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PowerChat: á
PowerChat: *** Entered MoneyWhiz 2 on 10/3/96 at 07:49 PM ***
PowerChat: á
MW Bkrpt1C: Hi Annette!
MW Bkrpt1C: Hi everybody!
MW Bkrpt1C: Welcome!
MW Bkrpt1C: Who wants to start us off tonight?
MaxMX5: What can you tell us about your book? Or is that off limits?
MW Bkrpt1C: Nope, not off limits... what would you like to know?
BEmory8705: This is a really scary process.
MaxMX5: How to order it & what it covers. Advice to help after BK?
MW Bkrpt1C: BE.. yes, it can be scary.. why don't you share what you just
MW Bkrpt1C: told me in IMs..
MW Bkrpt1C: I tink it would be helpful.
MW Bkrpt1C: Max... It's only available through mail order and yes, it's chock full of adavice
MW Bkrpt1C: to help you after bankrupatcy... That's why it's called Bounce Back From Bankrutpcy
MW Bkrpt1C: A Step By Step Guide to GEtting Back on Your Financial Feet...
BEmory8705: One creditor called. They didn't know about the bankrupcy and I told them to call my atty.
MW Bkrpt1C: You can get the same great advice for free, ove rthe
MW Bkrpt1C: weeks, by coming here each Thurs.
BEmory8705: They asked what chapter and if I intended to return the merchandise. I do not know if the
BEmory8705: items are on a secured loan or not.
MW Bkrpt1C: Be.. what kind of merchandise is it and which chapter are you fiing?
MaxMX5: Is there a number to call & order?
MW Bkrpt1C: That would be "filing"
MW Bkrpt1C: Max.. yup... 800/507-9244; we accept Visa, MC and Amex....
BEmory8705: It is chapter 7 and one item is a stereo and the other is an organ.
MW Bkrpt1C: Or you can send a check or Money order...
MW Bkrpt1C: BE... How recently were they charged?
MW Bkrpt1C: The address is listed in my profile.
MaxMX5: thanks
BEmory8705: One is over a year and the other is almost a year.
MW Bkrpt1C: Thank you, Max!
MW Bkrpt1C: BE.. chances are they can't come after the merchandise, but they can be presnet
MW Bkrpt1C: at your hearing to stake their claim and request the item be returned to them.
BEmory8705: The attorney told us we wouldn't lose anything because of no assets.
MW Bkrpt1C: I just got the new gov't stats on bks and they said that 95% of the time, no
MW Bkrpt1C: creditors show up to question.. and when they do it's usually the big money cases.
MW Bkrpt1C: BE.. I think your attorney may be on the money here!
Mom 7777: what is the most anyone should budget for house payments each month?
BEmory8705: According to the document from the court, it states at this time there appear to be no asset
Money Whiz: Mom, that is a good question!
MW Bkrpt1C: Mom.. the general rule of thumb is 28%-32% of income should go
MW Bkrpt1C: to house payments; but I think that's a bit high.
BEmory8705: available from which payment may be made to unsecured creditors. Do not file a proof of
MW Bkrpt1C: I was approved for a 150k house, but I decided to only shop for a 125k one...
MW Bkrpt1C: and I was glad I did.
BEmory8705: claim unless you receive a court notice to do so.
MW Bkrpt1C: The mortage aon a 150k house would have abeen a stretch.
Money Whiz: Good thought...don't overextend yourself, you know?
BEmory8705: What does all this mean?
MW Bkrpt1C: Hey Money Whiz!!! Welcome!!!
Money Whiz: Hi!
MW Bkrpt1C: be.. it means that there's no money to pay to creditors for anytyhing that's not
MW Bkrpt1C: secured by collateral of some sort, as far as I know.
Money Whiz: MW Bkrpt1C is here to help...you with any questions on credit, debt,
Money Whiz: bankrutpcy, etc.
BEmory8705: The only thing the attorney stated to be secured is the car and house.
MW Bkrpt1C: MW.. we get these lulls every now and then when people get shy!
PAYNE16: mw bkkrpt1c, my spouse is silently participating in this chat, I have to do some work since
MW Bkrpt1C: BE.. that's probably the case then. I wouldn't worry about the cerditors showing up.
