Studly
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How much equity do you have in your home? How much are the car's worth? If you just sell this property, and use the money to "attack" your student loan, the results will be the same.
Note that with your income you will not qualify for a chapter 7. Since student loans are not dischargable, I don't see how bankruptcy is going to help you much. |
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jititi j
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No....
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html |
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Guess Who?
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Man, think twice. You will have to rent. Rent goes up. You won't have your cars to get places. A new potential landlord would be very leery of you with a BK. Can't you refinance and pay off the student loans and the cars? Your mortgage could go up, but you could double the payments on it since you won't have the other debts. |
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notworried76
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obviously you never have lived ghetto fabulous |
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elenanita
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you will mess up your financial future for up to 10 years. bankruptcy is the worst option. and now with the new laws, you will have to go to credit counseling and they will evaluate how much of the debt you can pay back. you will not get out scottfree. go see a credit counselor if you feel overwhelmed, they wil be able to help you. you can always refinance your house and your cars. also, when you start looking for new work, you potential employer will see you just filed bk. what kind of impression do you think that will make? So no, in your situtation, it will not be a good thing. |
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king_con
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A bankruptcy may help you now but it will destroy your credibility. You will not be able to avail any credit in the future and godforbid but if you have an emergency in the future and nobody to help you......imagine
Try rescheduling your loans. Get rid of one of the cars. Save more. You will make more money when your PhD is over. Repayment will be easier then. |
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Kiki
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Bankruptcy is SELDOM a good thing. It should only be used as a last resort, as it destroys your credit rating for seven years. In addition, it is morally/ethically questionable. Except for people in extreme circumstances, I don't think it's right to just cast aside one's responsibilties. |
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what the heck?
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If you do this, be aware that you have to give up the home and the cars. Bankruptcy is better for getting rid of a large amount of unsecured credit. |
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jimtheglassmaster
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dont do it. it will ruin you plus i dont think student loans are eligible for bankruptcy |
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otherworldtrader@yahoo.com
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Bankruptcy was a terrible thing for me in the only times I had any contact with it. I lost thousands due to people who owed me going bankrupt when it was easy. and all you needed was 300 dollars to give a lawyer. It's not so simple now. I doubt you could get out of all of the debts. YThe recent overhaulof the system made it harder for a working person to go bankrupt. The new law under good ole georgie boy bush only made life easier for the rich, and hard on the taxpayers. |
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?
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if you finish your phd you'll make enough money that you shouldn't need to rely on credit. i went bankrupt and it was the best decision i ever made. if you decide on doing this, go out for all that you can, get some unsecured loans, get everything you can out of it. having bad credit because you have a lot of bills and debt can be worse than going bankrupt. just ask my father in law who tried for years to get out of his debt the honest way. he makes $250 000 a year truck driving, and can't get a credit card. i don't even have a job and i was given a credit card. you can't go wrong, but it's important to start rebuilding credit after bankruptcy. most banks will take you seriously after 3 years of good credit. that means no being late with bills for 3 years, it's a misconception that it will haunt you for 7, though it will appear on your credit report for at least that long. |
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digiteerx
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Bankruptcy may be a way out if you don't plan to do any kind of major purchase within the next 7 years.
It will totally annihilate your credit score, next time you need a loan get ready to pay some outrageous interest rate.
Many serious lender will simply refuse to loan you a single dollar, if you are ok with that, then go ahead. |
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INACTIVE
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Why not wait to get the PhD before even thinking about bankruptcy? You may end up in a position paying double your salary. These days your credit reports are used by employers more than you would know so don't mess up your future. Whether you can or cannot file bankruptcy is up to the courts in your area, not to any of us. I would suggest you consult an experienced bankruptcy attorney in your area. Don't even consider doing it on your own. Pay the $1,000 or whatever and have it done right. Consider bankruptcy as a last resort. It's a lot harder to qualify than it used to be. |
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David D
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There is some useful advice here. |
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daniel s
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Bankruptcy is never a good thing. Many people describe it as one of the most horrible things they have ever gone through. sell the cars and buy good used cars, Never live beyond you means, and get rid of your credit cards if you can't control your spending. |
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