Archive for the ‘Debt’ Category:
How do I prove I paid this?
What is the statute of limitations for tuition debt in Illinois? I recently received a threatening call from a debt collector regarding an amount due to a university from 10 years ago.During these 10 years, I have not heard anything about this debt, no phone calls, no letters, nothing. I am 99% positive that the amount in question was paid however since I didn’t keep copies of my checks from 10 years ago (7 is suggested) and the bank with which I had an account only keeps records for 5 years, how can I prove I paid the debt? So barring the absence of proof, is the statute of limitations make this whole argument a moot point anyway? The chart here shows Illinois as having 10 years down to 5 years for statutes. If tuition is not considered a written contract, I am ok because I will use that argument to make them go away. If it’s considered a written contract, I don’t know what to do – I can’t locate proof of payment.
Original text: How do I prove I paid this?
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- Do unpaid tuition bills expire after a certain number of years like other bills can?
- Kerala lives on borrowed money, debt trebles in 10 yrs
- Has my student debt condemned me to a life of mediocrity?
- Can a future debt accure interest retrospectively?
- How long ’til the bill collectors go away? It’s been more than 10 years for a $50 debt…
Can I make it as a lab tech?
Is it realistic for me to expect that I can pay off my student loans with a lab tech job? I’ll have my BS in biology soon, and I’m looking at lab tech jobs. These seem like they’re just about the only thing I’ll be specifically qualified for other than being a product rep, which is undesirable for other regions (e.g. 50% overnight travel).
Most of the jobs I’ve applied for pay new hires around $10-13/hour. My student loan payments will be $530/month; tight, but doable, though probably not enough to save very much. If I switch to a graduated repayment schedule, my initial payments will be closer to $350/month, but would go up to–well, I’m not sure, but no more than 3X the initial payment–$700-800/month, let’s say.
So, the question: will my income after working as a lab tech for six to eight years be high enough to make those payments? Is there a career there, or are these jobs more of a layover for people planning to move on to graduate or medical school (which I am not going to do)?
Things to consider: I’m not considering the income-contingent plans, because the idea of paying $100,000 to discharge a $40,000 debt offends me, and I’m not wild about planning to make payments for basically my entire working life (I’m over thirty). I would probably be a lousy teacher.
Original text: Can I make it as a lab tech?
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Legal troubles over a decade-old debt to bank
[I am asking this for a friend.] Legal troubles over a decade-old debt to a bank. I am being sued by a law firm representing a collection agency. I would like to find a way to resolve this situation that does not involve hiring a lawyer, since I cannot afford one. I receive income via Social Security Disability. I recently received a letter from a law firm hired by a collection agency which has been trying to get me to pay a debt incurred about ten years ago through an overdraft credit line at Bank of America. The collection agency has owned the debt for probably six years now, and recently decided to sue me for the money. The letter came about the same time as a summons from District Courts of Massachusetts (Cambridge Division) letting me know that I had 20 days to respond to both the court and the law firm.
I would like to find a way to resolve this situation that does not involve hiring a lawyer, since I cannot afford one. I would like to negotiate a settlement, if possible, and am seeking advice about how this can be most effectively done.
I cannot really afford to make payments on the debt–as for my financial situation, I am the parent of a minor, and my income is derived from Social Security Disability Insurance and food stamps. I am officially «disabled» by Social Security standards, after having undergone a long process of evaluation a few years ago, and do not work. My annual SSDI income for 2008 was $10,692 plus food stamps amounting to approximately $2760 for a grand total of $13,452. I do receive significant financial help from my child’s father, though this is not officially or exactly on the record.
During phone conversations with the collection agency in 2006, I explained and documented my financial situation, proposing to settle the debt for significantly less than the amount they then said I owed including interest. Following these phone conversations, I wrote to them via certified mail to make this same offer in writing. [I've pasted the letter below.] My offer was also less than the amount they were willing to settle the debt for, which was $4785.93. (This figure is several hundred dollars less than the original debt incurred by me). I received no response to, nor acknowledgement of, this letter. Instead, I received continued demands for payment by phone and mail.