PAYNE16: the kids are tucked in bed
MW Bkrpt1C: Payne.. tell Mr. Payne to chime in anytime if he wants (Hey David ****)
PAYNE16: best of luck and your book is great
BEmory8705: What happens when the debts a reaffirmed?
MW Bkrpt1C: Thanks Payne!!!
Money Whiz: yes her book is dynamite.
MW Bkrpt1C: BE.. When you reaffirm your debt :::: stop it you guys you're making me blush::::
MW Bkrpt1C: BE.. you basically say, I'm going to discharge these other deb ts,
Money Whiz: wow a multi-task woman. THAT'S a woman of the 90s.
MW Bkrpt1C: but I'm going to continue making payments on these debts.
MW Bkrpt1C: BE.. the nice thing about reafafirming debts,
BEmory8705: I feel like I am about to lose everything.
MW Bkrpt1C: is taht you automatically are putting new crdit info in front of your old negative
MW Bkrpt1C: credit info. The report will show you're declaring bankruptcy, but it will also show
MW Bkrpt1C: that during that atime you continued to make good on other debts that you were able
MW Bkrpt1C: to. I know it's hard, BE, but you'll feel better once you get through it.
MW Bkrpt1C: May I make a suggestion, BE?
Money Whiz: Do you ever see a slowdown coming in consumers declaring bankruptcy?
BEmory8705: Most definitely
BEmory8705: Not in this day and age.
GTE girl: I think that it will increase
Money Whiz: How so, GTE?
MW Bkrpt1C: MW.. BK rates went down for 2 years, then they rose 1.2% in 1995;
BEmory8705: I think bk is at an all time high.
MW Bkrpt1C: but now they're up 23% nationwide; and some states have seen increases of up to 35%!
Money Whiz: BEm you're right..
MW Bkrpt1C: From June 95 to June 96, over 1 million americans filed bankruptcy!
Money Whiz: Any demographics, MW?
MW Bkrpt1C: BE.. my suggestion... call your local BK court and ask them when they have sessions.
MW Bkrpt1C: Got some great stats today, as a mattaer of fact!
BEmory8705: Could all this throw the US economy into a depression.
MW Bkrpt1C: What would you like to know?
Money Whiz: wonder if any "Gen Xr's" are filing for bankruptcy ... things like
Money Whiz: age/sex/income
MW Bkrpt1C: Be.. then go sit in on a session so you can see what really happens.
Money Whiz: BEm: It's not a pretty future, I don't think.
MW Bkrpt1C: Gen xers are a big filin group, but I don't have numbers on them...
Money Whiz: Are they really?
MW Bkrpt1C: Many of them get into debt with credit cards, come out of school with school loans
BEmory8705: All the bk courts around me are 50 miles in either direction.
Money Whiz: TELL me about it!
Money Whiz: I wonder if you can file for bankruptcy online.
MW Bkrpt1C: too and they can't get a job that will pay them what they need to make minimums meet.
Mhess87: hello room
MW Bkrpt1C: And if they get an apartment, or a car, then things really get scary.
Money Whiz: Hi Emerald, welcome to MW Bkrpt1C's show on credit & debt!
MW Bkrpt1C: BE.. make a "date" with your hubby and go for a picnic.. for your anxiety level,
Money Whiz: \Hello, Mhess!
MW Bkrpt1C: it will be a worthwhile drive!
MW Bkrpt1C: Hi Mhess.
GTE girl: Can you file bk with a temporary job
Mhess87: hey money
Mhess87: hey MW
Money Whiz: what's up, Mhess?
BEmory8705: My downfall was helping my grown children financially and wow what a spiral downward.
MW Bkrpt1C: GTE... it will be hard to file Chapter 13, but chapter 7 shouldn't be a problem.
Money Whiz: I just read an article how parents co-signed
MW Bkrpt1C: BE.. never a downfall to do what you think is right.
Money Whiz: their daughters apartment lease and a few
MW Bkrpt1C: We never learn anything if we don't make a few mistakes, riight?
Money Whiz: credit cards and she defaulted on both.....and the judgment
Money Whiz: is on THEIR reports. It's a shame.
BEmory8705: Hi Mhess your screen name describes my life.
