Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Sixth Day of Accounting

with 13 comments

Total Black: $708.59

Here’s the Breakdown:

Primary Checking: $9.95
Secondary Checking: $609.42
Savings: $0.00
PayPal Account (Personal): $2.43
PayPal Account (Blog): $0.00
Amazon Payments Account: $0.005
Mutual Funds Account: $86.79

FICO Score 501

Total Red: $230,476.54

Here’s the breakdown:

Credit Card Debt

MasterCard: $5,713.17
Visa: $8,232.42
Visa: $5,644.17
American Express: $2,200.00
Raymour & Flanagan Credit Line: $6,068.68

Student Loan Debt

Federal Stafford Loans: $96,810.17
Private Student Loans: $33,414.26

Back Taxes

IRS (2007): $1,285.85
IRS (2008): $28,116.66
NY State (2008): $0.00

Other Loans

My mother: $42,973.16

Once again, it’s that time of the month.  Slight success.  My credit score went up a few points.  I forgot to update it for December so I splurged the ten dollars today.  Total red is only up by about one hundred dollars or so since last month.  One element of this project is ensuring it doesn’t climb any higher.  At least on that front I’m successful.  The AmEx card is down by over two hundred dollars.  The other credit cards haven’t climbed too much yet either.  I’ve been able to keep them at bay for the moment.  Once the checks start rolling in, I’ll be getting them down further.  Total black doesn’t include the thousand dollar check I received via the colleague.  It hasn’t cleared yet.  I also registered for unemployment benefits for this past week.  I worked only three days: Sunday at New World Stages and then Thursday and Friday at the contract attorney position.  In New York, if you work more than four days, regardless of how much you earn, you’re ineligible to claim benefits for that week.  So I thought I’d claim benefits for this week.  But, turns out, my unemployment claim expired.  There’s money still available though—about two thousand dollars.  I’m not sure if I’ll get paid for being unemployed for most of last week.  I know I had said I wouldn’t return to unemployment, but a comment that excoriated me for swearing off unemployment got me thinking.  I still see nothing wrong with wanting to not to have to resume unemployment benefits.  And now I may not be able to.  But I suppose at this point in time: any port in a storm, eh?  I’ll be sure to post whether I actually get paid.

Other news: tomorrow is the second to last doctor visit for the medical experiment.  That means next week I’ll soon be paid and off the meds.  Something today told me to google the address I was given for the appointment to be an extra for movies and such.  Good thing I did.  According to an article on the Ripoff Report, the agency that called me about an appointment to be an extra is most likely a sham.  I’m tempted to keep the appointment on Monday just for the experience, but I don’t see it going anywhere.  And to think I got my hair cut for the occasion.  (Actually, I was overdue.)

And this just in: New World Stages needs me back.  Just got a call seeing if I’m available for two nights later in the month.  I, of course, said yes.  Nice to know I’m in demand somewhere.

13 Responses

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  1. Hi, I scanned through your posts and was sad to see that there hasn’t been a whole lot of progress on reducing the debt figure.

    It really doesn’t seem like there is any possibility to beat that debt down by August working occasional jobs and getting a dollar here and there via donations or click-throughs though.

    $230,000 is an astronomical figure. I mean, you’d have to pull in almost a grand per day, under the table/tax free in order to do this. If you’re working normal jobs and paying taxes…shit, I don’t even want to try to calculate that, but I doubt there are many jobs out there that pay that well unless you get into acting or sports or maybe (quickly) become a Texas Hold’em pro.

    I wish you luck, but you’re looking at over $200 per week in interest alone, and that is if you’re just averaging a 5% interest rate on your debt.

    Have you contacted any of those debt agencies to see if they might have any ideas?

    You seem like a good candidate to try to file for bankruptcy…what’s the harm? You don’t want to carry around this burden for the next 50 years…maybe your debt will at least be reduced through a filing and you can restructure the rest somehow.

    Sorry…truly.

    Doug

    Doug

    January 11, 2010 at 10:18

  2. Doug, I’ve been trying to tell ‘Laid Off Lawyer’ this for a few days now, I don’t think its sinking in lol.

    JM

    January 11, 2010 at 10:57

  3. I’m still trying to figure out what the point of this ‘Laid Off Lawyer’ blog is. Its obvious he’s not serious about getting out of debt. Maybe he’s just hping for handouts???

    Bobalino

    January 12, 2010 at 10:50

  4. I am sorry to mention this. I understand that it’s a personal decision. But, the only debt that you can’t discharge is the federal student loans. If you declare Chpt 12 bankruptcy, then you have a 5 year budget and discharge of the unsecured debt. You can then go on the 25 year 15% of income repayment plan for the federal loans. Doc Review is very intermittent and pays $30 to $40 and hour. Bankruptcy maybe a viable option.

    Crashdown

    January 12, 2010 at 13:58

  5. You got it — that’s exactly what he’s hoping for.

    Anon

    January 12, 2010 at 21:11

  6. Drama queen … look at meeeeeeeeeeeeeeeeeeeee!

    If he can’t achieve notoriety via his accomplishments he can at least achieve it via his debt (rounded off to the nearest cent, makes it look all official right )

    the_spectacle_guy

    January 12, 2010 at 21:25

  7. If he can’t work his way out of debt he can blog his way out of debt. He wants to be Perez Hilton.

    Steve Johnson

    January 12, 2010 at 23:18

  8. Except he’s not blogging his way out of debt, he’s blogging about his debt…and all the dumbass things he’s doing to keep it, not get rid of it.

    Anon

    January 13, 2010 at 08:39

  9. Left-field much?

    Laid-off Lawyer

    January 15, 2010 at 06:13

  10. Bankruptcy is the last resort. You can’t discharge law student debt in bankruptcy. At least for the most part, though there’s some hope: http://abovethelaw.com/2010/01/bankruptcy_judge_to_the_rescue.php

    You also can’t discharge IRS debt in bankruptcy. And that certainly wouldn’t help me with what I owe my mother. So we’re talking about 12% of my debt that would be discharged, or some how modified, and then seven or more years of “bankrupt” that would follow me.

    I don’t have a car or a home or some other exorbitant asset that I can get rid of through bankruptcy proceedings. So no, that’s not an option.

    Laid-off Lawyer

    January 15, 2010 at 06:17

  11. You seem to forget you have more debt than when you started blogging your way “out” of debt.

    Anon

    January 15, 2010 at 08:59

  12. I’ve meant to figure out why it jumped by $3,000 a few months back. But besides that point, yes . . . I do know it’s higher than when I started. But no goal, journey, or project starts out with smooth sailing. There’s always setbacks, challenges, and speed bumps along the way.

    But I’m getting there. Just you wait and see.

    Laid-off Lawyer

    January 15, 2010 at 09:31

  13. You simply refuse to listen to any advice that does not fit your preconcieved notions.

    I really hope you continue this blog; I am interested to know what happens to people with non-dischargeable debt. Do they just give up on the ‘American dream’ ? Maybe with absolutely no prospect of a middle-class life, they become oddly freed?

    From reading your posts, I doubt you have it in you however.

    the_spectacle_guy

    January 18, 2010 at 22:27


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