My credit is otherwise fine; I have student loans in good standing (deferral) and I am able to get credit cards and have always paid them on time in the rare instances that I use them. This particular loan, however, I have paid almost nothing on, due to a continuous state of financial exigency and, honestly, a long period of denial and irrationally hoping it would «go away».
Any advice would be much appreciated.
~~~~~
Here is the letter, and the offer I am still able to make now:
«I am writing to reiterate the offer I made with representatives of your company, [person 1] and [person 2], during our telephone conversation on 6/17/06. At the time of this writing, the offer still stands: I would be able to get a loan of $2000.00 from my mother on the condition that I show her a letter from [the Debt Recover Company] agreeing that this amount will settle my debt. Upon receipt of such a letter, I would be able to get $2000.00 from my mother and would be happy to pay it to you immediately.
«It was explained to me that your company wouldn’t accept this amount to settle the debt, and has opted instead to accept a monthly payment from me in the amount that I can afford to make. Enclosed is a check for five dollars, to be applied to my balance, as well as documents outlining my financial information.
«As you can see from my financial documentation, it is not possible for me to make anything beyond a «good faith» payment unless my health improves (or some other windfall occurs!) allowing me to substantially change my financial situation. Unfortunately, because my illness is degenerative, this is unlikely. For this reason, and because I don’t know how long the offer from my mother will continue to be available to me, I urge you to reconsider accepting the $2000.00 to settle the debt.»
Original text: Legal troubles over a decade-old debt to bank
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Pay You Want a Revolution
If there was a revolution and the British state was completely overthrown, what would happen to the Government debt? I assume there are precedents, analogues and international laws that have dealt with this issue, and that this is more than ‘hypothetical filter’.
If there was a revolution in the UK (or any other country for that matter) that overthrew the entire state and replaced it with a system that was distinct from and unrelated to the old one, what would happen to the previous government’s debts?
Are there any precedents?
Original text: Pay You Want a Revolution
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New student loan payment calculations given 25th year forgiveness?
New student loan regulations mean that govt consolidated student loans will be forgiven after 25 years but the balance may be taxed as income. Seems that’s being debated but stands as taxable at this point. I work public service = make little cash. How to calculate how little I can pay through income-sensitive payment ($165/month currently on 48K at 6.875%) without getting slammed too much at 25 years? Want to see my options for cash flow/403b money now vs. balance later. Thanks!
Original text: New student loan payment calculations given 25th year forgiveness?
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- Some advice, and a shovel, would be handy (re: student loans)
- Pay off my student loans or make a large downpayment on a home?
- How can I acquire a student loan when my school does not offer any help or participation with them?
- How to go about paying for a college education?
- Can I make it as a lab tech?
A solution for the economic crisis?
An article in today’s Huffington Post claims that the way to solve the economic crisis is to cut the cost of ALL debt. Is it that simple? Anne Pettifor in today’s Huffington Post claims that the way to solve the economic crisis is to cut the cost of all debt. It would seem to be a great solution. But I’m not an economist. So my question is would it work? If not, why not? And if so, is it as simple as goverment intervention to put a cap on all interest rates? Or is this a viable solution but much more difficult to implement than she claims?
If this is a viable solution, I’d like to let my congressman, senators and the President know as well as everyone I know. If not, I’d like to avoid wasting my time.
Original text: A solution for the economic crisis?
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What do I do when my medical bills have gone to collection?
I don’t know anything about dealing with collection agencies. I have medical debt from spring/summer 2008 totalling around $2500, from about 7 different billers (hospital, ambulance, doctors). Some of it has gone to collection. I do not have $2500. What should I do? I have been getting notices in the mail for a couple of months now. Due to depression I have not contacted any of my billers. AFAIK they are not calling me, but my land line is unlisted and there is no voicemail or answering machine on it. I do not have any assets. I have a full time job ($33K per year) and a lot of credit card debt (not maxed out; I could put the $2500 on a card). I am not planning to buy a house in the next few years or open any new credit lines so I am not overly concerned about my credit score (which is currently around 700). I am in Illinois if that is relevant.
Original text: What do I do when my medical bills have gone to collection?
