Help or I go bankrupt, Chase

Maybe you can ask for a loan through them and get some of it paid
off.... just a thought...

Look into the Soldiers and Sailors Relief Act as suggested above...

also, stay AWAY from the Consumer Credit Counseling Services...as a
general rule, you're better off filing for Bankruptcy protection,
since as far as credit reporting goes, it looks the SAME to potential
and current creditors. The difference is that under CCCS, you have NO
protection from collection agencies, lawsuits, original credit
creditors, etc. Many times the creditors will accept the terms of
CCCS, but then go back on the deal and sue you for the accrued
interest that they think they owe (at 29% instead of the 6 percent or
so that they agree to)


That being said, Chase tends to work well with consumers when the
consumer is straight with them. If they do NOT work with you, speak
with your CO or legal aid through your unit

Best of luck to you

Look into Consumer Credit Counseling Services, they can help you get
caught up on your bills and pay off your debt. It's free, however you
will not be able to use those cards anymore. But they will make all of
the arrangements with the companies for you!

According to the Soldiers and Sailers act they should have lowered
your intrest to 6% while you were gone. If you didn't let them know
before you left you, they still should be able to help.

Lawyer hat going on - the Bankruptcy Reform Act has essentially made
it more difficult for people to obtain a discharge in bankrutpcy.
Pardon the legalese, but this act has the effect of essentially
forcing people into a Chapter 13 (wage earner repayment program)
rather than into a Chapter 7 (liquidation). The goal behind this is
to make people have to pay back *some* over their unsecured debt over
a period of 3 or 5 years rather than wiping everything out. As you
can see, the credit card has a strong lobby and probably not much
incentive to work with people.

Another provision of the new act is that credit counseling is
MANDATORY before you can file for bankruptcy. That is always a good
step - and rather going with this company (Chase?), perhaps you should
contact one of these outfits, which are non-profit, who can help you
and may be able to help you reduce your interest rates and avoid
bankruptcy all together.

Be very careful about which one you pick. Under the bankruptcy reform
act, the U.S. Trustee, who is the watchdog of the bankruptcy process,
must review and certify appropriate credit counseling services. Just
to make sure they are on the up-and-up. I would contact the U.S.
Trustee for your jurisdiction and find out who is available in your
area and make a phone call to one of them.

Good luck.

Lawyer hat off: Thank you for serving your country in Iraq - my
brother is still there, so I know how difficult it must have been for
you.

If, as some posts have suggested, you are a guardsmen then there are
resources at your disposal to help you deal with this. Contact your
boss and ask about these programs. I was in the Navy, they had credit
counselors that had books full of programs to help those in debt, and
they help you find the one that is right for you. I went through it I
got myself out of debt and so can you. It won't be easy but it is
possible.

I am sorry you're having financial difficulties. Having said that,
though, the fact that you're returning from Iraq is, in my opinion,
only relevant in this case if you're financial difficulties resulted
from your tour in Iraq (I am giving you the benefit of the doubt that
you were a soldier in Iraq). For example, if you're a Guardsman and
are experiencing a loss of income because you aren't at your regular
job or if you needed to pay for things to be taken care of at home
necessitated by your tour-then I think that the fact that you're just
home from Iraq is completely relevant and should be given
consideration. If you're willing to fight for our country, you
shouldn't be financially penalized when you're sent. However, if you
are just a poor money manager or didn't take proper precautions
knowing that you would be sent to Iraq, then that is simply your
problem and the fact that you're just back from Iraq is irrelevant.

I hope you can find a resolution to your problems. Have you
considered consulting with a non-profit consumer credit counseling
agency? They can often negotiate on your behalf and find solid
solutions. Good luck and thank you for your service.

first of all those companies do not care about anyone but themselves.
you fought for this country there fore they should help you.

first, thank you for your service. i did file bankrupcy in 1990 and
really it was a good decision. It will affect you for 7 years, but
once you've gone through the fire, it'll get better. But really, i
think they should practice debt forgiveness for Iraq veterans. Hey,
if Bono wants to do it for Africa, how about charity starting right
here at home?

Just curious. Everyone is assuming you are in the military. Are you?

First and Foremost My Gratitude for Your Selfless Sacrifice. While
others chime in with the "How could you let...when you got paid..."
tangent, I understand that there are exceptions and circumstances that
are personal in nature that you need not feel you have to share. We
should take a collective deep breath and realize that the hand of
fate, the status of you or a loved one's health, and other obligations
beyond our control can put us one paycheck away from being homeless in
a hearbeat.

I'd try to work with your personal bank, perhaps see if there's some
governmental or Veterans Affairs Office or ("faith based" )programs or
information to get you on the right track and avoid bankruptcy.
You deserve and earned at least a fair chance, and, yes, in my
estimation, even a break. You're not asking for much, just the
information you need to find your way.
Thanks Again, Good Luck, If I should find any info or sites that can
help, I'll be sure to come back and post it for you.

Yeah that or go through your personal bank and see what else they can
offer you too. Get the best rate and pay it down affordably so you
dont ruin your credit and get taken even deeper with their fees adding
up.

to add to what you said-the military is also like a "company store" in
some sense with the lure of financed electronics and other items in
the PX. Much like college kids away from home and binging on booze,
you've got young adults away from home for the first time with
relatively large sums of money in their pockets and few expenses. It
can seem like a good idea to go on a long-term spending spree, but
then the debt starts to loom large.

The other thing is that it isn't even a matter of living long enough
to get back to the US to spend money, but also being well enough to
enjoy it. I fear for all the mentally and physically injured soldiers
coming home to radically changed lives.

What is the criteria for entering this type of program? Did they give
you a reason why you didn't quality?