You want to do something about the Bankerupcy Bill - Take Trumad's Advise

[LynneSin]

I'll repost it again with a link to the original thread so this post gets some notice on the most recent post board

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=3214945&mesg_id=3214945

When life deals you lemons, make lemonade. by Trumad

Here's a step by step process:

1) Stop buying anything but the bare essentials. There is no need for high definition surroundsound 50" televisions. Make due with what you have. Do not go shopping for needless crap. Don't spend that extra ten dollars because you thought the vase in Target looked pretty. If something breaks, save a few extra dollars out of each paycheck until you have enough money saved up to replace the broken item. Yes, this includes your television.

2) Put 5% of each paycheck into a savings account. Do not touch this money under any circumstances. If you want, when you reach four figures in this account convert some to Euros.

3) Stop using credit cards for anything except absolute emergencies. No, that high definition surroundsound 50" television is not an emergency. No, that cruise is not an emergency. Emergencies would be the plane ticket to fly across the country to get to your grandmother's side while she is on her deathbed.

4) Choose your credit card that has the lowest balance. Cut it up into little pieces, but keep account information handy for payoff purposes. The lowest amount to pay monthly is three times the minimum balance. Repeat these payments until you have a zero balance. Cancel the card.

5) Repeat step 4 until you get to your last credit card.

6) On your last credit card, the lowest monthly payment is still three times the minimum payment. Get this credit card to a zero balance. Lock up the credit card in a fireproof box with important papers. Keep and use only in case of emergency.

7) Everything you used to spend on your credit card payments now put towards principal payments on your mortgage.

8) When all debts are paid off, continue to spend very little money. Be thrifty and save for bad times that are coming.

---

In a nutshell - if you're unhappy with the Credit Card/Banking industry then do something against them. I switched to using just my Debit Card (which btw, I work for one of those companies). I still like step #6 which I do - I'm paying off the last of my cards and I'm keeping that stored someplace where I cannot readily access it for future use.

You can make a difference. Thanks Trumad for this great advice!!

[MikeG]

1. Are you trying to kill my business? Ichnay please.

[LynneSin]

2. Hey, it's my livelihood

What do you sell 50in SurroundSound TVs? Don't worry - there will always be folks out there that spend beyond their means!

[MikeG]

3. I'm just kidding. I'm a debtor's bankruptcy lawyer.

[LynneSin]

5. I'm sure you'll keep in business too

Hopefully with dumbass repukes who blindly follow bush and supported this law and not us smart progressive thinkers who know better

[MikeG]

7. I'm going to be pretty busy in the next 8 months.

Then my life will get difficult, because if everything isn't absolutely accurate in my bankruptcy filings, creditors and the court can make me pay their attorney's fees.

[Deep13]

6. A most righteous calling.

I used to be, but now I work for the state.

[Nikepallas]

9. Maybe if people like you are hurt a little you will go back to Bushco and

congress and demand changes that this congress has done to harm ALL AMERICANS. They are only thinking of big business in this congress and in the long run it will hurt eveyone but corporations.

[MikeG]

15. I'm not going to be hurt. My clients will.

Reform only increases business for lawyers.

[Nikepallas]

19. Ahhh so I hope you enjoy the money you make from the misery the

congress and BUSHCO places on Americans like me who have fallen on hard times!

[MikeG]

20. I use it to pay my bills. And I help my clients with my work.

If I didn't charge for my time I'd have to close my office or represent CREDITORS.

[Nikepallas]

24. hmmm so the circle of BUSHCO America begins....

In the end only the Absolute rich gets away it and the rest homeless and beggin for food.

[MikeG]

25. I think you need to re-examine your logic.

Lawyers are the only protection you have from BUSHCO.

[Nikepallas]

27. Maybe I've seen too many jerks in that line but I doubt anyone can help

me. They are too expensive to help me.

[Deep13]

26. That's bullshit!

Bankruptcy lawyers perform an important service for their clients. Do you work for free? Neither do lawyers and they have to pay for seven years of college. In fact, consumer bankruptcy is one of the few areas of the law where clients are better off at the end of the process than at the beginning. No lawyer makes much money charging private clients by the hour. I used to charge $500 for a personal Ch.7. That was for discharging tens of thousands of dollars in lawfully incurred debt. They did not begrudge that fee. In fact, they were usually pretty happy when it was over.

