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PowerChat: á PowerChat: *** Entered MoneyWhiz II on 7/17/97 at 07:36 PM *** PowerChat: á MW Bkrpt1C: Hi Guys! Sorry I'm late! User227165: Thats ok! MW Bkrpt1C: Jm, Jd, User.. how is everybody tonight? User227165: Fine and you? Jdgunee4: just fine User227165: Money problems though Jmo27: ok MW Bkrpt1C: User.. tell me what's on your mind tonight about money! User227165: I owe 5000 on unsecured cards-I make 60000/year and am finally considering Ch7 User227165: I went thru a major flood in late 80s and lost everything MW Bkrpt1C: User.. what other debts do you have? What are your expenses? User227165: 950 house payment-house is exempt User227165: no car payments User227165: I have a company car User227165: Im concerned about getting future credit Elliot0409: hi MW Bkrpt1C: Your credit card debt is 5000? Or was that a typo? MW Bkrpt1C: Elliot*** welcome User227165: 50,000 -sorry! User227165: and job discrimination Elliot0409: I like to come here..its like my spenders annyomus Elliot0409: its the equaivalent to AA, GA MW Bkrpt1C: Okay.. I was gonna say.. no need to do a bk over 5k when you're making 60! LOL MW Bkrpt1C: Elliott.. I can relate to that! User227165: Not a good typist! User227165: I am almost thru with my MBA (company sponsored) User227165: Do you think they will find out? MW Bkrpt1C: User...so you went through a flood in the late 80's.. how did the debt come MW Bkrpt1C: Usabout? Grdually, or in the process of replacing things, or what? Elliot0409: I have no more debt in my name except maybe 2500 that was paid off yet..from 21k.. thats goo User227165: both-replacing things, high medical bills with my second childs birth, plus some mismanageme MW Bkrpt1C: User.. how secure is your current job? There should be no reason for yoru MW Bkrpt1C: employer to pull a credit report on you in your current job.. and it's ILLEGAL MW Bkrpt1C: for them to fire you solely because you've declared bankruptcy. It often MW Bkrpt1C: makes you a better employee because your mind is on the job and not on MW Bkrpt1C: your money worries. MW Bkrpt1C: Elliott.. that's EXCELLENT!!! MW Bkrpt1C: User.. when was the last time you used the credit cards? User227165: My current job is very secure-I am one of only three that they have paid $26000 tuition for User227165: get an MBA MW Bkrpt1C: User.. I wouldn't worrya bout job discrimination after bk then. User227165: using them now-for necessities Elliot0409: how should I go about repaying the 2500 dollars..its a loan with 137.89 a month..it used to Elliot0409: be 5000 loan Elliot0409: now i got it down to 2500 User227165: Im somewhat worried about the cc compnaies challenging me Elliot0409: should I TXF it to a teaser card for the 5.9 instead of paying the 13.5 interest on the loan MW Bkrpt1C: User... getting credit may be a bit more difficult for you unless you can learn MW Bkrpt1C: to live within what you're currently making. Where is the 60k going that you're MW Bkrpt1C: having to use the credit cards to get by from month to month? User227165: we have it down-see we are paying 1200/month to the cards-plus all other living expenses MW Bkrpt1C: Elliot. only if you think you can get it paid off before the 5.9% teaser rate MW Bkrpt1C: expires.. otherwise, you'll be up higher than you are now as far as interest MW Bkrpt1C: rates go. What type of loan is the 2500? Is it a home equity that is tax MW Bkrpt1C: deductible? MW Bkrpt1C: User.. could you make ends meet and start saving something if the $1200 a MW Bkrpt1C: month