Comments on: My Debt Story http://debtadvice4free.com/2009/04/26/my-debt-story/ Free information and advice about debt problems Sun, 25 Jul 2010 01:32:10 -0500 http://wordpress.org/?v=2.8 hourly 1 By: Neil Douglas-Campbell http://debtadvice4free.com/2009/04/26/my-debt-story/comment-page-1/#comment-599 Neil Douglas-Campbell Tue, 27 Apr 2010 16:00:51 +0000 http://debtadvice4free.com/?p=377#comment-599 Hi Bunny First let me that I sorry to hear about you situation. I have been there myself and know how bad it can make you feel. The problem with debt consolidation/settlement companeis can be that they take such large fees from your payments that the benefits of doing it are lost. There are a lot of sharks operating in this area. You say that you were advised that you could not file for bankruptcy. Do you remember why this was? I would have thought that you should be able to file for Chapter 13 bankruptcy (but not Chapter 7) which might be a very good option for you. Please do get back to me with more information - send me an email - neil@debtadvice4free.com if you don't want to post it here. Looking forward to hearing from you again, Neil Hi Bunny

First let me that I sorry to hear about you situation. I have been there myself and know how bad it can make you feel.

The problem with debt consolidation/settlement companeis can be that they take such large fees from your payments that the benefits of doing it are lost. There are a lot of sharks operating in this area.

You say that you were advised that you could not file for bankruptcy. Do you remember why this was? I would have thought that you should be able to file for Chapter 13 bankruptcy (but not Chapter 7) which might be a very good option for you.

Please do get back to me with more information – send me an email – neil@debtadvice4free.com if you don’t want to post it here.

Looking forward to hearing from you again,

Neil

]]> By: Bunny http://debtadvice4free.com/2009/04/26/my-debt-story/comment-page-1/#comment-598 Bunny Mon, 26 Apr 2010 21:04:04 +0000 http://debtadvice4free.com/?p=377#comment-598 I have been in serious debt for about eight years. I have several credit card accounts and all were maxed out. In 2002 placed several of the credit card accounts with a debt consolidation company. I paid, and I paid, and I paid, never missing a payment. Then, two years ago I was approached by a debt settlement company who convinced me to place all or most of my accounts with them. They told me my credit would be ruined but I would be debt free in two to three years. So, I went with them, keeping my debit card and my AMEX. I have settled with about three creditors but if you look at the original balance, the settlement is not that much less I am still approx. $94,000 in debt! I co-own my home with my partner of 32 years. He will not allow me to take any money out of the equity nor will he refinance. We have a daughter in college and her expenses are taking every extra dime I have. I was employed full-time in a fairly good paying job, but a year ago in March, my hours/wages were cut 20%. Can you offer any advice? I spoke with an attorney last year and was told I am not qualified to file bankruptcy. I have been in serious debt for about eight years. I have several credit card accounts and all were maxed out. In 2002 placed several of the credit card accounts with a debt consolidation company. I paid, and I paid, and I paid, never missing a payment. Then, two years ago I was approached by a debt settlement company who convinced me to place all or most of my accounts with them. They told me my credit would be ruined but I would be debt free in two to three years. So, I went with them, keeping my debit card and my AMEX. I have settled with about three creditors but if you look at the original balance, the settlement is not that much less

I am still approx. $94,000 in debt! I co-own my home with my partner of 32 years. He will not allow me to take any money out of the equity nor will he refinance. We have a daughter in college and her expenses are taking every extra dime I have. I was employed full-time in a fairly good paying job, but a year ago in March, my hours/wages were cut 20%. Can you offer any advice? I spoke with an attorney last year and was told I am not qualified to file bankruptcy.

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