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Ask The Get Out of Debt Experts

I Need to Go Bankrupt in the UK. Can You Help? – Michael

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“Dear Steve, Self-employed, no assets. £16000 (UK) in debt and out of work. I would like some help with probably going bankrupt, as it looks like the most sensible solution in my circumstances. I would like to find some help, without falling into one of those debt managment companies. I i really dont know where to start, but when i ... Read More »

    My Ultimate Goal is to Reduce My Monthly Payments and Get Out of Debt. – Nicole

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    “Dear Steve, My debt is as follows: $8.5k – Chase Mastercard, $2.6k – Amex, $2.6k – Macy’s Visa, $2.6k – Best Buy, $500 – Discover. I have inerest rates between 21% and 28% on all of the cards due to late payments. Right now I am current on all of the cards but I am only able to make minimum ... Read More »

      I Missed My Court Date Because My Son Has Autism and I Forgot. – Stephanie

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      “Dear Steve, I had a summon against me but didnt show up to court because I was served after the court date & it honestly slipped my mind i know you are thinkind how could i forget, but after dealing with my son that has autism i really did forget, eventhough i know that is not an excuse. So now ... Read More »

        My Wife Surprised Me With a $25K Credit Card Bill. – Christian

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        “Dear Steve, My wife has suprized me with a $25k credit card debt. she has contacted the card company to lower the interest and they say they cannot lower it. we are looking to sell our house and this debt is hurting her credit score. I want to get her on a plan with low or no apr. she is ... Read More »

          I’m 48. She’s 29. We’ve Got a Baby On The Way – Bob

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          “Dear Steve, I make 30,000 a year, have 12,500 in credit card debt and an un-secured loan for 10,000 (borrowed to buy the trailer I’m living in) lot rent is 240 a month loan payment is 250 a month and min payments on cards total 250 per mth. My live in girlfriend makes enough to cover her personnal bills and ... Read More »

            The Collection Company Will Not Make Payment Arrangements With Me. – Dee

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            “Dear Steve, I owe a collection agency for a debt that i owe to the college I graduated from. They will not make payment arrangements with me and I do not want my wages garnished. Dee”   Dear Dee, There is nothing that requires a collector to make payment arrangements with you. The collector also can’t sue you unilaterally if ... Read More »

              I Think Chapter 7 Bankruptcy Might Be My Only Recourse. – Steve

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              “Dear Steve, I have just under 32 K in cc debt, paid down from a much larger amount. After reading comments on your site I am coming to the conclusion that a Chapter 7 might be my only recourse. I talked to one bank about the debt but all they did was reduce my credit line. I have been unemployed ... Read More »

                My LLC Was a Wall Street Trading Firm With Negative Equity and it is Closing. – Michael

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                “Dear Steve, Help! I have an LLC that was a trading firm on Wall Street. At the end, we had significant negative equity in the LLC. (Owed to our clearing agent) If we close the LLC, what happens to that loss? Is it considered forgiven debt? Where can I corroborate that in the tax code? Michael”   Dear Michael, As ... Read More »

                  I’m Living in a Trailer With My Girlfriend and Interest Rates on Cards Are High. – John

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                  “Dear Steve, I make 30,000 a year, have 12,500 in credit card debt and an un-secured loan for 10,000 (borrowed to buy the trailer I’m living in) lot rent is 240 a month loan payment is 250 a month and min payments on cards total 250 per mth. My live in girlfriend makes enough to cover her personnal bills and ... Read More »

                    Can the Collection Agency Garnish My Unemployment? – Andrea

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                    “Dear Steve, I was laid off in January 2009 and I am currently receiving an unempolyment check of $247.00 weekly from the state of North Carolina plus the federal unemployment COLA of $25.00. Both these checks are directly deposited to my checking account. These checks barely cover rent, food and gas. This area of North Carolina has one of the ... Read More »

                      I Have No Money to Pay My Increasing Debt. – Peter

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                      “Dear Steve, I’m a salary plus commision salesperson who’s bottom fell out. My company implemented 30% pay cuts on both salary and commision. Combine this with the slow economy and and I’ve made 40% of last years salary. I have moved to a much smaller apartment and still have no money to pay my increasing 20,000 debt. My cards are ... Read More »

                        My Motor Blew in My Car and Now I Owe More Than It’s Worth. – Danny

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                        “Dear Steve, The motor blew in my 2008 car. I owe more than it’s worth if it were running. Warranty and insurance won’t cover it as they are saying it’s my fault. The dealer want’s nearly $10 grand to fix it. My credit cards are maxed, @ 2x $5000, and my income is down with the economy. I’m barely making ... Read More »

                          Should I Trade in My Half of Her 401K From the Divorce for a New Home Down Payment? – Ray

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                          “Dear Steve, Getting divorced after 25 years. I’m getting 1/2 of her 401k. Because of the home market we will be lucky to get what we owe on the home. I need a down payment for a new home can I cash out my 1/2 of her 401k to put down on a new house. I’m looking at a $25,000 ... Read More »

                            I Went to Flight School But Now I Can’t Afford to Repay My $118,000 in Private Student Loans. – August

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                            “Dear Steve, This is a tough one. I am 35 years old, single home owner with a very nice low mortgage of $650 per month. I have some equity, but my credit is not good enough for a refinance to get money out. I went to flight school and accrued currently $113,000 in student loan debt. I also have about ... Read More »

                              Do You Have an Email or Phone Number for David Sunlin From Bank of America? – Linda

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                              “Dear Steve, Do you have an e-mail or phone for David Sunlin, head of shortsales at B of A? I have located a prop in New Mexico that is going to foreclosure and the listing agent WON”T do a short sale package cause “it takes too long, you never get as response, it’s too late, etc” sunlin says he’ll help ... Read More »

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