• Content Count

  • Joined

  • Last visited

Community Reputation

10 Good

About outofdebt2010

  • Rank

Profile Fields

  • Location
  1. jq26 can you tell me more? (thanks for the help) My mother purchased these stocks when I was 12 and my mother is the custodian on the account. And I'm in the process of moving my name only on it. My mother is still alive, but we don't talk anymore. I was informed that because I'm older than 21 I would only need to fill out some paperwork to move my name over on the stocks. I'm planning on selling the stocks and paying my lawyer, and maxing out my retirement. However, what else am I in the dark about? Thank you for your information and help.
  2. You our correct. My lawyer looked into it, and stated that I could cash in the stocks and just use the money to max out my Roth (5k max for 2009 and 2010) that would burn up 10k. And the rest I can use to pay her. Thanks for the information agian.
  3. Just had my first meeting with my lawyer she stated that in Texas it WOULD NOT be a good idea to cash the stocks and spend the money on living costs. So I'm going to wait to see what happens to the stocks. I'll keep everyone up to date. Thanks again, for all your help.
  4. OMG that was a fast responce. I love this webste. So if I understand you correctly I can sell the 44 shares of stock for 126 each. But that is over $5K I will have and the cost of the filing is only $1800. So what do I do with the left over money. I do owe student loans and a house payment that can't be forgotten. So do I pick one that has the highest % rate and pay that off. Is that legal? Thank you again for all your help. Michael
  5. After doing a search on the forum I wasn't able to find anything about owning stocks and filing bk. But I just remembered that when I was 10 my mom purchased about 44 shares of IBM stock and its worth about $126 each today. I received that paperwork that i needed fill out my taxes due on them today. I'm in the process of thinking about filing for Chap 7. Do I need to sell them off ASAP and use them to pay the lawyer there $1499.99 and the court cost of $299.99. Or will I get in trouble for selling them off? I don't want to do ANYTHING illegal. Please advice
  6. Could you also post the answer so we could learn too. Thanks
  7. Thank you everyone for your honest thoughts on my problem. I have applied for hardship with the credit cards but they couldn't give me a hardship. The % rate I'm getting is 15 to 18 % for the cards I have and I've only been late once when my step father died when I was in college. But I've had the accounts opened back in 1997. I've been attempting to work out the numbers everyway I could, but it does look like I'm going to need to file BK. At least I don't need credit anymore. I already own a great house that I CAN afford. Do you know if I will be able to fill for BK7? I live in Texas. Thank y
  8. Yes, Sorrry I should have stated that my sister and I both own the house. Will this complicate things in filing for BK7? When I file for bk, will I need to show them my income statements for this year. or from last year tax information. Thanks so much for your help.
  9. From what I've read that post above is right on. You have to be behind for them to help you. But it damages your credit report, so becareful and pay off your debt if you can.
  10. I've read that it's a good idea to at least answer one or two calls a week to keep the account open so they don't take you to court is that right.
  11. I have cut everything out of my life style and sold everything but the kids I don't have. I did everything wrong, I took out 32k for college and then purchased a house for 132k at 6%. Then 5 years later I went into business and failed and put it on personal credit cards. My god, what have I done. I know for a fact that this is my fault but I can’t pay off the debt. I wish I could sell the house, but it’s so cheap to leave here. The real issue is I have two problems; I have to take care of asap. I have a debt problem and I have an income problem. I have to make more money and I have to cut spe
  12. Is there anyone on the forum that can answer her questions. She posted this information two months ago. ANYONE.
  13. Do you know why it wasn't a good idea to ask for arbitration? I thought once you ask for that they can't sue. I might be totally wrong.
  14. I'm not a lawyer and I'm in the same boat you are. But I wouldn't give them back access if they aren't going to give you a guaranty in writing. A lot of companies have taken out more money than they promised. Leaving you without any money to pay your bills. I would be very careful about this.