GTE girl: Should I file chapter 7 when I only owe 14,000 including the car....
MW Bkrpt1C: GTE.. what kind of debts are they?
Money Whiz: BEmory: Keep the faith and let us know how we can help.
Mhess87: bemoey --- how do you meangh
MW Bkrpt1C: MW.. ouch!
GTE girl: I am current on my computer and I have paid all other bills on time except car and furniture
BEmory8705: Can they repossess my car before the court hearing.
MW Bkrpt1C: GTE.. I'd definitely go talk to an atatorney about chapter 13.. I don't know
Money Whiz: MW Bkrpt1C: I have to run and get our MoneyWhiz site ready for tomorrow..
MW Bkrpt1C: if they accept filings for Chapt 13 with a temporary job, but they might.
Money Whiz: we have some great things coming along.
MW Bkrpt1C: MW.. thanks for coming! We look forward to the latest stuff from MoneyWhiz!!!!
Money Whiz: I hope everyone has a good evening.
Money Whiz: 'Night, everyone. :)
Money Whiz: Stay tuned for more
MW Bkrpt1C: BE.. are you reaffirming on the car loan?
Money Whiz: with MW Bkrpt1c!
MW Bkrpt1C: BE... Are you current on your payments now on the car loan?
BEmory8705: That is a big question. and no I am not current since the attorney said stop paying.
MW Bkrpt1C: BE.. if you stop paying on the car loan, and you're declaring chapter 7, then yes,
MW Bkrpt1C: chances are they can take your car. As I recalll though, you owe more on the
MW Bkrpt1C: car than it's worth, right?
Mhess87: hey peter
BEmory8705: The bk has been filed, and they can still repo. Yes the car isn't worth what is owed.
Mhess87: hey be why did your attorney tell you to stop payments
Mhess87: hi delta
GTE girl: What good is bk if it can't stop a repossession of a car?
BEmory8705: From the time we signed the papers, he said pay nothing more on your debts except house.
MaxMX5: BE...I work for a lender. If your bank got a notice the normally won't do anything until the hearing.
MW Bkrpt1C: BE.. Max is right.. you probably won't hear from them until the hearing; if they
MW Bkrpt1C: send someone to stake a claim on the car.
MaxMX5: Even then they probably will let you reafirm - particularly if you owe more than book value
BEmory8705: Should I empty the car of personal belongings incase they come and snatch it at night?
MW Bkrpt1C: BE... I'd check with your lawyer, but I think they can't do anything while the
MW Bkrpt1C: car is listed on the bnk until the hearing.
Mhess87: hey BE have you talked to the lender about working out some payments
BEmory8705: No the atty said he would handle all details after the discharge of debts.
BEmory8705: I sure hope he didn't put the screws to us with this.
MaxMX5: Remember - this is just another day at the office for the bank. Take a deep breath, it is not as bad a
Mhess87: be ---did you say you owed 14k including the car
BEmory8705: No that wasn't me.
MaxMX5: as it seems to you....REALLY!
GTE girl: I did
MW Bkrpt1C: BE.. I think you'll be okay.. but if it make syou feel better, go ahead and take
MW Bkrpt1C: your personal stuff out of the car.
BEmory8705: We owe about 125,000 including the car.
Mhess87: gte what was you question
Mhess87: be how much owed on the house
GTE girl: I wish I could handle this another way but I am not sure what rights I have
BEmory8705: 91,500 on the house.
GTE girl: It seems stupid to file bk for a depreciating asset
BEmory8705: That is the appraised value of the house also.
MW Bkrpt1C: GTE.. you can always stop the BK process anytime before your hearing,
Mhess87: sorry gte I didnt catch what was your asset
MW Bkrpt1C: but at least this way, you make sure you don't loose the car.
GTE girl: Great...thanks....that makes me feel better
BEmory8705: 1st and 2nd mortgage on the house is still being paid.
GTE girl: a 94 Lumina, computer and furniture that I owe $900 on
GTE girl: 14,000 max...debt
Mhess87: be how much on the 2nd mortage
GTE girl: I could just pay on them....if i didn't have to catch up back payments
BEmory8705: 13,000
GTE girl: and everything would work out
MW Bkrpt1C: Any chance you can sell the car and buy a cheaper one?
