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Ask The Get Out of Debt Experts

My Child Has Own Business That Does Not Generate Money. – Mom

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“Dear Steve, Scenario: Child has own business (in name only really) which is partially paid off. Due to bad debts from people owing money said child has been unable to pay back bank loan for past 4-5 months. Child does not live at home but lives with girlfriend. Child has no assets except said business. At this stage there was ... Read More »

    Will I Be Responsible for My LLC Debt When it Folds? – Lisa

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    “Dear Steve, I own an LLC in Phila, PA (I live in NJ). Can i be held personally responsible for any debt incurred by the LLC? Such as, we had a credt/cebit card machine that according to them (RBS World Lynx) was terminated early and they are billing for almost $800. The business is doing poorly. I am thinking of ... Read More »

      We Have a Lot of Debt But We Don’t Want to Go Bankrupt. – Heather

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      “Dear Steve, Due to my husband losing his job and my being off work at times for medical reasons, we hve a lot of unsecured debt. We do not want bankruptcy. We have to refi our house next year so I don’t know what to do. we have about $50,000.00 in debt. Heather”   Dear Heather, Your options are limited ... Read More »

        My Second Husband Spent All of My Home Equity Line. – Nicole

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        “Dear Steve, My second husband, not the father of my children, has managed to spend $150,000 of the home equity line of credit (all of it). He says he gave the last $24,000 to his aunt for ‘safekeeping’ because the banks were going to reduce the amount of equity people have available. $8,000 was for my car and I’ll be ... Read More »

          I’m a Female in My Late 20s and My Credit is Horrible. – Tayumika

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          “Dear Steve, Hello, I am a female in my late 20’s and my credit is horrible. However, I have been focusing on cancelling my credit card debts and paying down my school loans. My goal is to purchase my first home in about 3 to 5 years. I’m also interested in investing but don’t know much about it. My question ... Read More »

            It’s Really Hard for Me to Ask for Debt Advice But I Live in Fear of My Debt. – Afraid

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            “Dear Steve, Hello. This is so hard for me to do. I am 32 years old and have lived in fear of my debt for 5 years now. It controls my life. I have told no one about the amount of debt I have incurred. My boyfriend recently proposed to me and I want with all of my heart to ... Read More »

              I’m Unemployed and Can’t Pay My Bills. – Tim

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              “Dear Steve, I am unemployed,but i have some savings! I have 3 credit cards that total $14,000 and a car loan that I owe $6,000 on. what do you think i should do? they are all over two years delinquent! Tim”   Dear Tim, You have two choices, you can either wait till you start making money and then try ... Read More »

                My Bankruptcy Case Has Been Filed and I’m Scared. – Traci

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                “Dear Steve, My bankruptcy case has been filed and I will be going to the meeting the the trustees in a couple of weeks. I did alot of cash advances and alot of withdraws out of my account. I am afraid they will think I am being fraudulent and not discharge anything. I am very scared! What is going to ... Read More »

                  We Signed Up With a Debt Settlement Company. They Take Our Money But We Can’t Reach Them. – Karin

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                  “Dear Steve, We have signed up with Allego law in Huntington, NY. 12/15/08. With the exception of talking to them when signing up we have not had any correspondence wtih them. We have tried writting the via mail, sometimes our emails are getting kicked back, creditors still call, the sherriff still shows up. Allegro told us as long as we ... Read More »

                    I’m Currently in Balance Liquidation Program With Chase and Take Charge America Plan. – Justin

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                    “Dear Steve, Currently enrolled in two debt program. Take charge America plan: I pay 292 a month and have done so for about 15 months. This programs pays down a cap1; discover; home-depot cards. I now owe a total of $3423 and that should be done in about 11 months. I am also in the “Balance Liquidation program” from Chase. ... Read More »

                      85% of Debt Settlement Companies May Be Closing Soon and Taking Your Money With Them

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                      There is no doubt that the workshops and hearings by the Federal Trade Commission (FTC) are going to result in changes that will significantly impact the debt settlement industry. The FTC has been carefully looking into the industry and is disgusted with the actions of many companies. These would be the companies that charge large up-front fees to consumers, collect ... Read More »

                        I Recently Bought a Business That Isn’t Doing Well and Owes the IRS. – Susan

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                        “Dear Steve, I recently bought a business that isn’t doing well. I’m just making enough to pay the business expenses with zero left over. I’ve accumulated $68000 in debt plus an additional $81,000 in a Home Equity loan due to a gambling problem I have. I’ve since gotten help for the habit and haven’t gambled in over 7 months. At ... Read More »

                          I’m Three Years Behind on Property Taxes. – Darin

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                          “Dear Steve, A partner and I just dissolved a small business which had seriously declining revenue over the past few years. I owe 48k in credit card debt, 78k on a mortgage for a house that needs a ton of work, and 8k on a car. I still have my job which gives me 50K, but that’s not enough to ... Read More »

                            Any Suggestions for Good Budgeting Tools to Dig Out of Debt? – Scott

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                            “Dear Steve, My wife and I currently have credit card debt of about $60,000. In addition to that we have 2 mortgages and 1 car payment with about 1 year remaining. We both have incomes, and are barely able to make the minimum payments. We aren’t behind on any of our debts, but continue to live a lifestyle where we ... Read More »

                              Should We Take Money From Our IRA to Buy a Car? – Brenda

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                              “Dear Steve, Retired – husband 69 and I am 65 Husband worked for a now defunct airline for 28 years so pension is minimal from PBGC. I have an IRA worth about $210K (withdrawing $10K lump sum annually). We are both currently collecting social security. My husband has two part-time jobs and I have one part-time job producing an insignificant ... Read More »

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