I’m 22- Should I file bankruptcy?
I am 22 years old and have $ 24,000 worth of credit card debt and $ 25,000 in student loans in that I have to start paying off 2 months. I talked with a credit counselor and asked him his opinion Whether Or Not I Should do the program or declare bankruptcy. He could not give me a specific answer, but he was leaning towards bankruptcy. I just graduated college and have a job making very little money and paying off the debt is going to take me over 10 years because my monthly payment (with the credit counselor) is very high. I even know if I continue with the credit counseling, it will shut hurt my credit. Rate my parents declared bankruptcy five years ago and had no problems getting a new car and built a brand new house with an average interest. I know some employers look at credit reports, credit counseling will affect but did anyway. I just want to start over and need some advice. I appreciate it!
You won’t be able to ditch the student loans in a bankruptcy.
It might work for you because all you would have is your student loan and your everyday expenses. Good Luck with whatever you choose.
No. Be an adult and pay your debts.
Your student loans will not go away or even be reduced in a bankruptcy. Try to get a hardship deferral if you’re not making enough money right now.
Also, your credit card debt will most likely not be wiped clean. If a bankruptcy attorney represents you well, and a judge approves your bankruptcy, you’ll most likely be required to pay some significant portion of those debts anyway. Why not just negotiate with them now?
If sounds to me like your credit counselor sucks. It also sounds like you’re looking for the easy way out. You owe the money, pay it back. For each person that skips out, it makes it more expensive for the rest of us to exist in the marketplace, borrow, lend, or just plain live.
If you’re a college grad, you should easily be able to land a 30k entry level job. I personally know people that make 50k+ with a GED. If you get a cheap apartment, live on beans and rice, and don’t screw yourself up with credit cards, car loans, restaurants, and vacations, you should be able to put away an easy $500/month towards your debt.
Best case scenario (no interest): You’re paid off in about 8 months.
Worst case scenario you’re probably looking at a year or two.
The point here is that you need to suck it up and pay what you owe and not try to take the easy way out, college grad. Be an adult. Take care of your business. A bankruptcy will follow your for at least 10 years and you’ll never get out of those student loans.
erm not so sure but check out this website – you or anyone can get any Apple products such as ipods or macbooks or even imacs for free.
I bet your thinking this is a scam where infact it’s not because BBC, NBC & CNN have approved this and said it works. The poof video is on the homepage. This is th website.
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I understand your situation. People do not realize as new graduates we have more debt trying to make it through college. I paid mine off and my husband filed. His credit score is like 60 points higher, and I paid mine off over 2 years ago. I personally feel like even when you pay you are punished. Do what is best for you and forget all the negative people. I can honestly say 4 credit cards when I was 18 has so many problems in my life. If I could do it all over again I would file with him because it did not help me any to pay them off.
I know people are going to down this but hey, credit card companies get over by selling debt if you reach a settlement and pay it.
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