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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #10 on: May 25, 2007, 10:16:43 AM »
What does CC stand for?

jer

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #11 on: May 25, 2007, 10:19:36 AM »
What does CC stand for?

i'm guessing credit card

darlinalexi

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #12 on: May 25, 2007, 10:51:47 AM »
Someone mentioned private loans from Chase for extra loans... true or false.. you can only borrow up to the cost of attendance, no matter the source?  I wanted a little extra to help with moving expenses, but it doesn't seem like that is going to be possible.

Zam

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #13 on: May 25, 2007, 10:53:37 AM »
What does CC stand for?

i'm guessing credit card

C&C, as in the Music Factory.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #14 on: May 25, 2007, 11:41:08 AM »
How did you go from a job that paid $5K a month to a job that pays $2K a month?  Can you defer law school for a year and go back to the $5K job?

Sell your car.  Carmax is great for giving you cash on the spot.

Consolidating your car loan and credit card debt into a another loan DOES NOT mean that you'll owe less each month because you won't have a credit card or car loan payment when you graduate. 

You can get student loans over and above your student budget through sites like this:  www.educationone.com.  However, you will need a cosigner and the APR is based off of your credit-worthiness, which you have shown that you are not credit worthy.  Do not expect a low "student loan" APR. 

I would heavily suggest against declaring bankrupcty.  I have no experience with the Bar exam and C&F, but I do work with governtment security clearances in my job.  If you have a bankruptcy in your past, you're pretty much not going to get a clearance for a decade, and possibly not get one if you have bad credit.  Basically, organizations fear that you might sell secrets or personal information to get your debts under control. You need to get this under control before graduating law school.  Defering entry to work and pay down debts is probably your best bet.

Seriously look at your current lifestyle.  Obviously you got into debt by spending more than you make.  Odds are you are still doing it.  There are probably plenty of places you can cut things out of your current spending habits -- subscriptions (read for free online), gym membership (take up running), daily coffee runs (make your own), expensive lunches (brown bag it).

dude owes 20k on his car.  odds are dude is upside down.  to get out of his payments, he'll have to come up with the difference - probably a nice chunk of change.  he wont be walking away with cash buddy.  it'll be the opposite. 
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #15 on: May 25, 2007, 11:42:12 AM »
Either way he's got a car he can't afford.  He needs to get rid of it.  If he's upside down it'll probably just become more so as he goes along.  Dump it.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #16 on: May 25, 2007, 11:49:37 AM »
Either way he's got a car he can't afford.  He needs to get rid of it.  If he's upside down it'll probably just become more so as he goes along.  Dump it.

how?  he probably will have to come up with anywhere between 5-10k after carJacks fucks him on the bluebook.  that cash probably would be better spent on his cc debt, that is if he had that type of cash laying around in the first place.  putting it towards his cc would help his credit score, also the interest on the cc is prob. higher than his car note. 

he'd be better off finding a sucker willing to take over payments, or one willing to give him blue book through the newspapers.  if he can find someone to take the payments, that'd be great, but I doubt its happening.  if he finds blue book, he'd prob still be upside down.  at any rate, dudes just screwed man.  its not easy to dump cars you owe 20k on, let alone rid yourself of 17k of credit card debt while trying to get a 50k loan...ahaha.  he should consider himself lucky his parents took the house off his hands and is giving him a place to stay.  most folks declare BANKRUPTCY!! 

And don't do that, then you will be screwed out of loans big time.  you should consider state schools man.  50 k is steep for someone in your predicament unless you want to keep dumping on your folks.
The Tragicomic: Its embodied in the blues, jazz, (HIP HOP, CORNELL <<one slight deserves another!!!!<< REALLY MISSED THE BOAT ON THAT ONE!!!) and the African experience in the New World -- the ability to withstand terrorism, embrace ones worst enemies lovingly and bear the unbearable in song.

Texas2L

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #17 on: May 25, 2007, 11:52:51 AM »
We'd need to know how much Carmax would give him for the car (or how much he could sell it for private-party) before we decide selling it is a stupid idea, imo.  I've never been upside down on a car I've owned, I don't see how thats possible unless you got royally screwed on a new-car deal, put 0-down, and missed payments.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #18 on: May 25, 2007, 11:54:22 AM »
I never said it was a stupid idea.  I just said he wouldn't be walking away with cash.
The Tragicomic: Its embodied in the blues, jazz, (HIP HOP, CORNELL <<one slight deserves another!!!!<< REALLY MISSED THE BOAT ON THAT ONE!!!) and the African experience in the New World -- the ability to withstand terrorism, embrace ones worst enemies lovingly and bear the unbearable in song.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #19 on: May 25, 2007, 11:59:03 AM »
I never said it was a stupid idea.  I just said he wouldn't be walking away with cash.

Walking away with cash isn't the point; getting rid of a car payment on a car he can't afford is.