Will bankruptcy be the best thing for me?
I owe $5,000 in credit card debt, I owe close to $1,000 for my phone bill, I owe a lot of money for medical bills and I can barely afford my car payment every month. My credit was extremely good at one time but now it’s already ruined and in the low 500’s or less. I want to start over and not have to owe my credit card thousands of dollars that I can barely afford the monthly payments on. I also have a baby on the way so I need money for that and I’d just like to start fresh and focus on saving for my baby and my car and my own place. I’m already in collections with all these debts and I just want to start fresh.
Filing personal bankruptcy and trying to start own business.?
Okay I want to start my own business in 2011 but I definitely want to file bankruptcy for my personal debt. Now if I file in 2011 will that effect my business before it even starts? I've tried getting business credit cards and even bank accounts but it always falls back on my personal info.
What will happen if I don’t pay Facebook for an advert bill?
They will freeze any accounts associated to you, and place it in collections. As for answers stating you could be sued, only if it is a very high amount worth pursuing. Also, legal charges? There are no debtors prisons fortunately, so you would not be arrested. Some people get carried away discussing moral issues.But seriously, are you broke or just trying to beat them? You may get away with not paying them, but is this who you are in life? A deadbeat that wants to scam a company out of some money? Will this empower you? If you want to live right, do the right thing and not let yourself be morally corrupt, call them and workout payment arrangements. Even if it will take you a year, do it. If you don't you will justify this and then it will become easier to justify the next bill etc etc. This pattern will make you think your getting away with something but you are not doing anything but hurting yourself in the long run. You will not have good credit, companies won't deal with you, and you will set yourself back greatly.Just like people that file chapter 7 bankruptcy when they could of paid their creditors. They have bad credit for several years, with the bankruptcy showing for 10 years. We only get one go round on this earth, why not try to do it right?Maybe I am taking things a little far over one bill, but often its a pattern that is starting and people don't give their actions enough thought.
What will happen if I don't pay credit card due in UK and leave the country?
A credit card debt is an unsecured debt.Most Card companies will sell the debt on to a specialist company within 3–4 months and the new owner of the debt will be on the case.You will be harrased at your last known address and telephoned non stop.If that fails and you have really left the country for good you can wait 6 years and if there has been no contact the debt is then statute barred and expires.Now a couple of additional points, well lots actually.The owner of the debt has a big problem as you no longer have a UK address and no assets in the UK so no judgement is going to be enforceable.However you must be absolutely certain you have nothing left in the UK.They are very thorough and will go to extreme lengths sometimes.Depending on where you re-locate to you will usually be tracked down in your new country very quickly via social media , skype or a whole host of other methods that skip tracers use to find people.You will come under a lot of pressure especially if the debt is of any size, say over 5000 GBP.The usual tactic is at this point to threaten to issue a Statutory Demand which is a first step towards bankruptcy.Now at this moment you do need to hold your nerve as if you are made bankrupt in the UK it applies Worldwide so you could end up with a big problem.The good news is that 99.9% of the time it is a bluff as making you bankrupt is not cheap and then they still have the problem of enforcing the order in a strange country.One other tactic you should consider is challenging the validity of the debt which is surprisingly very easy in the case of a credit card as very often the original signed copy of the agreement is no longer in existence. You can find exact details of how to do this on the Consumer Action Group website.At no point enter into an arrangement to pay as the statute of limitations starting point is governed by the last contact or payment you made.Remember your debt will have been purchased for pennies on the pound so your debt has already sunk to near zero and anything you pay is mainly pure profit to the new owner of the debt.You may be wondering how I know all this. Well I have had experience from both sides of the equation, owing money and recovering money and was member for a while of the trade body in the UK that debt collectors are regulated by.Message me on Quora if you need some specific advice, I may be able to help.
I have $85,000 in medical bills, i have paid 45,000 + some credit card debt, should i file bankruptcy?
last year my wife changed careers, we risked no insurance for 2 weeks, i had a heart attack in those 2 weeks, almost $120,000 i am doing ok, i have depleted our saving, sold my 57 nomad, and cashed in my life ins., to pay the bills. these "wolves still call everyday wanting me to increase my payment(to over $400 i have 2 different bills wanting this much) i cannot afford this, i haven't been able to pay my credit cards, they are huge now with all the late fees, i can barely put food on the table. i would like to keep my house. should i file bankruptcy and rid myself of all the stress? for my health's sake