in credit card bills were gone? MW Bkrpt1C: Q.. excuse my manners! Didn't see you come in! Welcome! Elliot0409: its a reguar loan..personal..I would then TXF it to antother teaser card Elliot0409: I'll have it paid with 12 months or less MW Bkrpt1C: Q.. feel free to jump in with a question. Qmaninstal: Thank you User227165: Absolutely!! Qmaninstal: Just wanted to see where things were going Elliot0409: do credit cards do balances TXF's from loans or just CC's ????? MW Bkrpt1C: Elliott. is that your only debt left? If so, then you can do the low interest rate MW Bkrpt1C: shufle every six months, but ONLY if all you use that card for is to pay off the MW Bkrpt1C: debt. MW Bkrpt1C: LA.. Comp.. welcome. LA Calif32: Hi MW Bkrpt1C: Eliott.. I've known of them doing transfers from loans.. you might want to MW Bkrpt1C: check it out. User227165: What about job discrimination if I apply for a new job? Compso1043: Hello everyone Elliot0409: oh..ok...thank you..thats what i thought User227165: Hi Compso MW Bkrpt1C: User... I would stop charging on the credit cards as of today. Starting next MW Bkrpt1C: month, stop making your payments, so that you have enough money to MW Bkrpt1C: make ends meet. Then go see several attorneys for consultations and MW Bkrpt1C: explore your options. User227165: I also have 28000 in a 401 k User227165: If I file MW I plan on waiting at least 90 days -maybe longer with little activity MW Bkrpt1C: User... you can't be denied employment in the government soley because of MW Bkrpt1C: bankruptcy; and there is a way to turn a bankruptcy into an asset. In most MW Bkrpt1C: instances, employers look at bankruptcy more favorably than they do bad MW Bkrpt1C: credit histories. LA Calif32: I stopped paying cc bills with one due on 7/7 and two due on 7/12. More on 7/24 and 7/25. MW Bkrpt1C: User... good game plan. in most states, BTW, 401k assets are exempt. MW Bkrpt1C: Double check with the attorneys in yoru area. MW Bkrpt1C: LA.. how are you feeling about that? User227165: Ive done a LOT of reading on this issue and appreciate your help here on line LA Calif32: Pretty good. Amex sign & trav, Optima, Discover, GM, and Citibank. When will they call me. MW Bkrpt1C: La.. is this the first late pay? LA Calif32: yes User227165: LA, are u going to file Ch 7? MW Bkrpt1C: User.. you're quite welcome! It's a heavy issue! LA Calif32: I feel good because I have money for the basics. I also paid 50% of my atty. fee. User227165: I also have a company pension-I believe it is exempt also but am not sure MW Bkrpt1C: LA.. you may get a reminder notice in the mail, saying BTW your payment is MW Bkrpt1C: late and were MW Bkrpt1C: adding a late payment charge. MW Bkrpt1C: LA.. excellent! MW Bkrpt1C: User.. some pensions are exempt, some aren't. Go see 2-3 attorneys next MW Bkrpt1C: month and see what they have to tell you about your state. MW Bkrpt1C: Jd.. hey! LA Calif32: Thanks. Ok, plan to file Aug. 19. Jdgunee4: hello Jdgunee4: what's better - paying credit cards off or investing in 401K LA Calif32: User, Paula is right - see a few attorneys!!... MW Bkrpt1C: Jd.. how much debt do you have? How much disposable income? How old are you? LA Calif32: I talked to five, and found that 3 did not know the law. I resorted to going to a law LA Calif32: library to figure out who was correct about exemptions, etc. Jdgunee4: CC- $10,000, not much, 35 LA Calif32: the cheapest attorney turned out to be the sharpest, strangely enough. Filmaction: hello Filmaction: Why are we being taken by the banking industry MW Bkrpt1C: