/biz/ - Business & Finance

ignore it. half the country is in debt

don’t bother declaring bankruptcy either. if you have nothing to repossess there’s nothing for them to come after. garnish wages? change jobs.

>>25907253
Don't ever answer the phone. Don't ever respond. Don't file bankruptcy. $20k isn't shit. Live frugally for 7 years while saving your money and not fucking up anymore and it will be wiped off your record. Also, put everything you can in Link while it's under $100. Don't sweat it and don't let those Jews harass you.

>>25907253
>ignore it
>do not answer calls, respond to letters, dispute it, etc. just ignore it.
>3-6 years after the last time you paid it will expire and you wont owe ie
>before then they may try to sue you, if they try get a bankruptcy attorney and file

>>25907253
that's ok

>>25907349
>>25907334
What if they sue me? How long does the process take? The fact that this recently letter is from "attorneys at law" has me concerned.

>>25907321
>change jobs.
How does this work? I read it's something that is automatically taken no matter how many times you change jobs?

>>25907439
Look up public court records for your county, type in the attorney/debt collector as the plantiff to see if they have sued before and for what amounts they went after.

If they decide to sue they will have someone come to your door to drop off a subpoena and you might have like 30 days to respond. If you dont show up or respond, they get default judgement and can go after like anything over $5k in your bank account.

This is going to cost them thousands and they will only do it if they think you have money.

Debt collectors collect 1 out of every 10 times, 10%. The other 9 out of 10 never pay and the debt is written off as a loss and you will receive a form in the mail stating it as income you received when they write it off.

>>25907253
File for bankruptcy anon. You'll feel alot better for it. After an unfortunate series of events that involved medical debt, I had to file. If you're in the USA and make less than 50k (varies slightly by state), you're eligible for a total discharge of all your debt

>>25907563
I never have that much in my account. I've been thinking about having my wife open me an account under her name and changing my direct position to said account.

Where do you get the 1 out of 10 times info? It makes me feel a little better but I don't know what to believe.

>>25907789
Really? My worry is having to put up assets, and the only thing I own that's worth anything is my car and I need it to commute to work. I make about $35k a year.

>>25907993
You'd have to check with an attorney, but in my state you're allowed to keep your car if it's worth less than $2500 or they'll take it and give you $2500 to buy a new car if your current one is worth more. Up to $5,000 in general electronics, clothing, furniture, etc that they can't touch either. Total cost for chapter 7 was $1400 for an attorney and $350ish in court filing fees.

I could give you a small loan to pay off that debt. 10,000% APR. You in or out gentile? If you don't pay I will liquidate your family btw.

>>25907253

Take a look at your state's bankruptcy laws before filing. Some are very generous. Some are shit.

Debt collectors usually like to settle for 30-60% of the debt. Dispute the debt, then make a low-ball offer and remind them that they probably paid 15 cents on the dollar for your debt. Start haggling at 30%.

If you're in Florida, I can recommend a good attorney. I was sued in January 2020 for $10.5k and he's stalled them for a year.

>>25908120
I'm in California. Not going to lie, I feel retarded looking this stuff up.

>>25908096
Yea I just payed off a car I was financing for 6 years that has a current value of $8k. I don't want to give it up...

>>25908298
>payed
How enriched with melanin are your epithelial cells my fine anonymous poster?

>>25908323
Sorry it's late. I was also thinking of just giving ownership to the car to my wife so it's not technically mine. Would that save it? Or would my wife's assets also be counted as mine?

>>25907253
Can you buckets explain to me how you get 20k lines of credit? How the fuck do you do it? I have $1900 across three cards. Do I just ask for a raise or something. My credit score is 739

>>25908421
>he got legally cucked into a marriage contract by the goyvernment instead of having a voluntary monogamous relationship based on trust and human decency
It's over, your life is over. You need to accept that now.

>>25908434
I had a good job and got a promotion and relocated. Put a lot of the expenses the company wouldn't cover on my cards and for support while my wife wasn't working. a year later I lost my job and stopped paying stuff until I got another job, that pays less. Had to pick and choose what to pay thus the 2 cards not chosen going to collections.

>>25908421
Then write the car on your mom/dad? If debt collector/court or whatever asks say you owned them a personal debt and repaid it with the car. The same of course applies to any money you may have, that you don’t want them to get. In fact you can say you have a personal debt of 300k and give your salary to your parents and then they hand it to you in cash. Be creative.

>>25907817
Google debt collectors collection rate or something. It’s like 10-15% are collected on, rest don’t pay.

>>25908421
That's way illegal if you're filing for bankruptcy. Good way to get a felony, have all your assets taken, and have your case thrown out

>>25907253
LOL bankruptcy over 20k.
the sheer audacity of it.

just offer 25% cash and pay it off, 5k, get a 750 credit score and buy a house and be happy or more credit card debt.

So many wrong answers here, fucking babies.

>>25908760
Interesting. When ever I google bankruptcy I get ads on debt relief firms. The ads are against me finding proper info?

>>25908876
I don’t have 25% to pay. More like 2%.

>>25908876
>billionaires can file bankruptcy all the time and that's just smart business
>wagies do it and they're babies
Sound like a boomer. Get off of biz, Dave ramsey

>>25908421
car is worthless asset, 8k, lol, more like 3k, no one wants it.

but nah, no one would take it.

>>25907287
this, don't declare bankruptcy anon lol.. after 2021, more than half of americans will be in debt.

>>25908485
Ok but what was the progression of your credit limit? Did you start off with a low amount and ask for more or what? When they evaluated you for 20k of credit what did they look at?

>>25908923
That's fine, you're not going to ease it off your credit report, it's better to get it under current payments, they'll probably offer 50% if you do payments, you want that so it isn't negative on your credit.

