Nothing with my pending bankruptcy is discharged yet. I still have to go to court. The following assumes all my personal debts that can get discharged do. As you can see…I still have a long way to go.
Debt Chart Update – December 2007
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Wow. I actually can’t believe how much I’ve paid off. I feel like I haven’t been able to pay anyone (I haven’t really). But, the payments to my mother each month have added up, as well as the payments on the 0% cards.
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Hi. I’ve been reading your blog for the past few days, and I’m impressed by your progress. My dad’s in a similar position (240k in credit card debt + a lot more on mortgage, home equity, etc.), but he refuses to file for bankruptcy. He’s asked me to look at his financial documents, but I can’t make heads or tails of it because the person who previously managed his finances (and caused him to be in so much debt) was my mom. Do you, perhaps, have any advice on how to go about this or even, where to start? Thanks.
Hi Lex,
I think the best place to start would be your dad’s credit report. This would at least give you a basic overview of his credit situation. You’d be able to see all the creditors, and go from there.
DK
Try myfico.com for credit reports. They are the best.
you are a total jackass. I hope you rot in debt hell.
Thanks Bill. I had forgotten how badly I screwed up, so thank you for reminding me!
I’ve been reading your blog from the beginning and have a great deal of respect for your attempts at reducing ALL of your debts especially the debt to your mother. It is both inspiring and motivational. Keep up the good work!
I don’t know if I should be gentle with you, or if I should be harsh. What you paid in one year, you should pay in one month. At this rate, you will be paid off in sixty years. I was really afraid of this,
Why the car payment? Are you crazy? Tis the season for jingle mail! Send in the keys.
You should be living like a hermit. What is all this talk of dating?
Won’t some of that debt be discharged? Is it really $303,832.98 *after* the bankruptcy? I’m a little confused.
I am surprised that by this point you are still estimating balances for some things. How can you not know exactly what you owe your mother? This late in your process you really should know down to the penny what you owe.
Chris, I agree, I should know every penny that I owe. The issue with what I owe my mother is that I need to go through about 3 years worth of trading records. It’s going to take some time. I will get an exact number soon.
And my “dating” has been cheap. Tonite I just went to a Christmas party with the girl. (cost: free). Dating doesn’t need to be expensive. Heck, check out the post I did for Lending Club this week:
http://blog.lendingclub.com/2007/12/06/7-dating-tips-ideas-for-how-to-save-money/
Too be honest though….tonite was awful. I honestly just feel like crying. The girl I’m interested in is wonderful, it was just a really bad night, and I’m exhausted and frustrated. And I really want something to happen with this girl, but I just don’t know if it can because of how I feel about ALL this crap. I don’t know.
I think I may go back to the counselor I was seeing earlier in the year. Anyway, hmmmphh, I’m off to bed.
DK I’m interested in what your net worth might actually be. You have a ton of debt but what kind of assets do you have? That business and its profitability must stand for something. The vast majority of your debt is unsecured, and half of that appears to be owed to your Mom. Something has to be done about the car too because you’re in no position to make monthly car payments. For some time you had sacrificed by living in your office, how difficult would it be to get rid of the car?
Bankruptcy is probably the best thing you can do in your current situation. It won’t be able to help your Mom but it will take away other debt preventing you from paying her back. I don’t know what else you can do here but this mess is holding up your life.
OK, DebtKid. When the going gets tough, the tough get going. Hopefully, a supportive girlfriend will help you overcome your situation. This might be a good test of your earning capacity, an important contribution to a happy family life.
You need to focus on one of these debts, and then cross them off the list.
Buy a used car or take public transit. Better yet, ride a bike. Insurance is not cheap, and neither is gas.
It is the end of the year, the perfect time to re-evaluate your strategy. No pain, no gain.
Once you pay off all of this, you can focus your hard-learned frugal habits into purchasing real estate or other commodities. You have been given a rare opportunity. You are a lucky man.
I’m sorry debtkid, I think I have torette’s. I didn’t mean to say such a mean thing. Hope your life goes better for you soon.
I had some questions with respect with the wellsfargo creidt line. Do you know if they offer a hardship program and if so how do I go about getting into it. Do you know how long it was before the your personal credit report was effected by your late pays or did anyone report. Did your negotiate the payoffs or did the bankruptcy courts deceide for you.
Wow, I’d wonder how u managed to get 145k from your own mom and got a car loan at the same time. Your mom must be some rich executive who makes 6 figures. I’d figure that your mom would have paid for it…
Hm, I’m not sure if debt to your mom counts as “official” debt. How did you get so deeply in debt to your mother? Does that debt include the cost of every jar of baby food that you ate as a child? And the diapers? All of your food and living expenses though your 18th birthday? The rent that you were *supposed* to be paying but couldn’t during your High School years? Or was it “legitimate” debt for something significant? Is there a note with an interest rate? What was the money lent for? *IF* it does qualify as “legitimate” debt, it would definitely be “unsecured” as I’m sure that she was lending to you based on your Wonderful qualities, nice smile, trustworthy nature, etc. etc. etc. and she will probably be willing to forgive such debt based on the same.
Disregard that last posting, I just read the “My Story” page…