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Ask The Get Out of Debt Experts

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 »

                    My Brother is in Jail in Dubai for Debts. – Jiv

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                    “Dear Steve, I have read a lot of of your advices from different problems. I am based in Dubai and my case is almost similar to those who have problems with the banks, but it’s not actually me but my brother. The situation is, he and his manager went to the banks to settle his loans, but banks told them ... Read More »

                      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 »

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