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How long ’til the bill collectors go away? It’s been more than 10 years for a $50 debt…
How long ’til the bill collectors go away? It’s been more than 10 years for a $50 debt… Over 10 years ago I had a credit card that had a $100 balance on it. I sent in a payment for $50 and it got posted late to my account (company’s explanation was that they don’t consider it ‘received’ until the check clears or some such nonsense) so I incurred a $38 late fee, plus my APR went up to 22%. Shortly after, I lost my job and even though I never used the card again, I got behind on my payments (now $88 + fees), which caused me to rack up another $38 per month plus penalty fees and such.
When I called to close my account officially, I was told that I owed something like $400 to close it, which I couldn’t afford. The account was immediately sent to collections and I was harrassed by bill collectors for a long time. The company was sold several times over in the following years and each time it changed hands, my ‘debt’ would be re-sold and I’d get calls again.
Even though I now had a blemish on my credit record, I thought I was ok. Flash forward 10 years and now a debt collector is calling me about this same debt only now they are asking $1700 to settle it and get it off my record. I explained how the «debt» was actually only $50 and that the rest was their own «fees» and the person essentially said Too Bad, So Sad because they’d acquired the debt at a certain price and needed to reclaim it at that price.
This seems completely contrary to everything I have ever heard about debts. Usually the company that the debt is owed to writes off the debt on their taxes, but then tries to collect for a certain period of time and if unsuccessful, they sell it to a debt collector for a lower cost (and that’s how they can make you deals for «pennies on the dollar»). But these folks insist that they cannot bring the cost down below $1700 and so I have just been ignoring their calls.
Is there any real worry about ignoring this? I already acknowledge the note on my credit file, but other that that, are there any consequences? I thought after a certain number of years (7?) that a debt is considered void? I don’t want to pay $1700 on principle. Yes, I made a debt mistake when I was young, but that’s a heck of an inflation rate on $50! Now that I am in a better career position and make more money, I’m concerned that somehow they will try and come after my assets or garnish my wages. Am I being too neurotic? Or do I need to get aggressive and try to negotiate some kind of payment plan with them? It pains me to think of paying $1700 for this, especially in this economy, but I also don’t want it to be in my personnel file at work that I have a wage garnishment.
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The Politics of Radicalized Religion, Oil, and Borrowed Money
Bush had Karl Rove. But the original wiretapping President needed brains too. Introducing Kevin Phillips. He predicted the prolonged Republican dominance of Washington 1970-present and advised the Ford and Reagan presidencies. He predicted a more liberal 1990s and when the Bushies killed his party he became uttery disgusted.
Recently he spoke about the influence of the christian right, our addiction to oil, and America’s debt (public and private) at the University of California Santa Barbara. Some Reviews of his work:
New York Times on Phillip’s books 1969-2005
Salon Review of American Theocracy
Previously on Mefi in 06
and in 2004
Original text: The Politics of Radicalized Religion, Oil, and Borrowed Money
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- Two hedge funds that predicted sub-prime crisis see corporate debt as next casualty
- Kerala lives on borrowed money, debt trebles in 10 yrs
- Can and should the Federal Reserve assume public debts to stimulate the economy?
- It’s Official: DTS Discloses Total Debt Hit Ceiling Yesterday; Government Draws On $14.3 Billion From Retirement Funds
- What responsibility does the Bush administration bear for the current financial crisis?
bank shot
Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their heads.
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But if the vaults are empty, what will Scrooge McDuck swim in?
According to the latest biweekly numbers released last Thursday by the Federal Reserve, for the two weeks that ended January 16th American banks had negative $1.3 billion in non-borrowed reserves. This is, historically, extremely unusual; just two months ago they had $30 billion (positive, of course) in non-borrowed reserves. The only reason some banks haven’t been shut due to insufficient — negative! — reserve requirements is that the Federal Reserve is currently loaning them enough money through the brand new TAF (Term Auction Facility) program (also running in Canada and Europe) to make up their shortfalls. Today’s TAF press release says that 52 American banks or institutions are currently receiving loans totaling ~$40 billion — but the Fed refuses to name who they are. The banks’ collateral for these TAF loans are those same yucky hard-to-price CDO’s that caused the banks’ liquidity problems in the first place — and the Fed is purposely using outdated prices for the collateral to prevent their being marked-to-market and thus collapsing CDO prices and freezing matters even further. Not surprisingly, some economists see the creation of the TAF as a backdoor bailout of banks in trouble. But how much longer can this go on? [via]
Coincidentally (one hopes), the banking system in the virtual online world Second Life has just collapsed following a run on their banks due to inappropriate valuations and bad counterparty risk, wiping out many players’ real-world investments…
Original text: But if the vaults are empty, what will Scrooge McDuck swim in?
