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Ask The Get Out of Debt Experts

We’ve Taken a Cut in Pay And Can’t Afford Our Chapter 13 Bankruptcy Payment. – Carrie

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Carrie “Dear Steve, My husband and I filed Chapter 13 bankruptcy in December of 2008. At the time of filing we made a combined total of $64,000 annually. Our total debt is $237,000 ($200,000 in student loans and $37,000 in credit card debt) and our trustee would not allow us to pay our student loans directly along with a smaller ... Read More »

Should I Use My Money in the Bank to Pay Down My Credit Card? – Jenn

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Jenn “Dear Steve, I have been out of college for 3 years. I have 26,000 student loan debt with low interest rates 1-4%, 6000 in credt card debt with 9% interest. I’m struggleing with if its better to have a savings accont or to pay down my debt. i currently have a savings account, but I dont know if I ... Read More »

I Have a Really Big Emergency Fund to Carry Me Through My Unemployment. – Ashlee

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Ashlee “Dear Steve, I was laid off in March 2009. I’ve been collecting unemployment and haven’t found a new job yet. I built up a large emergency fund so I’m alright until 2011 if needed (covering my mortgage, bills etc). I have a car loan and I owe around $4000 on it, however; I have the money sitting in that ... Read More »

I Am Currently 4 Months Behind on My Mortgage and HELOC. What Do You Suggest? – Debbie

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“Dear Steve, I am currently 4 months behind on my mortgage and my heloc. I have worked out a modification with my primary lender that I can live with, and I continue to work out a settlement offer with my heloc throuogh chase bank. what would happen if I just paid my first mortgage ? could the heloc bank attach ... Read More »

I Have to File Bankruptcy But My Husband Says He Won’t Support It And Will Leave Me. – Julie

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Julie “Dear Steve, I have a failed business and am looking to bankrupcy to receive discharge from SBA personal guarantees and from personal credit card debt used in the business. My husband’s income puts us over the median in our state, I have already been advised by a lawyer that for this reason I will have to file Chp. 13 ... Read More »

I Dated a Loser Who Took My Money And Left Me With Debt But Now I Want to Get Married to a Great Guy. – Aleah

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Aleah “Dear Steve, I am currently in debt of an estimated $7-8,000. (this is including late fees and interest accrued) Its all about 5-6 years old. It is in collections and only one of the collectors still calls me and I don’t receive mail from that one anymore. I also have not received mail from the others in years. I ... Read More »

I Owe $40,000 on Student Loans. My School Closed And I Just Found Out They Were Not Accredited. – Tenisha

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Tenisha “Dear Steve, I graduated from a school which stated they were accredited and I find out 3 years later that it wasn’t accredited and has been closed down. For loans, I know that I our roughly $40,000. Another school has taking over, but they claim that my credits can be transfered. I need to know what should I do ... Read More »

I’m Retired And Afraid to Deposit My Money Into My Checking Account Because of My Foreclosure. – Kris

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Kris “Dear Steve, I am a 69 yr old state of ohio retiree. My home foreclosed, also a timeshare that I had to let go. I could no longer afford to pay the mortgages on either . My retirement check is auto. deposited into my checking account monthly. Steve, I would like to know if the mortgage companies can put ... Read More »

I’m Leaving the Country But Have a Lot of Debt. What Should I Do? – Worried in Ontario

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Worried in Ontario “Hi Steve, My wife and I have run up a debt of around $54,000 in credit cards and lines of credit due to medical problems. We haven’t as yet missed a payment on any of our cards and lines but….know that there is no way we will ever be able to repay this debt. We are planning ... Read More »

I Almost Can’t Resist Draining my 401(k) to Payoff My Credit Card Debt. – Blake

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Blake “Dear Steve, mortgage: $193,000 ($1556.40 payment) Car: $25,000 ($600.00 payment) Combined Credit Card and Bank Credit Line: $18,600.00 Salary: $75,000 I am only 29 (30 in December) and am having a hard time resisting the urge to take out the $15,000 dollars in my rollover IRA (401k from previous employer) to pay off the majority of my CC and ... Read More »

Bank of America Sent Me to CCCS and They Rejected Me. – Loretta

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Loretta “Dear Steve, Am about $50,000 in credit card debt. To date I have made payments (Help of my son) but it is getting harder. Was considering a debt management but would like a name of a good honest one. Chase bank did work out a repay plan but Bank of America will not. Sent me to their cccs and ... Read More »

HSBC is Suing Me But I Already Told Them I Can’t Afford Their Minimum Payment. – Wayne

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Wayne “Dear Steve, Over the past six months or so we have gotten behind on an HSBC account. With each letter we received from HSBC and now a debt collection company we have explained our financial situation and asked for a lower payment we canmake. Each letter (the first two were sent with delivery confirmation and the second two were ... Read More »

I Was Working in the Mortgage Lending Industry Making Good Money. Now I’m in Financial Trouble. – Todd

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Todd “Dear Steve, I have a mass amount of credit card debt due to a big drop in income over the last 2 years. I was working in the mortgage/lending industry for 10 years making a six figure income. That industry has suffered tremendously over the last 2 years. I was out of work for almost a total of a ... Read More »

I Can Afford to Payoff My Old Debt. Should I? – Emma

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Emma “Dear Steve, I was financially reckless as a college student, incurring approximately $22,000 in various credit card debt that I ignored throughout graduate school & post-graduate training. Well, now I’m all done and I make a lovely, lucrative salary. I want to buy a house. My credit score is in the low 500s. I can afford to pay off ... Read More »

Should I Pay Off a Loan I Cosigned For And Not Let It Go Into Bankruptcy. – Victoria

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Victoria “Dear Steve, I co-signed a loan through a credit card company for a friend to open a business. I have already renegotiated the rate down to 4%. I did it in my friend’s name. She has other debts related to the business and wants to go bankrupt. I do not want my credit affected by bankruptcy. Should I put ... Read More »

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