[Deep13]

4. Rush to the courthouse.

If you are in debt, file bankruptcy while you still can.

Otherwise, you are right on. Credit is for two things: emergencies and real estate. I now think that education is not worth the debt. If you cannot afford to buy it in cash, you cannot afford it at all. This goes double for automobiles. It is always cheaper to fix the old one than buy a new one. You are always better off buying one two years old than brand new.

Unfortunately, people are convinced by the corporate media that the opposite is true. "If you go to the Hedonism Hut, bring your appetite and your dead presidents, because VISA will steal your freedom."

BTW: Guess what? I've got a fever, and the only prescription is more cow bell!

[LynneSin]

8. I could never understand the thrill of a brand new car

The only car I bought brand new was my first one - which I drove for 8 years 150k miles. About 6 years into ownership the car broke down on me and needed about $700 worth of repairs, none of which were related to the engine or transmission (alternator, belt, battery a bunch of little stuff).

A Co-worker couldn't understandy why I would pour $700 into a 6 year old car with over 100k miles on it. She asked me why I don't just use that money for a downpayment on a new car.

I saw her lifestyle - new cars, expensive stuffs and abuse of her credit card and believe me, I wasn't taking that advise. What is a $700 downpayment on a new car when for $700 I can keep that car for another 2 years and thus saving a ton of money over that 2 year period. Instead I bought another car (by then I switched to these program cars - 1-2 year old cars with new car warranties on them) and I paid cash for it.

[Deep13]

22. Bingo!

I must confess that my present car was bought new, but only because I wanted a small station wagon (and not a truck) and it was the first year that VW had one. There are a lot of "mini" vans and passenger trucks out there, but very few small station wagons. That was four years ago. My previous car was a 1978 Nova, a graduation present from my Dad in 1994. If it wasn't for the extensive rust damage, I would still be driving it. (I had to put a fiberglass patch under my feet on the driver's side so I could not see the street.) I fully expect to keep this car until it is in the same shape the Nova was when I got rid of it. If it works it does its job. Cars are expenses, not investments.

[TheFarseer]

10. I think just good common sense dictates

that you not buy anything you don't need if you will not be able to pay off your credit card balance at the end of the month.

[madfloridian]

11. We do all those things.....it is the medical stuff.

We are careful consumers, so we do all the right things. It is the medical and drug bills and the lack of exemptions for the elderly that will be so harmful.

Sorry, can't control that.

[DemocratSinceBirth]

12. They Can Take The My Sony 51 '' HDTV When

They Pry My Cold Dead Fingers From The Remote

-:)

[MissB]

13. This is Walt Starr's advice, not Trumad's.

Right? I enjoy both of their posts, but I think Walt gets the credit on this one.

[LynneSin]

14. The link I actually found originally at Truthout and Will Pitt's section

so it's Trumad - yell at him for plagerism!

[MissB]

16. Ummm... I don't want to yell at anyone

It is just that the link that you provided was for one of Walt's posts, not Trumad's. It just seems nice to give proper credit. Walt didn't mention Trumad's name at all in the link you provided. :shrug:

[DemocratSinceBirth]

18. The Bill Is Stupid...

You can't squeeze blood out of a turnip...


If somebody is broke they can't pay their bills no matter how many laws you pass...

It's really a bonanza for collection agencies...

[MissB]

21. I see what happened.

Will put Trumad's name down on a link, but the link takes you directly to Walt Starr's thread. I sent Will a PM letting him know of the error.

[madfloridian]

17. Are you guys completely ignoring the medical implications of this bill?

I think so.

[tom_paine]

23. Excellent advice! I can't believe it came form someone like Trumad!

:evilgrin:

:hi: trumad!

[LynneSin]

28. BTW - the advice was not from Trumad but Walt Starr

Sorry about that Walt - blame Will Pitt

[MissB]

29. I think Will is fixing the name on the link (nt)