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Two hedge funds that predicted sub-prime crisis see corporate debt as next casualty
Two hedge funds that predicted sub-prime crisis see corporate debt as next casualty Two hedge fund firms that racked up huge gains betting on the subprime mortgage meltdown have begun winding down those trades and looking elsewhere. They’re now betting against corporate debt using derivatives.
Original text: Two hedge funds that predicted sub-prime crisis see corporate debt as next casualty
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Is there a separation of debt in a marriage (NZ)?
Separation of Personal Debt in an Ongoing Marriage (NZ Law) Hi
My wife and I have been married for more than 3 years.
Due to my spending habit, I am frequently in debt. Currently I still owe more than $40k student loan (to the government, but is interest free), and have personal debt in credit card of $2k.
Every month my salary goes into paying off my debt. This has been ongoing for years throughout my life but has only recently gone worse as I have lost more than $5k from the stockmarket/FX trading. I received this money from her parents.
My wife knows that I have been having debt problems, but she believes I could change. Recently she is looking into jointly buying a new house. When she discovers that I have no savings, moreover in debt, and she has herself $20k savings, she was furious. In the past and currently all our household expenditures have been split equally in half, including dining out. We have both been in the workforce for more than 3 years now. My salary has always been higher than her and only during this year that her salary went up more than mine.
We both would still like to be together but she is concerned about my personal debt and also because of my past behaviour where I have hidden certain things from her, she is afraid that I might get into debt and she has to bear my burden if things happen to me.
I would like to know if anyone knows that we could get into an agreement where we could both live together, but if there is any debt, they remain separate even in a divorce. Please only comment about this if you know the New Zealand Law as we both live here.
Thanks in advance for any advice
Original text: Is there a separation of debt in a marriage (NZ)?
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To what collection agency did Blockbuster send my account?
Apparently, I owe a blockbuster debt of $38 to a collection agency. I feel I’ve been screwed but that is irrelevant. I just want to pay the debt and never do business there again. The problem: The agency called last month when I was traveling, I didn’t want to deal with it then, and now I’ve lost their number. How can I find out what collection agency they sent me account to and pay this debt off? Note: I have asked at the store and the employee told me, «the collection agency will call you back»…
Original text: To what collection agency did Blockbuster send my account?
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Do debt collectors take payment through eBay?
I got an automated call from a debt collection agency which told me to pay through eBay. Is this a scam? I’ve recently gotten a couple of automated calls from a debt collection agency (IC System). They gave me a reference number and told me to either call them back, or pay them through eBay. This last bit seems fishy to me; why would they use eBay to collect on a debt? AFAIK, I owe no money to/through eBay.
Incidentally, I do owe some money in unpaid parking tickets, so I think this might be legit. But the eBay thing has thrown me off. Plus, I tried to look up my reference number on IC System’s own website, and it didn’t turn up anything.
So what gives? And is it too late for me to settle my parking tickets directly with city hall?
Original text: Do debt collectors take payment through eBay?
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1099 for outstanding debt?
1099 for outstanding debt ?? My company owes a vendor a few thousand dollars – since they have very little money and because they dispute the exact amount of the debt, they are stretching the issue out as long as possible and avoiding the debt collector’s calls etc. Now the debt-collection company has left a message demanding a IRS form 1099 be submitted (to the IRS) to record the ‘unearned income’. My understanding is that a 1099 is created/required to record payments to sub-contractors (so it’s from the *payer* to the IRS about the *payee*). In this situation I can’t quite work out what this request might be about … by not paying a debt, I kinda see that the debtor has ‘gained’ that money. But what it is the use of that form in this instance ? I’m thinking it’s some kinda of trick/device by the collection agent to sound scary or to get the company to formally record the amount of the debt (remember the exact amount is disputed). I can’t really see how it helps them collect the money?