La.. that happens! Llotbp: what do you mean by "taken" MW Bkrpt1C: Jd.. does your employer offer any matching funds for 401k investments? MW Bkrpt1C: Hi Filmaction.. we're not being taken.. we're going along willingly! LOL Llotbp: oh yeh? what choice(s) are there? MW Bkrpt1C: Welcome LL, Hangle, Hook! Filmaction: What can we do ? HOOKEMPB: HI Jdgunee4: .25 on the dollar up to 3% salary invested. MW Bkrpt1C: Ll.. what are your goals? Where do you want to be? What debt do you have MW Bkrpt1C: right now? Let's talk about it and see what the options actually are! Llotbp: have lots of debt. LA Calif32: JD, do you have short-term savings for a significant emergency (6 six months of unemployemen Llotbp: have had a debt consolidation about 2 years ago MW Bkrpt1C: Jd.. are you able to put more than the minimums down on the 10k debt? LA Calif32: t, etc.)? Llotbp: and will do again this winter or in spring Llotbp: but would like rates to go down MW Bkrpt1C: Ll... what happened after the last debt consolidation? Jdgunee4: MW yes Llotbp: i go into overdraft Llotbp: so it goes up MW Bkrpt1C: Jd.. how much more each month are you able to put down? Llotbp: and so did my charge cards Llotbp: put my training on my card to go register for classes... while waiting for offices to Llotbp: reimburse me HOOKEMPB: Rates will not go down on unsecured loans for debt.(This is my business) MW Bkrpt1C: Welcome Mack! Llotbp: then the money gets obligated and my card keeps the charge on it MW Bkrpt1C: Ll.. have you been reimbursed yet? Jdgunee4: About $40 over $300 total min. Llotbp: yes i do get reimbursed. but i am not managing my checking account efficiently Llotbp: and when both kids are home... it is difficult not to exceed my income HOOKEMPB: Cut up your ATM card. Llotbp: i dont use atm -- only for groceries Llotbp: and yes, cash... MW Bkrpt1C: Ll.. do you want to manage it effeciently? I'm not being facetious.. to some MW Bkrpt1C: people it's importaant to others it's not.. just trying to see where you're at. Llotbp: 20-40$ at a time MW Bkrpt1C: Jd. Wht's the highest interest rate you're paying on that 10k? Llotbp: yes. i used to down to within a few cents. MW Bkrpt1C: Welcome back User.! HOOKEMPB: That adds up Jdgunee4: 15% User227165: Computer locked up! User227165: Had to reboot Llotbp: then my ex decided not to pay me one month cause he needed the money more (before settlement Llotbp: and i freaked out and havent balanced my checkbook since.... 5 years ago HOOKEMPB: Get a budget together and stick to it. MW Bkrpt1C: Ll.. how old are your kids? Have you tried tracking your expenses to see MW Bkrpt1C: why the spending goes out the window when the kids are home? Llotbp: actually more like 7 years ago or 8 MW Bkrpt1C: Welcome Sand. User227165: MW-if things are clean, what r the chances of a creditor challenging the case? SAnder1900: Hello MW Bkrpt1C: Ll.. today's a brand new day! Llotbp: groceries (14 and 17) girls,. but the 14 yr old eats like a horse. MW Bkrpt1C: User.. about 0001%. Yours sounds like a clean cut case. MW Bkrpt1C: Welcome Gel! LA Calif32: When do most cc companies challenge a bk 7? MW Bkrpt1C: Ll.. how about starting today, you're a person who balances the checkbook? User227165: Luxury items within 20 days LA-right MW? Llotbp: uses toiletries like water MW Bkrpt1C: LA.. most of them challenge during the 30 days after the petition is filed, MW Bkrpt1C: before the hearing; although usually Sears and MW will show up to challange MW Bkrpt1C: at the hearing. HOOKEMPB: Its simple, takes about ten minutes