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How Can I Get My Bank to Listen to Me When We’ve Both Lost Our Jobs? – Karen

Husband lost job May 2009 and still hasn’t found work. I have had a part time for a year and lost it in October, found full time and now hours are cut back.

Getting harder and harder to pay bills, don’t know what to do or where to turn. I don’t know what to tell creditors when they call, especially for my car. How can I get my bank to work with me on my car loan? One month behind on mortgate and still haven’t made this months. Any help is appreciated. Bankrupcy?

Karen

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  • Tom Carey

    Damon you provide decent suggestions, but they aren’t specific enough. The people who contact you are desperate for help. Throw them some type of life raft. There are free counseling services for almost all their issues. I am not saying a BK attorney isn’t a bad choice, but it is self serving for the attorney to recommend BK. Go to govt agencies for welfare and food stamps. Call the bank to begin work on a loan mod and the potential for foreclosure diminishes and delays it. Go online for job recruitment.

  • Damon Day

    Hello Karen,
    Bankruptcy may be a possible option either now or at some point in the future depending on how things go. From the sounds of it things are pretty bleak on the income side. The reality is that you are not going to get your bank to listen to you and depending on what kind of a cash cushion you have, there may be nothing you can do about it. Right now survival is the most important. I don’t know enough about your situation to tell you exactly what you need to do, but you may have to fall behind on your mortgage in order to eat, if things are that tight. You may have to give your car back if you can no longer afford it.

    I know this is not what you want to hear, but again, what we don’t know is how long you will go unemployed or under employed and it sounds like it is time for drastic measures.

    As far as what to tell the creditors, it depends on who the creditors are. What you tell the credit cards would be different than what you are telling the auto loan collector and different still is what you would tell the mortgage holder. Exactly what you tell all three of these creditors depends on your specific circumstances and the plans you put in place to move forward with. I can’t give specifics unless I knew more.

    But I certainly would recommend you at least meet with a BK attorney to discuss what a Bankruptcy would look like. It sounds like you are in a situation where you may even need to hold off on a BK for now until you at least have enough cash flow to survive month to month.

    http://getoutofdebt.org/Damon-

  • http://DamonDay.com Damon Day

    Hello Karen,
    Bankruptcy may be a possible option either now or at some point in the future depending on how things go. From the sounds of it things are pretty bleak on the income side. The reality is that you are not going to get your bank to listen to you and depending on what kind of a cash cushion you have, there may be nothing you can do about it. Right now survival is the most important. I don’t know enough about your situation to tell you exactly what you need to do, but you may have to fall behind on your mortgage in order to eat, if things are that tight. You may have to give your car back if you can no longer afford it.

    I know this is not what you want to hear, but again, what we don’t know is how long you will go unemployed or under employed and it sounds like it is time for drastic measures.

    As far as what to tell the creditors, it depends on who the creditors are. What you tell the credit cards would be different than what you are telling the auto loan collector and different still is what you would tell the mortgage holder. Exactly what you tell all three of these creditors depends on your specific circumstances and the plans you put in place to move forward with. I can’t give specifics unless I knew more.

    But I certainly would recommend you at least meet with a BK attorney to discuss what a Bankruptcy would look like. It sounds like you are in a situation where you may even need to hold off on a BK for now until you at least have enough cash flow to survive month to month.

    http://getoutofdebt.org/Damon-Day

    • Tom Carey

      Damon you provide decent suggestions, but they aren’t specific enough. The people who contact you are desperate for help. Throw them some type of life raft. There are free counseling services for almost all their issues. I am not saying a BK attorney isn’t a bad choice, but it is self serving for the attorney to recommend BK. Go to govt agencies for welfare and food stamps. Call the bank to begin work on a loan mod and the potential for foreclosure diminishes and delays it. Go online for job recruitment.

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