Any help please?
Original text: 1099 for outstanding debt?
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How can I reduce my debt & improve my situation?
I’m upside down in my house, have about $38k in CC debt. I make good money, but wanna try to find a faster way to recovery. Most the consolidators want my situation worse in order to make it better… & they all seem to offer the same basic thing, which i don’t think is in my best interest. What is my best move from here? my situation is;
I’m upside down on house (which seems to be common here in Florida)… owe ~ $365k, value is probably $280ish…
this is broken into 2 mortgages; 1 at $302k (30 yr fixed [at-ta] 6.375%)… NOT behind in any payments….
The 2nd at $54k (FRHEL ? – w/15 yr BLN [at-ta] 8%)… i am paying additional principle on this one of $150/month & … same as the 1st mortgage…NOT behind in any payments.
i have about $38k in credit card debt… virtually all are 6-8% apr…. except 1..but that will be brought back down in 2 months.
I usually pay slightly more than the minimum each month & again, NOT behind in anything…
i make approx. $150k/year… (and that’s after the 15% pay cut i just took) I think my credit score is around 700, but i’m not positive….I was told the only reason it’s this low is my debt to income ratio… (being too high)
The Company I work for pays for my car & fuel, my wife’s car has 2 years left on the lease [at-ta] $711/month (that I pay for of course).
We’ve reduced some incidental expenses, but seems to be a drop in the bucket.
I have a motorcycle i’m TRYING to sell that should generate approx. $14k…. that I intend to use that to payoff some of the CC debt ….
I’ve contacted a few debt relief companies… but they all seem to offer the same basic service…. they negotiate w/my CC co’s to reduce my overall debt by approx. 40%… but only after I am 2 months late in payment (thereby in default)… This would destroy my credit (score), but reduce my debt by 40%…
My overall plan currently is to sell the bike, knock $38 to $24k… & stay on my same path until something changes…
I have no other income … & many other obligations … so there isn’t much wiggle room.
At this point, I don’t believe my job is in jeopardy, I just feel I’m passively sitting on the side lines & that I could do some thing else or perhaps there’s a plan out there that could drastically improve my situation or at least get me on the path to recovery faster.
I am open to all suggestions…
Original text: How can I reduce my debt & improve my situation?
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What is the largest National debt to GDP ever held?
What is the largest National debt to GDP ever held? Historicaly speaking, with all relative rates of inflation applied, what is the largest national debt ever held?
I ask the question because david cameron (leader of UK opposition) recently stated that the UK is «the most indebted nation on earth, ever!»
UK national debt current stands at £1.3 trillion
divided by GDP this is 300%
US national debt is around $10.6 trillion
but divided by GDP its only 69%
Is this GDP to national debt at 300% really the largest ever?
Original text: What is the largest National debt to GDP ever held?
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Twice-Consolidated Student Loans?
I have already consolidated my student loans (federal Stafford loans) with Brazos, and I am not happy with them. Is it possible for me to move these loans to another lender? Is there a down side to doing so? I have around $50,000 in debt that I’m currently deferring (about to be a student again). I recently screwed up and agreed to a temporary forbearance while some deferment paperwork went through. As a result, the company is refusing to allow me to keep my incentive plan, which means that I’ll end up paying significantly more in the long term.
I do plan to continue to appeal their decision, but assuming they will not reinstate my incentive plan, any suggestions? FYI, I plan to spend the first five years or so after my PhD living very frugally (which I’m completely used to) and paying everything off. Despite my loan debt, my credit is pretty decent. (Not stellar, not bad.)
Thanks!
Original text: Twice-Consolidated Student Loans?
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- Pay off my student loans or make a large downpayment on a home?
- 30,000 dollars. Pay off loans or put it away?
- I-thought-this-would-never-happen-to-me-filter: Got laid off and I’m up the creek finance-wise
- Some advice, and a shovel, would be handy (re: student loans)
- New student loan payment calculations given 25th year forgiveness?