a month. Llotbp: yes, am the only one here MW Bkrpt1C: User.. actually, any debts within 20 days of filing will be disallowed. LA Calif32: JD, that's prior to 1994 amendments. It's now 60 days Llotbp: would like to create a spreadsheet really and track paying off all my debts. User227165: Ok HOOKEMPB: Ll, do yu have quicken? Llotbp: yes MW Bkrpt1C: Ll.. you might want to sit down with your kids and a copy of The Budget Kit MW Bkrpt1C: by Judy Lawrence. It's a workbook that is hands on and actually works. The Llotbp: but dont use it well. MW Bkrpt1C: three of you can work out what your expenses will be for the upcoming MW Bkrpt1C: months, and actually get a grip on things. You may find that consolidation MW Bkrpt1C: isn't even necessary! MW Bkrpt1C: Sa, Li.. welcome! Llotbp: only to track checks and print out for taxes each year HOOKEMPB: Do you use it/ LA Calif32: MW, on what grounds do they usually challenge? My case is clean, but I'm curious. User227165: MW-last question for me and i will leave you alone :) HOOKEMPB: You need to use it to its full extent, balancing , budget, etc! User227165: How long for a mortgage or a car loan? MW Bkrpt1C: Sa, CP.. welcome. MW Bkrpt1C: Welcome Encore! Encore4727: helo SA RAMBARA: hi MW Bkrpt1C: Car.. glad you could make it! Cargfingrp: Thanks HOOKEMPB: Money is wonderful! MW Bkrpt1C: Ll. use a paper budget then.. the most important thing is that it's something MW Bkrpt1C: you use everyday! MW Bkrpt1C: Nice to see you SC.. MW Bkrpt1C: Shw.. welcome! MW Bkrpt1C: LA.. blatant fraud, illegal transfers, that sort of thing. LA Calif32: ok. Thanks. MW Bkrpt1C: Finally got caught up! MW Bkrpt1C: User.. you had more questions??? User227165: Is credit card transferring an "illiegal transfer"? HOOKEMPB: Yes! User227165: Yes-how long after a BK for a car or mortgage loan? MW Bkrpt1C: User.. what do you mean by "credit card transferring? User227165: from one card to another-but way before filing-in order to pay lower interest rates HOOKEMPB: As long as you stay current on your auto & mortgage, you will be ok. User227165: like 6 months before filing MW Bkrpt1C: Sue.. welcome Jdgunee4: CC vs. 401K? Sue FL3773: Hi all User227165: Hi Sue HOOKEMPB: howdy! User227165: Hook-r u saying that it is fraud? MW Bkrpt1C: User.. as long as you were trying to pay down the debt and didn't have the MW Bkrpt1C: intention to file bankruptcy before you transfered (for example, you hadn't MW Bkrpt1C: already seen a bankruptcy attorney) then there would be no fraud. MW Bkrpt1C: Welcome Vino. HOOKEMPB: Technically. VINODJAIN: hi VINODJAIN: Any idea about MSFT MW Bkrpt1C: Vino.. sorry.. we're talking credit & debt tonigght.. not investing! VINODJAIN: ok MW Bkrpt1C: Feel free to stick around! VINODJAIN: ok MW Bkrpt1C: Hook.. I've seen lots of folks spend months trying to get themselves out of MW Bkrpt1C: debt by transfering debts.. only to finallyl get to the point where they had to MW Bkrpt1C: declare bankruptcy. No fraud intended or involved. HOOKEMPB: Thats true, But I have seen plan the whole thing up to the very last $. Sue FL3773: Are those bankruptcy kits that you can buy for about $20 with all of the forms Sue FL3773: and do it yourself worth it HOOKEMPB: Individuals that is. MW Bkrpt1C: Hook.. are you in the financial industry? HOOKEMPB: Yes sir. MrWymar2: DONT DO BANKRUPTCY IF YOU CAN HELP IT...10 YEARS AND I AM still haunted MW Bkrpt1C: Sue.. those kits can be worth while if you know what you're doing; otherwise MW Bkrpt1C: it's best to hire a professional. User227165: How Mr