>>25908939
Yes, but thats for business ventures usually. Corporations are devoid of personal debt for that very reason and to strip liability. Billionaires also breath the same air you and I do but yet, they're better than OP and (YOU) faggot.

But not me, cause I'm also rich and bored browsing the bizness board, etc etc typical better than you speech.

You don't file bankruptcy because it really is more harmful.

It also isn't free, you need to file w/ an attorney, and it's about 2k out the door, cash, upfront.

Sure, you'll find marketing that says $499 or whatnot, but yeah, no you don't do that, and you don't just yell bankruptcy thinking that's how it works.

20k is not alot of debt, it's basically nothing, what it means is OP is a poorfag, does not know pattern of success and this is natures way of saying, hey, fix it.

But probably wont, even if it goes away, down the cc rabbit hole he goes again for them VCR's and idk that 27" entertainment center.

snowfall or pay it off at once
rich dad poor dad
get assets
stop being fucking poor

>>25907253
FUCK NO BRO just hold. No debters prison in America and credit is a scam anyways. I paid a 5k cars comepletey once with a bonua and they reduced my limit effectively fucking me over again.

>>25908992
Honestly I have no idea. I applied for my first credit cards and got $3k approved when I was 25. No previous credit. A year later of using the cards sparingly and paying them off right away they were increased to $5k without my request.

>>25909029
So calling them and admitting the debt is mine? The very same thing 90% of people on here and on google say not to do?

>>25907253
i don't think collections agencies can sue you. only the bank you actually signed a contract with you can do that.

>>25909188
never talk to those people. it's unironically one of the few things in life where if you ignore it it just goes away.

>>25908891
I looked again, found some industry article that said 20% a few years ago but it has been going down. It’s why they pennys on the dollar to purchase the debt, they won’t collect on most. They manage to scare at least 1 out of 10 then they are in profit. Don’t get bullied by big finance anon.

>>25909266
Are you lying to me?

>>25909291
no dude no one's going to come after your beater car, no judge will take your means of living (your car) away to give some idiot who doesn't know who to lend to.
no one's going to come after your playstation 5 and $500 in your bank account.

If you owed say $300,000 and had a house to possibly repossess after a long drawn out legal battle or made $100,000 a year, then maybe. for you, no you're safe.

>>25909188
Don't take advice from boomers. They're financial world was entirely different than anyone under the age of 30

>>25909291
no. i've done shit like this before and nothing bad happened. i don't know what my credit score is, but i've gotten credit cards and phone plans recently without much hassle.
don't give these clowns the time of day. they'll be real menacing and shit but they have no power.
literally just ignore it.

>>25909291
there's two sides to a transaction.
Who's the bigger idiot, the guy who can't pay back 20k, or the guy who lent it to him?

>>25909363
Me, the guy who moved across country and lost his job after maxing out all his cards.

>>25907439
credit card is unsecured loan, they have no legal standing to pursue your other assets. Just ignore them.

>>25908434
tell credit card companies you make 100k a year they dont fuckin check

>>25909418
you're definitely the bigger idiot if you pay it back.
don't pay it back and the bank is the fool for lending it to you.

>>25907253
AHHHHH DUDE, MAN, DUDE, AHHHHH. IM NOT WORKIN RIGHT NOW MAN, AHHHH DUDE, I FUCKED UP MY FOOT DUDE, BEST I CAN DO EACH MONTH DUDE? AAAAAAAHHHHHHH DUDE, I GUESS LIKE THREE DOLLARS.

>>25909620
Based and sam hyde pilled.

>>25909188
They already know the debt is yours, you didn't protest withi n30 days, so it is valid.

Don't be a fucking kike, anon. You have a debt, make the best attempt to pay it back. All this shit of ignoring it and it'd go away stuff isn't proactive of a good life/good financial future.

The key is proper risk management/risk mitigation and saying no to debt, But, anon, if you're like htis, going on and on thinking there's some magic loophole that you can invoke so it's go away so you can do it again, it isn't going to happen.

>>25909465
They can persue if they sue you and have court order, unsecured loan just means it isn't asset back, it doesn't mean you don't have to pay it back. chatttel mortage is a house/car note, which is a collaterial loan. lol.

>>25909484
Then why can't you pay 20k, lol, and 100k is also considered average/low tier, many mid tier financial products will actually exclude you if you make 5%+ what your zipcode says you should be making, this is known as gdp per capita,https://www.bea.gov/data/gdp/gdp-state

Now, if you lie and say you make over 100k, and ahve an FEIN or go for business cards, that's more actionable and opens up more lending and where you can get 25-50k per month in unsecured lending, but, most of you /biz/nauts aren't that intelligent.

>>25909534
You consolidate and get it removed, even if it's a PFD. Pay for Delete. If you don't, you have shit credit forever.

I guess this goes to show how ignorant this entire board is of finance. OR that the general age of this board is under 20.

Why the fuck am I even here anymore.

>>25908843
It’s not a felony to repay a personal debt.

>>25907253
Her lips look too big. Why is she wearing white lipstick? What manga is this?

>>25909740
they cant pursue shit if you dont have money in a bank account. ignore them or just tell them you dont have money and you can only pay 3 bucks a month unironically. I just tell them I make 90k a year and I have 3 cards with 18k limits and like 5 with 10k limits. Helps to max them all out and repay them all at once I think.

>>25909871
I dont not pay my credit cards tho because I wanna be a good goy and get more free money. OP losing his shit over 20k card debt is hilarious. Instead of asking them to work with him he comes to biz for advice. What a fucking retard.

>>25909740

I'm a 30 year old retard trying to learn, and my own experience with getting out of debt let's me see that you're correct, and the "just ignore its" are wrong.

So thanks for the teaching.