Lesser of two tax burdens?
My partner and I need to pay off some debt, and unfortunately we need to dip into our retirement funds. Our tax accountant is on vacation and we can’t find the answer to our question. We have two sources–either sell some stock or cash out a couple of short-term IRA CDs. Which is the lesser of two evils? The service charge on either transaction would be about the same (~$50). We understand that the painful part would come in the form of the taxes on the amount we receive. Is there a difference in how the two types of transactions would be taxed? If we took a theoretical amount of $10k from either transaction, which would be taxed at a higher rate? What is the tax rate on either of these. I’m in California, and we’d need to do this before the end of 2008. If it matters, the money would go directly to pay off credit cards, car, student loans.
And it always makes sense to pay off debt before saving for retirement, right? (Higher interest rate on debt than retirement fund, blah blah). Oh, and we’re living paycheck to paycheck.
Thanks in advance!
Original text: Lesser of two tax burdens?
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Is our money system broken?
[EconomistFilter] Are interest based money systems fundamentally broken? Here’s the logic: You might have heard the thought experiment where we’re all on an island using a fixed number of coconuts for money, and if we start lending coconuts at interest, we create imaginary coconuts so it’s impossible for all the debts to be repaid. To make the simplest possible example, if there’s only one coconut, and I lend it to you on the condition that you pay me back two, we now have two imaginary coconuts and only one real coconut. You can’t pay me back two, so instead you pay me back one and become my slave.
So, are interest based money systems fundamentally broken? And how does this idea relate to our economy today (how does it translate into reality)?
Original text: Is our money system broken?
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- Can’t find these two "we’re screwed" articles I know I read
- Would we save money by moving the debt to a lower interest credit card?
- Why can’t I close out and withdraw from my 401k? Any way out?
- How can I reduce my debt & improve my situation?
- Has my student debt condemned me to a life of mediocrity?
Soon to be sad worker ant
How can/does (student) debt constrain life choices? I rather arbitrarily did the law school thing and now have in excess of $100,000 debt to my name. As my gpa is below a 3.0, I will not be making a salary on graduation that is significantly higher than had I not gone to ls (although right now I am still without a job). I would consider 50k/yr to be high.
I often hear people say to people considering law school, «oh you may want to be a [low-paying social justice type lawyer] now but with $100k debt you’ll have to take a corporate law job!» My question is, what is the mechanism of this forcing? As far as debt goes, I can only pay back what I have coming in. It doesn’t seem the banks or whoever are going to be forcing me to live in a slum or eat Ramen noodles, nor do I see how they would even have that power.
Assuming the banks are complete a-holes, according to this website the most they can do legally is withhold your federal income tax returns and garnish 15% of your disposable income.
Does anybody have any experience in this area? Has anybody been forced to drastically reduce their standard of living due to student loan debt? Are lenders generally willing to work with you?
Original text: Soon to be sad worker ant
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Acquaintance of mine demands $210 from me immediatey…what to do?)
An acquaintance of mine insists I owe him $210 for a bong of his I broke. And to come up with the money NOW. Help! A short while ago, I was smoking out of a bong that belong to a friend of the person I was smoking with. I set it down to look up something on the internet, then when I got up my foot accidentally hit the stem and broke it. I told the owner (who was not present in said room at the time) that I broke his stem. He wasn’t happy, but he thanked me for telling him. Shortly thereafter I left and went back to my place. The next day I get an email saying I owe the bong owner $210 for breaking his bong, since I apparently chipped the thing the thing that holds the downstem and it’s beyond repair. Needless to say, as a poor college student who was just given a $382 ticket for M.I.P, I can’t come up with that money; especially not in a few days.
Original text: Acquaintance of mine demands $210 from me immediatey…what to do?)
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Young creative trying to break into advertising, wondering how to get by in Chicago!
How can a young creative break into the world of advertising? What does it take to live in Chicago and go to Chicago Portfolio School? I am a 24 year old with a BA in graphic design (minor in marketing) and have had a long time interest in advertising. I have had 2 years of professional graphic design experience, but no advertising experience per se. I’ve been in contact with some reputable ad agencies and the consensus seems to be – improve the portfolio! Chicago Portfolio School has been offered as a suggestion by these reputable ad agencies, but its $15,000 for the one year program! I’m on my own (no rich daddy, damn!) and trying to piece all of this together before I make a huge leap… Any advice?
