Category Archives: Ask The Get Out of Debt Experts
- Should I Pay Credit Cards Down or Create Emergency Fund With My Tax Refund?
I have $5,800 of credit card debt with a high interest rate. This year I had a medical emergency and have depleted my savings, and have no savings cushion. I usually get an approximately $2,500 tax refund every year. How do I get the most out of my return? Rebuild my emergency fund, or pay [...]
- How Much Time Do I Have to Get My Motorcycle Back After Being Repossessed? – Ashton
HSBC just repossessed my motorcycle and they want the lump some that pays it off in order to get it back. During the past few months I called and changed my address with them which turns out they never did and made arrangements with them to make the account current and avoid repossession and again [...]
- I Signed With Bay View Law Group. How Can I Make this Right with My Creditor? – Amy
I signed with Bayview law group. I was current on my credit cards- only 2 of them. THey told me I would need to miss a payment then I could enter the program. I made 7 monthly payments of 460. each month. Now I learn I have 500. in my trust acc’t and I can’t [...]
- I Can’t Afford My Chapter 13 Payments And Worried About Foreclosure Deficiency. – Lars
I am recently divorced and due to hardship filed for chapter 13 bankruptcy. After 5 months of negotiations with the trustee; it has now become questionable if I am able to do the chapter 13 and still make monthly ends meet. Based on the latest proposal from the trustee; I would need to pay approximately [...]
- How Can I Get My UAE Bank to Give Me More Time to Settle My Debts? – Sahil
I have a personal loan from a bank and credit cards from two different banks. All the payments are due for the last couple of months due to my change in job. I am still in UAE and the bank is following me to pay the due amount. I need another month to settle the [...]
- Your Primary Language Impacts Your Ability to Save for the Future
In a paper by M. Keith Chen of Yale University School of Management and Cowles Foundation, a conclusion was drawn that the language you speak has an impact on your ability to save for the future. Languages differ widely in the ways they partition time. In this paper I test the hypothesis that languages which [...]
- My Wife is Getting Garnished for a Federal Student Loan She Cosigned For 23 Years Ago. – Robby
My wife was married to her ex at the age of 20. It only lasted a year, but during that year she cosigned the joker’s student loans. They are fed loans. My wife is now 43 and with in the last six months they started drafting her paychecks. At first it was a huge amount, [...]
- How Does a “Mortgage Release” Work to Let Us Hand Back Our House. My Husband is Active Duty Military.
We can’t make our payments, applied for a modification over a year ago. Paid trial payments and the first couple of regular payments, then received a notice from the mortgage co. that they were mistaken, and the mod had not actually gone through. I stopped making the payments as they were not being credited anyway. [...]
- The Timeshare Canceled My Big Debt to Them. Now What? – Craig
Hi all, I’ve been cleaning up the last of my debt over the past couple of years. I was planning to go and settle with a defaulted Timeshare at some point. But on Friday I received a 1099-C from the Timeshare canceling my $9500 balance on my debt. While on the one hand this is [...]
- My Parents Are In Serious Debt. Should They Save for Retirement? – Elizabeth
My dad lost a job many years ago, and was depressed and didn’t file their income taxes for 10 years. They owe 77k to the government, and they put in an offer in compromise with the IRS, but were told that they should be able to pay they full amount. At this point they have [...]
- Where Do I Begin in Getting Our Nonprofit Group Out of Debt Quick? – Ejay
I am the Treasurer of a non-profit non-stock corporation educational Institution which is a hundred one years old. It has assets of 411M, 410M in fixed assets, lands and buildings; liabilities is 22M. Cash as of this writing is 1M. It has a monthly operating expense 5M. Receivables until March is 6M. We have reached [...]
- Should We File Bankruptcy? – Rosi
Currently, my husband and I are down to 1 income after I was laid off 3 years ago. We live in Southern california…where cost of living is high. Our annual salary is approx $45K. Due to my lack of work, and some bad spending choices over the years, we have accrued 50K in unsecured credit [...]
- How Should We Divide our Tax Return Towards Our Credit Cards? – Jacquie
Hello! My husband and I will be getting a good amount of money back from taxes and we are wondering what would be the best for bettering our credit, we have pretty low scores. We have 5 credit cards with balances ranging from about $130-$700. We want to know if it would be better on [...]
- My Company Has Lost Money For the Past 6 Years. What Will The IRS Think? – Wahi
“Dear Jim, I’ve a fulltime job as an IT consultant. I also have a food distribution business as well. Your Question * My company has lost every year for the past 6 years, and this year too, I’m in a loss. Since it’s an ‘S’ corp, I’ve been posting the loss on my personal, which [...]
- Can Debt Collectors Call Me on My Company Owned Cell Phone? – Paul
About 4 months ago I had to goto ER, so now I’m finally getting around to setting up payment plan for the portion ins didn’t cover. I call the hospital billing dept and the girl there says I can do payment plan: minimum is $105 pe rmonth until balance of $3000 is paid. I said [...]