Re: What options/suggestions/advice please!
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Posted by cantry
(68.97.97.70) on August 20, 2002 at 19:43:53:
In Reply to: Re: What options/suggestions/advice please! posted by Why Chat on August 20, 2002 at 08:06:35:
I have a very generous aunt who has a house that is occupied by myself and her son, she lives in another house. My initial plan was to save up (6-8 months of staying rentfree) enough to pay for an apartment lease 6months or even 1 year in advance, along with saving enough for a significant down-payment or paying in full for a new car knowing that my credit record is very bad (basically no loans, outright cash purchases). I've only been at my present job for a month, but since I'm in the tech sector, job security isn't quite exactly great. My main fear is that I'd get laid-off in the not so distant future and thus if I've gotten an apartment/car, I'd end up back where I am. With Chapter 13, since I'm not too entirely sure of the process, would they take into consideration of projected expenses? I was under the impression that they would take a snapshot of my life currently (no rent/no car, no assets) and thus would take well over 75 percent of my net income for the payment schedule, thus locking me into staying at my aunt's house and praying my car doesn't break down for the next 5 years. If what I think is true, then basically I would have to get an apartment lease AND a new car loan before filing CH 13 (which might be impossible with my credit record). Ideally, I'd like to do the payment plan with a manageable 5 year payment schedule, thus leaving me some money to save up for the apartment/car. I asked about negotiating with the collection agencies, but it seems from what I read so far that the CAs are really unscrupulous and could resell my debt over and over even if I do settle. I would love to negotiate straight with the original creditors but ,from at least one so far, they've washed their hands of me.
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