1. Does anyone have personal experience with Chicago Portfolio School?
2. How much do I have to make to just live in Chicago for a year while I’m at school? (I don’t want to take out a loan for living expenses, just tuition)
3. Any other ideas?!
THANKS!
Original text: Young creative trying to break into advertising, wondering how to get by in Chicago!
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Should I officially go broke?
Question about going broke. I have been out of work a total of five months this year, having gotten laid off twice. Currently, I am not working and am on unemployment. After paying all my bills I have 65 dollars a week for food, etc… in NYC. I have 17 weeks of benefits left. If I do not get a job in these 17 weeks remaining, I will have to default on all of my debt. If I don’t find a job, should I declare bankruptcy? The details: I owe about 9000 in credit card debt, and about 3000 dollars in medical and other unsecured debt. I have a 401k with not very much money in it, maybe 3000 dollars. I have no home, no savings otherwise, no assets, and no job. I currently collect 340 dollars a week unemployment benefits.
Original text: Should I officially go broke?
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The projector is destroyed – what next?
My friend destroyed my video projector, truly by accident. What to do? I loaned a VERY close friend my video projector. While he was using it, the bulb blew. Replacement cost of the bulb? $400. The projector itself – with a working bulb – sells used for a similar price. We both view the cost as prohibitive for the bulb. Obtaining a new projector for $400-ish is not out of the question. Neither he nor I have the budget or need to replace the projector in the short term. He’s suggested splitting the cost on that theoretical $400 projector and sharing ownership. I am inclined to turn this offer down, although it does have the advantage of fiscal feasibility.
There are two complicating factors:
– I originally dumpstered the projector, which was in as-new condition and reported less than 10 hours on the bulb. Thus both he and I are reluctant to enforce full cost against the loss of the projector – I’m not out the money, but I am out the projector.
– The projector seems to have a design flaw which causes bulbs to blow at 200-250 hours, about 10% of the design life of the bulb, 2000 hours. Thus, it’s probably just an act of fate that he happened to be using it when the bulb blew.
Additionally, he called me as he initially worked on getting the projector set up and needed to be walked through getting a signal to it. After the bulb blew, he mentioned to me that he had ‘screwed around with the bulb.’ When I recieved the projector back from him, the rubber ring around the lens had a bunch of weird scratches, as though someone had attempted to get to the bulb by peeling the rubber collar away from the lens. As far as I know, this would have been entirely fruitless, but would have required some untoward activity for the projector. He has not mentioned the scratches and I have not followed up the remark about the bulb per se. I do intend to do this, and to ask about the scratches, which I know were not there when I loaned him the unit.
He is a dear friend, who I do not wish to lose. I am very much disinclined to share ownership of a replacement projector, and certainly will NOT loan him one in the future. Insisting on a full-cost replacement would likely end our friendship, as he simply does not have the funds to do so in the short term.
What should I do?
Original text: The projector is destroyed – what next?
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$1000 hanging over my head
Am I screwing myself by not filing a motion in court? Does it really matter in the long run? I was served papers by a rental car agency for the outstanding balance (just over $1000) of an accident one year ago in which the rental car I was driving was totaled. My 30 days to respond is nearly up.
Someone else cause the accident (documented in State Police report). After salvage, her insurance co. paid all but the $1000+ because they claim it’s «unreasonable towing charges» (towed from WA to OR). Rental car co. says I am responsible for the amount, no matter what, because my name is on the contract.
The insurance co. has contacted me saying they are negotiating with the rental car co. (after I filed a small claims court claim against the accident-causing party), but things are moving slowly. I suspect the rental car co. is stalling so they automatically «win» when I don’t file a motion in time in response to the papers they filed.
The thing is, I only make $8/hr working less than 25 hours a week and I’m not going to hire a lawyer at $150+/hr to get this settled. And I am reluctant to even pay the $50 motion filing fee to submit a download-it-now legal form off the internets… it could all be for nothing. I live in a different state from where the accident occurred and from where the papers were filed in court (three different states).