BEmory8705: About 77,500 on the 1st.
MW Bkrpt1C: Filing Chapt 13 might give you the time you need to do that.
Mhess87: gte-- have you talked to anyone about a debt cons. loan
GTE girl: If I had a perm job I would
Mhess87: BE how much equity in the house
GTE girl: On temp job...would anyone loan me money?
BEmory8705: 0
MW Bkrpt1C: GTE.. not without an collateral, like a house.
BEmory8705: I'll take that back, probably $500.00
Mhess87: gte it would be har would need collateral\l
GTE girl: I tried to get relatives help...to no avail....so its up to me
DreamDeity: Hi, Bonn!
GTE girl: No one has the resources to help...
BEmory8705: Hi Dream
MW Bkrpt1C: DD! Nice to see you again!
DreamDeity: And you!
Mhess87: be---- how short are you every month
MW Bkrpt1C: GTE.. I think you can do it, just take it one step at a time.
MW Bkrpt1C: The first thing you need to do is see if you can file Chap 13 to at least
MW Bkrpt1C: keep the cerditor at bay and prevent repo.
GTE girl: I have appt with lawyer tomorrow
BEmory8705: According to the attorney about 1400.00
MW Bkrpt1C: Next, see if you can sell the car for the price of the loan
MW Bkrpt1C: plus a few hundred dollars (if the car is worth more than
MW Bkrpt1C: the loan), so you can make a down payment on another
MW Bkrpt1C: used car.
MW Bkrpt1C: v'It doenst hae ato be a pretty car, just a reilable one, right?
BEmory8705: That is based on a 40 hour paycheck.
Mhess87: be that is a tough spot, hopefully the attorney can help ,just dont do this again
GTE girl: Of course I was laid off from GTE....so that is the cause of my problems...and my ex was fired so I ha
GTE girl: had to survive...off unemployment and side jobs for a while
MW Bkrpt1C: GTE... you're in a rough spot, but you cna get out of this.
GTE girl: I believe that I can
GTE girl: I believe in God...and with him all things are possible
Mhess87: gte you sound like a tough young lady just dont give up ,just keep working at it
MW Bkrpt1C: GTE... three cheers for our higher powers!!!
GTE girl: A good job and a little time would solve my problems...actually I can make it with the income that I h
GTE girl: have now
DreamDeity: I believe that if there is a god, he has a lot of s'plainin' to do.
GTE girl: God is real...
GTE girl: Without him I couldn't have made it thus far
Mhess87: whay do you mean,,,, dream
MW Bkrpt1C: DD.. My HP has a really interesting sense of humor, is my take on it!
GTE girl: Thanks for the encouragement MW...you can bet that I will fight until I win....
MW Bkrpt1C: GTE... atta girl!!!!
MW Bkrpt1C: Okay, who'se next?
DreamDeity: Nothing I guess...I'm just a doubting-dreamdeity.
MW Bkrpt1C: Don't be shy, speak directly into the microphone, okay?
PAYNE16: whats a HP?
MW Bkrpt1C: hee hee
MaxMX5: GTE... press forward toward the goal & remember Rom 8:28
MW Bkrpt1C: Higher power.. God, budda, however you define the
MW Bkrpt1C: source where all your good comes from.
MK and K: OK MWBkrpt1 c, my inlaws just lost their job 6 mos ago. Their credit card debt has risen t
GTE girl: Thanks Max....I press toward the prize of being debt free and abundantly blessed so that I can help
GTE girl: others
DreamDeity: Sense of humor, or twisted vindictive streak??? Go figure.
MW Bkrpt1C: MK.. neither one is working now?
MK and K: right, they are on unemployment
MW Bkrpt1C: okay.
MW Bkrpt1C: And they're having to live off credit cards, right?\
MK and K: Well, they have to use them to make ends meet.
MW Bkrpt1C: I understand.
MW Bkrpt1C: How much debt do they have right now and are they able to make the minimum payments?
MK and K: Over 60K, and they are making the min. payments by taking out cash advances.
GTE girl: This chat has really helped me thank you everyone for your input
MaxMX5: Good luck GTE
GTE girl: THanks!!
