-it-out/comment-page-1/#comment-104408 Sandy824 Wed, 15 Apr 2009 14:21:14 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=1695#comment-104408 I am a mortgage lender with over 25 years in this industry. Although, alot has come out about loan modification, some investors will NOT modify your loan or reduce your interest rate, no matter what you do. If you are under water (owe more on your mortgage than the house is worth) like many of us here in California and PAY your bills, even though it is depleteing savings to do so, banks are still not warm and fuzzy about helping you.They say they are helping people. I want to know WHO they are helping???? If the new BK law with a cram down clause (allowing the judge to order your lender a modification based on current value) passes the senate, many people will have do this in order to get relief. I am a mortgage lender with over 25 years in this industry. Although, alot has come out about loan modification, some investors will NOT modify your loan or reduce your interest rate, no matter what you do. If you are under water (owe more on your mortgage than the house is worth) like many of us here in California and PAY your bills, even though it is depleteing savings to do so, banks are still not warm and fuzzy about helping you.They say they are helping people. I want to know WHO they are helping???? If the new BK law with a cram down clause (allowing the judge to order your lender a modification based on current value) passes the senate, many people will have do this in order to get relief.

]]> By: Preston Russ http://www.askmrcreditcard.com/creditcardblog/declare-bankruptcy-or-tough-it-out/comment-page-1/#comment-89880 Preston Russ Sun, 16 Nov 2008 20:19:28 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=1695#comment-89880 I was doing pretty well with real estate until the slowdown hit, then I got stuck with some large payments that made it impossible to keep up. Selling the real estate was impossible and for the past couple of years I used credit cards and robbed Peter to pay Paul. Rather than go through foreclosure I gave my property to the bank via deed in lieu of foreclosure. My credit scores have already nosedived to 546. My credit card balance is around 60k and all of them are current. The rates range from 9.9% to 28.49%. Your blog has been very informative and based on what I have read it looks like I should be negotiating hard with my credit card companies. And if I understand some of your advice, I should even consider not making payments to make the negotiation easier. And since my credit scores have already dropped I wouldn't be hurting myself by doing this. Am I correct in my observations? Thanks. I was doing pretty well with real estate until the slowdown hit, then I got stuck with some large payments that made it impossible to keep up. Selling the real estate was impossible and for the past couple of years I used credit cards and robbed Peter to pay Paul. Rather than go through foreclosure I gave my property to the bank via deed in lieu of foreclosure. My credit scores have already nosedived to 546. My credit card balance is around 60k and all of them are current. The rates range from 9.9% to 28.49%. Your blog has been very informative and based on what I have read it looks like I should be negotiating hard with my credit card companies. And if I understand some of your advice, I should even consider not making payments to make the negotiation easier. And since my credit scores have already dropped I wouldn’t be hurting myself by doing this. Am I correct in my observations? Thanks.

]]> By: Matt @ Steadfast Finances http://www.askmrcreditcard.com/creditcardblog/declare-bankruptcy-or-tough-it-out/comment-page-1/#comment-89387 Matt @ Steadfast Finances Tue, 11 Nov 2008 23:32:06 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=1695#comment-89387 Jill & Mr. CC, This is slightly off the major topic, but I'm curious if either of you saw the news release today where the federal government, Citigroup, Fannie & Freddie, and possibly a few other mortgage lenders are willing to negotiate with homeowners to restructure their current mortgage to prevent foreclosure. The subject of your mortgage rate was not brought up in the above article, but I'm just throwing out another potential idea to lend some assistance if you have an obscenely high mortgage rate. If you do, and your lenders are willing to work with you, perhaps you could reduce your mortgage payments and pay down more of that unsecured income without fear of foreclosure. I'm not an expert on this plan, but perhaps additional ideas can be generated with this new program. Here is one of the many related media stories. http://www.cnbc.com/id/27662494 Jill - Hope all works out for you! Jill & Mr. CC,

This is slightly off the major topic, but I’m curious if either of you saw the news release today where the federal government, Citigroup, Fannie & Freddie, and possibly a few other mortgage lenders are willing to negotiate with homeowners to restructure their current mortgage to prevent foreclosure.

The subject of your mortgage rate was not brought up in the above article, but I’m just throwing out another potential idea to lend some assistance if you have an obscenely high mortgage rate. If you do, and your lenders are willing to work with you, perhaps you could reduce your mortgage payments and pay down more of that unsecured income without fear of foreclosure.

I’m not an expert on this plan, but perhaps additional ideas can be generated with this new program.

Here is one of the many related media stories.

http://www.cnbc.com/id/27662494

Jill – Hope all works out for you!

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