Wymar? MrWymar2: still cant get credit and still in debt LA Calif32: MrW, how are you haunted? MW Bkrpt1C: Mr.. What happened when you declared bankrupatcy? Chapter 7 or 13? MW Bkrpt1C: Jim.. welcome. User227165: Do u not have a steady income? Jimeddan: yes i do MW Bkrpt1C: Hook... that would be more precisely YES MA'AM. Sue FL3773: well,,, my gf has income of $600 and has about $35,000 in credit card debt MrWymar2: they say it is off your report...but they show a * bascialy says...cleared by bankruptcy MW Bkrpt1C: MD, JD, PW.. welcome! HOOKEMPB: Sorry! :) PWilli6944: Greetings all... MrWymar2: i make 65 grand a year and STILL cant get credit User227165: Thats ridiculous Jimeddan: Credit is easy to get but also easy to abuse HOOKEMPB: Try a CD secured loan to establish credit MrW. MW Bkrpt1C: MrW.. these debts.. are athey listed individually on your credit reports as MW Bkrpt1C: discharged under bankruptcy, even nearly 10 years later? They, by law, MW Bkrpt1C: should have fallen off after 7 years. The only negative notation should be the MDman539: Hook-that's what I did. MW Bkrpt1C: bankruptcy itself. MrWymar2: thats worth a try///tried a consol loan today and got turned down for "past credit ptobs" MW Bkrpt1C: Hook.. LOL.. that's all right. What area are you in, financially? PWilli6944: Can anyone tell me if there is any software or templates available (free) that... MW Bkrpt1C: MR. have you looked at your credit reports recently? You can get credit, you MW Bkrpt1C: just need to take the steps in order. We can help you here and on the PWilli6944: ...I can use to establish a good budget? MW Bkrpt1C: Moenywhiz boards. MrWymar2: what is moneywhiz boards? LA Calif32: Mr.W, if you have debt, then didn't it come after the bk? Jdgunee4: It's late, good night MW Bkrpt1C: You know how you got here? Go back one step to the Message Boards MW Bkrpt1C: insead of chat room. HOOKEMPB: Well, you have to understand that the creditors philosophy is- a leopard doesnt change MW Bkrpt1C: MR. are you back in debt again now? How much and are you current? HOOKEMPB: its spots! MW Bkrpt1C: Dj.. welcome. MW Bkrpt1C: King.. welcome! Djevk: thank you User227165: I disagree Hook HOOKEMPB: This is not always true though. But it must be proved. MDman539: Goto www.financialpeace.com for helpful ideas on budgeting LA Calif32: Hook, what bank to you work for? User227165: As long as I have my job I know I will NEVER use cc cards again on a revolving basis HOOKEMPB: I'm just telling you the industries philosophy. MW Bkrpt1C: PW.. I use excel. Ther's also a good inexpensive CD program called The MW Bkrpt1C: Budget Kit (also avaiable in just the workbook) by Judy Lawreance. She's MW Bkrpt1C: the best budget person I've ever come across. Llotbp: nite everyone and thank MW i will keep coming back to seek motivation from you... MW Bkrpt1C: Night Ll.. feel free to email me too! MW Bkrpt1C: Keep the faith! MW Bkrpt1C: TEN MINUTE WARNING! User227165: Well that is like saying all bankers are crooked-we both know they are not PWilli6944: Thanks, MW! PWilli6944: Good night all... MW Bkrpt1C: I think we can all find a common ground.. without creditors we can't get the MW Bkrpt1C: items we need.. without borrowers, creditors go under. MW Bkrpt1C: Night PW! Take care. HOOKEMPB: Exactly MW. MW Bkrpt1C: So.. and then there were 4! User227165: Thanks a lot MW! MW Bkrpt1C: Welcome EZ EZS006: hi MW Bkrpt1C: Anytime Us.. come back again next week! User227165: By the way-if I file I plan on doing it myself MW Bkrpt1C: What's on your mind tonight EZ? We've