I am not worried about the decision against me ruining my credit. I am building my own tiny house debt-free and don’t/won’t need a car loan.
Worse case scenario, they say I owe $1000+ and I never pay?
Of course the lawyer that I did contact recommended I hire a lawyer, but I told him I couldn’t afford it.
Considering most of you are not lawyers, what would you do?
(See my profile, previous questions for more background.)
Original text: $1000 hanging over my head
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My Life Needs a Reboot. Advice for the lost?
My life is a mess. I’m in debt over my head, without a steady income, and in the midst of a personal crisis. What can I do to get back on my feet and get some direction in life? I don’t even really know where to start, but here goes. I am a guy in my early 30′s living in Seattle. I am currently self-employed as an IT consultant (it isn’t going well). My professional life has been comprised of work doing technical support/help desk stuff for various companies, but I’m not sure I want to continue with that career path. I went into the IT field sort of by default. I majored in psychology in college but never finished my degree and had always been into computers growing up, etc. Anyway, since my business is not going well I’ve begun applying for help desk positions, despite my reservations about my career, because that’s what my resume is full of.
On top of that, I’m seriously in debt with $25k in student loans and over $10k of credit card debt (among other things). Without a reliable income, paying any of that down has been put on hold. I can’t make any progress when I’m worried about just making rent each month.
Additionally, I am struggling with depression. I am on meds for that, but I really miss the talk therapy I was able to do when I had medical insurance.
I don’t know what I’m doing anymore. I have no idea how to go about getting back to a manageable life. I’m questioning my career, and just about everything else. At times I feel completely hopeless and start to think about old bad thoughts and about giving up. (I really don’t mean to sound melodramatic here, but it’s the truth.) Unfortunately, I don’t have much in the way of a «support system.» My family lives on the other coast and we’re not very close.
What advice do you have for someone who is this lost? What should I do about the career I’m no longer satisfied with? How do I keep from giving up?
Any advice or helpful info you can provide would be much appreciated.
Original text: My Life Needs a Reboot. Advice for the lost?
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To Ph.D., or not to Ph.D? That is the question.
Should I get a Ph.D.? So I’m about to graduate from a top-25 law school. I’ve got a respectable but not stellar GPA (the school doesn’t rank). I spent my last two summers working for a U.S. Attorney’s Office and the Federal Communications Commission. Yay me.
Except that I don’t have a job yet, and with the economy having tanked, prospects are not as rosy as they once were. BigLaw has already finished hiring, so that’s off the table. The clerkship thing doesn’t seem to have panned out. Which leaves me with public interest and small firms.
Thing is, what I really want to do is teach. Teach and write. And neither of jobs I’m most likely to be able to land at this point have a clear track back into academia. Tenure track law positions, hell, even non-tenure track law positions, generally require a few publications under one’s belt. Which I don’t have yet. I’m working on a paper that I think is really interesting, one that has the potential to be a major academic project, but there’s no way I can have it even ready to submit for publication before the spring. Which is a problem, because academic hiring is going to be finished in about a month.
On the other hand, there’s a Ph.D. program at my university that I’m completely fascinated by. History and Philosophy of Science. I’m currently taking my second non-law graduate class, and I’ve talked with my current professor, who happens to be attached to the program I’m looking at. I’ll be sitting down with the program director week after next to see if I could actually do a course of study that would be satisfactory for all involved.
My question for the Hive Mind is whether or not I’m completely crazy. I turn 27 in a few months, I’m sitting on low six figures in educational debt, and I’m considering embarking on a 5-6 year academic program. Granted, my job prospects will be significantly better once I’m done–I’m told by law faculty that JD/Ph.D.s are in no small demand–but the thought of being in school until I’m 33 gives me pause. I love both research and writing, and assuming the program is willing to work with me on a few logistical issues (and, you know, admits me, though I’m not terribly worried about that) I know I can complete the program. Should I? Or should I just bite the bullet and get whatever real job I can?
Original text: To Ph.D., or not to Ph.D? That is the question.
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