Author Topic: Not Sure Where to Begin...  (Read 681 times)

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BrokeBob

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Re: Not Sure Where to Begin...
« Reply #15 on: August 07, 2017 05:36:20 PM »
No, I found out when I worked for a financial institution. 

There were certain things on the credit report of an applicant that could be a deal breaker, plain and simple. 

I had to show that every debt and every foreclosure was 100% taken care of.  I could have some nasties on my credit reports, but I had to show the 1099 forms, and show that the debts were past the Wisconsin Statute of Repose before I could get a job. 

I never said I lost my job because of an alleged SOL debt to the company for which I was contracting showing up on a credit pull.  It might've been a coincidence, and that was NOT the reason given to me for being fired, BTW.  It was just enough of a coincidence to make me wonder about the timing.

I am sure there are cases where someone in the financial industry is able to keep a job after the credit goes south.

I notice that nobody who has knowledge of the hiring practices in the financial industry is disagreeing with me.  They all know bad credit can and will kill an applicant's chances. 

Bruno the JDB Killer

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Re: Not Sure Where to Begin...
« Reply #16 on: August 07, 2017 07:42:23 PM »
Banks don't hire people who are in hock up to their eyeballs.....the temptation to help yourself to what's in the vault is a risk they don't need to take. Also, I don't think I'd want financial advice from somebody who filed BK.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

nobk4me

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Re: Not Sure Where to Begin...
« Reply #17 on: August 07, 2017 11:20:24 PM »
We have and paid her a retainer. I ended up here because I was wondering if a BK attorney would actually tell me if there were other/better options or if since they are basically paid to file if it would be more of a "yep! You qualify! Let's do it!"  Google led me to these boards.The judgements are recent. One fromMarch and one from July. I just wanted to make sure before moving forward  that we've exhausted all other options that may be more beneficial to our situation. I appreciate the advice!

One thing to be cautious of with BK: losing assets, such as your home or cars.  Since you had a good income before your husband lost his job, I am guessing you have accumulated some assets, not all of which may be exempt in bankruptcy.  I don't know what your state's exemptions are, but I know in some states they are paltry. 

Given a choice between losing your house and living with a judgment, I would choose the latter.  Wage garnishment is limited to 25%.  There is good information on this forum on making yourself judgment-proof.  Actually, it sounds like you have done a good job of keeping creditors at bay.

And, since the judgments are recent:  were you served properly?  If not, you may be able to get the judgments vacated for improper service.

If you were served properly, did you answer the lawsuits?  Were the lawsuits filed before the SOL expired? 

There is a good consumer attorney in NJ.  I would consult a consumer attorney as well as a BK attorney.  Although, if you were served and did not answer, and just got default judgments, you probably can't do much about the judgments now, other than paying or settling them.
« Last Edit: August 07, 2017 11:38:02 PM by nobk4me »
Molon labe

Judgment Proof!

nobk4me

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Re: Not Sure Where to Begin...
« Reply #18 on: August 09, 2017 11:56:32 PM »
Thinking some more about this - especially the judgment from Discover.

Discover uses Delaware law.  DE SOL is 3 years, and according to Bruno, NJ has a borrowing statute.

If Discover sued you more than 3 years after default, the case should have been time-barred.  If you didn't defend the lawsuit, it may not be possible to do anything about it now.  But I would still consult a consumer attorney.  It might still be possible to sue the law firm for a FDCPA violation.  That would get you $1000 (which never hurts, right?) and get you on Web Recon.  Which is really good for you, as creditors will be more likely to leave you alone.
Molon labe

Judgment Proof!

BrokeBob

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Re: Not Sure Where to Begin...
« Reply #19 on: August 10, 2017 01:43:08 PM »
<snip>   Also, I don't think I'd want financial advice from somebody who filed BK.

Many people take advice from Dave Ramsey. 

OK, so that was over 25 years ago when he filed. 

I certainly understand your point.   Why take advice from someone if their own financial plans blew up in their face?

BellEbutton

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Re: Not Sure Where to Begin...
« Reply #20 on: August 10, 2017 02:23:40 PM »


I certainly understand your point.   Why take advice from someone if their own financial plans blew up in their face?

You mean like alot of us on this site?   

I don't know much about Dave Ramsey, but maybe he learned from his past mistakes.

BrokeBob

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Re: Not Sure Where to Begin...
« Reply #21 on: August 10, 2017 03:38:44 PM »
You mean like alot of us on this site?   

I don't know much about Dave Ramsey, but maybe he learned from his past mistakes.

I cannot speak for Bruno.   
My interpretation is that he wouldn't want to take investment and spending advice from someone whose investments and spending led to BK.

The advice we have here is more specific to people who messed up, and learned from their mistakes, and learned from others' mistakes and success.

I'll give one example.  Another poster in my state, trueq, made a number of mistakes at the beginning of his litigation process.  Then, he learned from those mistakes, and developed an arbitration strategy that worked if for no other reason than it caught the other side completely off guard.  i learned quite a bit from trueq (and some others), and using a strategy of electing arbitration before any court hearings was very effective in those days.  For a couple of years, nobody would touch a case where anyone had sent in a letter saying "I elect arbitration".  Other times there were arbitrations after the case had already been filed. 

One of my all-time favorite law firms to deal with was Rausch.  (RSIEH) near Milwaukee.  Trueq smashed them with his arbitration strategy.  Then I was the second person to deal with them for arbitration.  They had two cases against me, which I consolidated into one arbitration (this was a great strategy, because the second one they filed the case after I was in JAMS, so that one was dismissed right away).  I can't tell you how things went, although Bob Hornick did finally release me from the NDA, since my future employment with a Large Bank was at stake.  Bob H. was really great to deal with years after the fact. 

Not long afterwards, a THIRD CC case went to Rausch.  At that point, I simply called them up, and explained that I would be very happy if they closed the account and never bothered me again.  They immediately closed the account and never bothered me again.  Twice bitten, thrice shy. 

BrokeBob

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Re: Not Sure Where to Begin...
« Reply #22 on: August 10, 2017 03:39:47 PM »
I should mention, the banks also learned from their mistakes. 
Arbitration is a much more difficult road these days for that reason.