HappyGoLucky
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You cannot file bankruptcy on student loans, or medical bills... I am pretty sure so you may want to check. In my opinion you should try and work with creditors. You can speak with a bankruptcy attorney who would be able to tell you what is in your best interest. |
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DQ
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Work with your creditors first. |
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Margie
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Bankruptcy laws have changed and I think you have to work with a credit counselor/attorney to negotiate debt/payments before declaring bankruptcy. Remember that if you work with a credit counselor, they shouldn't make you pay for anything since they are paid by the credit companies. Others can be scams.
Talk to an attorney who specializes in this area (they'll probably give you a consultation for free) and you can get a better idea of what you have to do.
Good luck. |
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Jeffrey
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Unfortunately, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has made it nearly impossible to have any student loans or medical bills forgiven - you'll still end up paying whatever a judge decides you can repay over 5 to 7 years and your credit will suffer tremendously. Filing for bankruptcy is both emotionally and financially degrading and should be your absoloute last option... I'd never suggest it for anyone other than a corporation, the benefits for individuals filing under chapter 7 or chapter 13 just aren't worth the trade offs since 2005.
Everyone who has said that you should work with your creditors is right. Don't avoid them - they will settle for less than they are asking for because they'd rather recover their money slowly than not at all. |
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timo_10143
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bankruptcy is the last option. work with counselor first. lots of bad things about bankruptcy. |
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Richard S
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Well... See, when I get to that stage of my life (if -- let's try a little optimism here!), I plan to pay for all of my debts that I may have incurred. It's going to take a bloody eternity, but as a moral thing, I would never file for bankruptcy. That's sort of like going in and taking something with the promise that the person from whom you took it will eventually be paid -- and then bailing out on the deal. |
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hugmeshootme
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definitely work with the creditors to pay off your debt. bankruptcy would be the last thing that you would want to do! if you opt for filing for bankruptcy, keep in mind that it would be forever in your file. if you decide to go for a loan in the future, it could be an issue. seriously, work something out between the creditors first. |
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greg
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Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://www.jdoqocy.com/click-1813149-10467845 |
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happy4u
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Since you can't bankrupt on school loans, I would probably work with a credit agency (a lot of free ones) to set up payment plans with your creditors...I would only seriously consider bankruptcy if your medical bills are really sky high....This is the number one reason that Americans actually file bankruptcy is because of sky high medical bills....Just check the internet for free credit counseling outfits...There are a bunch of them.. Good luck! |
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Jill knows best
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I would try to work with my credit card companies first. Filing bankruptcy will efect you for the next 7 years. Alot of creditors can either lower your APR or Settle the dept. I would never recomment Setteling if you can some how work out a plan and get on track without filing bakruptcy or setteling thats always your best option. either way with your credit score being that low its going to take you years to repair it. With Bankruptcy it will show that as a judgemnt against you. I would defenatly talk to a bankruptcy atty but also keep in mind they want your business. Just see what they have to say. |
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Regular Guy
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You owe the money? Then you pay the money!
If you are a deadbeat, then file bankruptcy.
If you are a responsible person that believes in pulling your own weight in life, then find a counsilling service, like "Consumer Credit Counsilling Services". They will work with you to lower your monthly payment and get out of debt within 3 years. |
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csucdartgirl
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Depends on the dollar amount you owe. If it's only 10K don't file bankruptcy. If it's 30K, file. |
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kevoboi
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file for bankrubtcy and start from scratch ... it will take 7 years or so but at least you can start fresh again :-) |
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