Financial advice thread;
How do I dig myself out of the hole I'm in?
Currently have 100K debt and considering bankruptcy and living in my mom's basement to help her pay the mortgage after step dad walked away.
Have a useless degree but could be a teacher in a year, or could go work the oilfield or a trade.
Should I declare bankruptcy or keep paying my minimums and living like a pathetic basement hermit?
>>714289507
separate your debts into 3 categories
>secured by shit you need to live and/or work
>secured by shit you don't need
>unsecured
default on the shit you don't need
sell your car (I'm assuming you have more car than you need) and buy the cheapest older car that is mechanically sound that you can find
don't pay the unsecured
pay the minimum on all but one of the remaining secured
that one will be the smallest debt, if tied then pay the one with highest APR
pay as much as you can on that one debt
once that is paid off, do the same for you new smallest secured debt
once all your secured debts are paid off do the same process for your unsecured debts
once you are completely out of debt take the amount you were paying into your debts and put it into a savings account until you have enough to live off for 6 months
once you have done that start investing for dividends instead of playing the market
do not start bankruptcy on your own, force the people that you owe to start bankruptcy on you
>>714289945
Thanks for the advice, will do;
Quick follow up, why force them to start it on me?
>>714290105
>why force them to start it on me?
to buy as much time as possible
once you begin bankruptcy proceedings the court will dictate your finances
and that will almost always increase the amount of time that it will take to get out of debt
Go bankrupt. Fuck the banks, they are the biggest fucking thieves on the planet, steal something back. Its not too hard to find a decent rented place. Instead of a new car, just buy something 10 years old and get it partially restored at a garage, works out cheaper and itll last another 10 years without problems.
Going bankrupt is piss easy. Just dont expect loans or a mortgage in the next 15 years.
>>714290277
Gotcha.
Well, car is junk, been making most payments but just don't see a way out without starting over and the money situation isn't good for much longer.
Any ideas on a new career for an Albertan Canada fag?
>>714289945
Thank you for this comment, its some good shit right here.
>>714290440
bankruptcy doesn't erase your debt
the bank sells off everything you own, whether you need it or not, and garnishes your wages during the proceedings
the people you owe money to get most of what you owe them
and you will be stuck with the court costs and lawyers' fees for yourself and the people you owe money
>>714290490
with 100k debt I would assume you have a degree
please say it is something marketable and not a high art degree or social sciences
if you can't get a job using your degree where you live, move
>>714290593
Hm, maybe it works differently in your country.
In my country they can only take non essential assets (what is and isn't declared essential is on a case by case IE your car is essential if you need it to get to work or you use it for work) within the 12 month period in which they review your case, and at the end of this period you are free of debt and the banks cant touch you for shit.
Unless you cheated them out of millions, they will not sue after this 12 month period if you regain any wealth. The only thing you pay is £700-1100 in court/administration costs. Sounds like in your country they fuck you a little harder.
>>714289507
start robbing diners
be sure to get the patrons' wallets
>>714290704
law school dropout from health issues in Canada; my degree is English so without a teaching certification I can't even teach highschool.
What the fuck is Paul Walker talking about?
>>714291195
>my degree is English so without a teaching certification I can't even teach highschool.
get a passport
go to Korea
teach English for a year or 2
pay off all debts
>>714291195
with a 100K debt i would have thought you had two degrees and two loads of student debt. how the hell did you get that far in the hole, playing poker while drunk at Las Vegas?
>>714291687
Not op
>4 year degree
>100k/4=25k per year
That's pretty doable assuming you have no savings for college and aren't making payments as you go. If you live in the dorms it shoots up even more.
OP said he went to law school for a little while as well which isn't free.
>>714291873
holy fucking shit. i thought i was doing badly when i borrowed two lots of $8000 to study writing (just before the web killed journalism and publishing), and interest has blown it out to $40,000. that's australian dollarydoos, though, which are worth something like eighty US cents.
OP here; guess it's back to the fucking freezing cold north for a few years of grunting on the rigs and being a basement hermit.
Anyone have any other reasonable suggestions?
Refuse to overseas teach given the horror stories and insanity experienced by too many people.
>>714291195
>degree is English
you have no idea how the real world works do you
>>714289507
suck 5000 dicks for $20 each
5000x15min
75000min
1250 hours
52 days
you could be out of debt by spring
>>714292513
> sucks that many dicks
> tries to call them about paying off the debt
> can only say "ob obbob obob ob ob"
> they hang up on him
>>714292585
>>714292513
well done
>>714292585
your right
OP should take dick in the ass instead
>can still talk
>can charge more
>>714292511
Meh, if not for health issues and coming from dirt poor family I would've been a lawyer. Nice try though, go splerge your tired cynicism into your own mouth, you cum guzzling opinion sheep.
>>714292774
>your right
"you're"
If you'd studied English, you'd know how to spell.
>>714292811
>implying people don't work at mcdonalds and get loans and become lawyers
how bad have you been sheltered? you seem lost kid
>>714292774
On that topic, how much does an average male prostitute make?
>>714292825
if he'd studied he'd be a jobless loser like you lmao
>>714293073
price varies so much knowing the average is worth fuck all
>>714289507
declare then go teach english in china fir 7 years. when you get back y
the bankruptcy will have fallen off and youll have lived abroad.
>>714293186
Oh well, if OP isn't too much of a crackhead, reasonably good looking and uses condoms, it could be a potential source for untaxed income.
Any teachers in the house who'd care to weigh in on whether I should try going that route after saving up money on the rigs again?