got about 8 minuts left of class! LA Calif32: I wouldn't User227165: Why not LA? EZS006: i definately think the way i feel about money is inhibiting me from getting it! MW Bkrpt1C: User.. I would have to agree with LA.. it's worth the investment to make sure MW Bkrpt1C: it's done right and you don't miss anything or wind up making something MW Bkrpt1C: nondischargeable! HOOKEMPB: Thanks everyone! MW Bkrpt1C: EZ.. How do you feel about money? EZS006: that it's out of reach LA Calif32: the volume of bks is up, the Trustee guidelines are changing frequently, from what MW Bkrpt1C: How much money do you make each month EZ? MW Bkrpt1C: Welcome Rd.. 7minutes left of class. how can we help? Rdplang: heloo LA Calif32: I've heard. I would not risk not knowing the latest. EZS006: $900 in child support (3 kids!!) and about $800 teaching MW Bkrpt1C: $1700 a month! You are prosperous! EZS006: Yes, but i have no credit....and still rent.... MW Bkrpt1C: EZ.. no credit... does that equal NO DEBT? EZS006: thank you by the way, i like "prosperous" EZS006: yes MW Bkrpt1C: YOU ARE PROSPEROUS!!YOU ARE PROSPEROUS!!YOU ARE PROSPEROUS!!YOU ARE PROSPEROUS!! EZS006: It's just that i would like to have that new car, house...THANK YOU THANK YOU THANK YOU MW Bkrpt1C: Ez.. what do you pay in rent right now? EZS006: 1/2 $1400.00 PLUS BILLS MW Bkrpt1C: EZ.. have you looked into purchasing a HUD home? You can get a MW Bkrpt1C: fixerupper, often in a nice neigbhorhood, with guaranteed financing including MW Bkrpt1C: the money to do the repairs AND pay about whta you're paying now.. even if MW Bkrpt1C: you still split withsomeone (which would give you even more house). MW Bkrpt1C: EZ.. or even Rent with option on a house. MW Bkrpt1C: EZ. or a land contract.. MW Bkrpt1C: EZ.. not only are you prosperous ut you have OPTIONS! MW Bkrpt1C: EZ.. what kind of care do you drive right now? MW Bkrpt1C: Welcome Max.. five mintues left. any pressing concerns? EZS006: WOW...JUST WHAT I NEEDED, A KIND WORD AND SOME ENCOURAGEMENT...SINCE THERE'S NO TIME LEFT, H Maxilady: No, just found this room wish I had gotten here earlier EZS006: OW CAN JOIN YOU AGAIN?? MW Bkrpt1C: Come back again anytime! We're here every Thursday at 10pm est! MW Bkrpt1C: Another User! Now I hae User2 and User7.. unless you guys wanna share real names! Maxilady: Thanks, I will. MW Bkrpt1C: EZ.. also, feel free to email me.. and visit the money whiz boards! User227165: Steve here MW- MW Bkrpt1C: I'm on 5 of them under Credi t& Debt 101! MW Bkrpt1C: Including Changing Debt ATtitudes! Check it out! User227165: and you r a lot of help MW Bkrpt1C: Hey Steve, nice to meet you, I'm Paula! MW Bkrpt1C: JB.. three minutes left.. any pressing concerns? MW Bkrpt1C: Thank you Steve! Appreciate the compliment! EZS006: THANKS ALOT - KEYBOARD YA SOON! MW Bkrpt1C: Jon, HT.. you got here for the last 2 minutes! Come back again next week or MW Bkrpt1C: email me your questions, okay? MW Bkrpt1C: D..just missed class. feel free to email me if you have pressing concerns, or MW Bkrpt1C: post them on the moneywhiz boards! MW Bkrpt1C: Thank you all for a really great class! User227165: and your book is? MW Bkrpt1C: Hope to see you again next week, same time, same channel.. LA Calif32: Thanks Paula! MW Bkrpt1C: Steve.. my book is Bounce Back From Bankruptcy.. ordering info is in my MW Bkrpt1C: profile, or eml me and I'll send you details and a table of contents! MW Bkrpt1C: Come visit moneywhiz again.. we're always here to help. MW Bkrpt1C: Now, as always... I'm OUTTTTAAAAAA HHHHEEEERRREEEE!!!!!