MW Bkrpt1C: GTe.. thanks for coming! Tell all your friends!
MW Bkrpt1C: MK.. OUCH!
GTE girl: You bet...do you have a book
DreamDeity: GTE, please don't take offense at my comments on god...I just haven't been particularly
DreamDeity: "blessed..."
DreamDeity: I'm pretty much an agnostic these days.
MK and K: So, they don't have any assets. Do they file bankruptcy?
MW Bkrpt1C: MK.. what are their prospects for getting jobs now?
GTE girl: Well, Dream....I pray that you be blessed...
MW Bkrpt1C: MK.. no house, car, or anything?
SER3663: Dream, blessed has very little to do with finances.
Emeraldluv: God works in mysterious ways Dream
MK and K: The car isn't paid off yet
DreamDeity: Hopefully it'll start happening after I file.
GTE girl: I am blessed even though I am in a financial crunch...I still have joy and happiness..beyond that
MW Bkrpt1C: MK.. how much was the cc debt before they got laid off 6 months ago?
MK and K: My father-in-law could get a job paying 500/wk
MK and K: I don't know exactly
RLebl47392: MY ASSETS OUT WEIGH MY DEBTS, BUT ALWAYS SHORT ON CASH
GTE girl: Let me add...God is working it out...someone is giving me $300 toward my car payment and I am getting
GTE girl: extra money from my business
MW Bkrpt1C: MK.. how much were they making before they got laid off?
MW Bkrpt1C: GTE.. you asked aboaut amy book.. .it's avcailable through mail order..
MW Bkrpt1C: details are listed in my profile.
GTE girl: I expect a miracle....my God is a miracle worker....I will keep you posted...OK
MW Bkrpt1C: Rlebl... tel me about your income and expenes.
MK and K: They were making 2000/mo, plus apartment and utilities.
BEmory8705: Good night MW and thanks.
MW Bkrpt1C: Good night BE!
RLebl47392: INCOME depends on clientele purchases daily
GTE girl: MW are you a single parent?
MW Bkrpt1C: MK... okay, so they were making 48,000 a year, yet they got 60k in debt in 6 months.
MW Bkrpt1C: That's not going to weigh very good for them with a bk judge.
MW Bkrpt1C: GTE.. just got hitched, no kids yet!
MW Bkrpt1C: (unles you count the dog and 4 cats!)
GTE girl: Congratulations
MK and K: WELL, I think they had quite a bit of debt before they lost their job
MW Bkrpt1C: Thnks.
PAYNE16: good night MW,, hope you got my note
MW Bkrpt1C: Gotcha, MK.
MW Bkrpt1C: Night David! Thanks for coming!
MW Bkrpt1C: FIVE MINUTE WARNING.. PRESSING QUESTIONS/?????
MaxMX5: Do you answer private email?
GTE girl: Good night and the best to everyone....BE I hope that it all works out
MW Bkrpt1C: MK... Until they have solid income, it won't help much to take any action.
MW Bkrpt1C: Max.. Yup.. take me a while sometimes, with the boards and all... but feel free to
MW Bkrpt1C: email me, or post a note on the boards!
MaxMX5: OK
MW Bkrpt1C: MK.. otherwise, they'll just continue to get further into debt.
MW Bkrpt1C: MK.. I'd recommend getting them to cut back on everything they can.
MW Bkrpt1C: The unemployement will run out soon if it hasn't already.
MK and K: If he can get a job, should they file then?
MW Bkrpt1C: MK.. Once he gets a job, I'd recommend that they go talk
MW Bkrpt1C: to a bk lawyer and a debt counsellor.
MW Bkrpt1C: How old are your parents??
MK and K: 55 and 48
MW Bkrpt1C: Any chance your mom can get a job too, MK?
MK and K: No, she is disabled
MK and K: She lacks a few credits to get on SSI
MW Bkrpt1C: MK.. the debt counselor and a consult witha bk atty
MW Bkrpt1C: should give them their options, th.
MW Bkrpt1C: then.
MK and K: Thank you for your advice.
MW Bkrpt1C: You're welcome. Hope I helped!
MK and K: You did. Good night!
MW Bkrpt1C: Gotta go! Thanks for a great class!