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    Anyone been bankrupt before?

    Managed to spend like an idiot over the last ten years and finally got to the point where with five credit cards and a personal loan my disposable income barely covers the minimum payments.
    All up im probably paying about 1500 bucks a month just in interest and owe about 80k all up.

    Figured i would eventually pay it off properly but just cant seem to make a dent in it, i looked at those debt consolidation things but you end up with almost the same shitty credit rating for 7 yrs you would get if you just went all the way and declared bankruptcy.
    I dont really own much other than an old Skyline worth about 6k, from some googling i would get to keep my furniture etc but not sure about the car.

    Should i go through one of these bankruptcy lawyers or is it possible to do it on your own?
    I gather i will be paying back what i owe but without the interest?
    any ideas?


    ok flame on.

    #2
    bad idea.

    consolidate and make the sacrifices.

    or get a 2nd job
    .... because every driver experiences the destructive potential of the effortless surge of power available through the smallest of body movements.

    Dr Hoon
    .

    DrNick is king!!!! No, Mark Webber is now! Long live the king!... hold on a minute mate, Ricci is in charge now

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      #3
      ring credit card company and advise of impending bankruptcy however before hand you would like to attempt an alternative arrangement of $x to reduce principal and seek suspension of interest (make sure you do this in writing along with comprehensive budget as evidence that you cannot afford the existing repayment structure)

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        #4
        then if you still cant manage or the credit card issuer refuses to negotiate, full blown bankruptcy - none of that pussy part 9 rubbish

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          #5
          I didn't realise Asian hookers were that expensive.
          If in doubt power out

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            #6
            Consolidate. Interest is your killer.
            You can do it.

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              #7
              While we are talking financial questions...

              What is the likelihood of a bank giving you a $10,000 personal loan if you have ~$5000 owing on a credit card?
              .
              AutoMotif

              VC Valiant

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                #8
                Consolidate, bankruptcy is a last resort only. You will suffer for a bit but it's worth it.
                Originally posted by Gussy
                It's the PF way. "Put a twin turbo LS in it brah, you'll have it converted and running in 2.5 hours and make an eazy 1000rwkw, lulz" All while the same people who suggest this stuff drive around in a corolla and have a fucked VN sitting in the garage for the past 3 years as a "project car."

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                  #9
                  i highly doubt consolidation will be an option given he lacks tangible assets, has excessive unsecured debt etc, also the lender wont want to be in for the total debt exposure regardless of it potentially lowering his minimum repayment commitment...

                  approach credit issuer, request non accrual of interest and alternative principal repayments...

                  good luck
                  edit

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                    #10
                    OP: have you done the obvious and cut up all your credit cards, created a budget etc?
                    Originally posted by Gussy
                    It's the PF way. "Put a twin turbo LS in it brah, you'll have it converted and running in 2.5 hours and make an eazy 1000rwkw, lulz" All while the same people who suggest this stuff drive around in a corolla and have a fucked VN sitting in the garage for the past 3 years as a "project car."

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                      #11
                      Is there any practical difference between bankruptcy and part 9 debt agreements from a practical point of view in terms of getting credit down the track. We only deal with one lender but they don't seem to want a bar of either...

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                        #12
                        Originally posted by big_pete View Post
                        While we are talking financial questions...

                        What is the likelihood of a bank giving you a $10,000 personal loan if you have ~$5000 owing on a credit card?
                        Pretty good.
                        If your income is good, and you have a good history of paying back onto your credit card and NOT MISSED ANY PAYMENTS, they will.

                        I know from damn experience thats why. Stupid direct debit.

                        The bank will give you any amount of money really if you can prove you can pay it back regularly.

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                          #13
                          I'm somewhat familiar with bankruptcy

                          If you cannot see a way out financially, bankruptcy is an easy solution. I think it's only 2 years now and your clear, In future years, when your a bit more sensible with your spending it doesn't seem to be a hindrance it getting credit cards or bank loans in the future.

                          Pride seemed to be the only thing that took a hit for me.
                          Originally posted by doctorpat
                          Japanese performance cars are like japanese schoolgirls. By the time they are 15 years old they've all been molested so your only option is to choose one where the previous owner had similar perversions to yourself.

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                            #14
                            thanks guys, amazing response and i didnt expect anything so soon or useful.

                            I did try to consolidate which is how i discovered how much interest i was paying when the nice lady at Bankwest added it all up for me and expressed disbelief i could amass a debt almost double my yearly after tax income.

                            Looks like full blown is the way to go, I do remember reading up on part 9 about a year ago when i rang one of those companies and then baulked at the huge 2-3k fee they ask before even going near you.
                            Pretty much same result credit history wise so why not just do it properly.

                            oh and
                            I didn't realise Asian hookers were that expensive.
                            its not that they cost that much on their own but see enough of them and boy does it add up!

                            so anyway do i need a lawyer? too lazy to write letters to five different banks asking for a no interest scheme. .anyone done this and succeeded?

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                              #15
                              Originally posted by pathamilton View Post
                              I dont really own much other than an old Skyline worth about 6k, from some googling i would get to keep my furniture etc but not sure about the car.
                              it is my understanding that you are allowed a car as long as the un-incumbent value of that car is no greater than $6850.. so technically, if you had a Ferrari a year old that was worth 300k, but the loan on the amount was $293,150,01 or greater you could keep it, although naturally you would need some sort of generous benefactor who would be willing to pay the loan for you as you are not allowed to earn more than $46 018.70 (if you have 0 dependants) (you can earn more than this, it will just be taken and given to your trustee)


                              either way you will be required to provide a list of all your assets, if you can reasonably value your car at $5000 or less you will be allowed to keep it. also they will let you keep all your furniture, clothes, tools, etc ... they only really go looking for real assets, ie, stocks, land, art, un-incumbent valuable cars ...etc

                              however i have never been bankrupt and this is just info i got off the one guy i know who did..

                              heres a handy pdf i just found on google
                              http://www.itsa.gov.au/dir228/itsawe...nt_Amounts.pdf

                              from here http://www.itsa.gov.au/dir228/itsawe...uptcy+overview

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