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brinmat | Should I declare bankruptcy? |
I have about $20,000 in student loans and about $14,000 in credit card debt. I lost two jobs in the past year (not to any fault of my own) but I opted to resign because I'm in a field where being fired (for any reason) is a terrible mark, and I was not able to collect unemployment because of that.
Being fired would have completely undermined all the work I've done to get my Master's, and I love the field I'm in.
To complicate things further, my dad has had serious health problems and I'm now helping take care of him. It's been difficult finding a job that will accomodate the time I need to spend with him.
I'm behind on my payments and one of my student loans is close to going into default.
I've always considered myself a responsible person, but it's been a terrible time. I'm trying to find ways to avoid bankruptcy, but I'm beginning to think it may be my only real option. I find it very humiliating, to be honest.
I appreciate all answers, but please don't call me irresponsible
Additional Details
I just thought I'd add that, with my education, I don't see any reason I couldn't pay this off in the long run. It's just I'm in a terrible bind at the moment. Some people have mentioned credit counseling, and that might be a good option. |
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Studly
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OC's answer is great (as usual). The others...well.....
I am not shy about recommending bankruptcy. But in your case I don't think you are there yet.
I don't have enough info to respond yet. Do you own a home or car? What is your current income? When did you lose your last job? Are any of these debts currently in default? All of these questions will have a major impact on my answer.
For now, I would concentrate on the student loan. If this is federally backed, you can not discharge it through bankruptcy (as OC states), but you may be able to work with them to defer the payments for a while. There are a number of web sites that discuss this, so do a little research.
The credit card companies will probably not work with you at this point. If they go into default, you can work out a reduced balance the collection agencies, but it will ruin your credit. But if you file for bankruptcy, that will also ruin it.
It will take several months before they start coming after you with lawsuits (if they even do file them).
So, based on the limited info you supply, this would be my course of action for you. Work on negotiating with the student loan....ignore the credit cards for now.....if things don't improve after several months look at bankruptcy.
Note in many cases credit counseling can be a joke, but if you find the right person who actually knows what they are doing, they can give you some excellent advice on what to do. Just note that many "credit repair" people are scams and worthless. |
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gke71
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I'd recommend going to your local Consumer Credit Counseling Service (CCCS). They do free consultations and can help you get back on track, and negotiate with your creditors.
I was $27,000+ in debt and they helped me get my interest rates lowered, my late fees forgiven, and I'm now completely debt free. |
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OC1999
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Okay here is some items that no one has seemed to cover.
Bankruptcy is NOT determined by the amount of debt, it is determined by your ability to pay the debt. Also, unless it is an extreme circumstance student loans are no longer dischargeable as of 2005. Extreme circumstances include having no ability to repay the loan, but in your case it sounds like you would eventually be able to pay them back so you will still probably owe on the Student loans.
There are 2 types of bankruptcy. A Chapter 7 which is liquidation, and a Chapter 13 which is a repayment plan. In order to qualify for a Chapter 7 you have to pass two tests. One is if you earn more than the average for your state, the second is if you have at least $100 in disposable income that you could use to pay the debts each month. If you fail on either of these you may be forced into a Chapter 13.
Now, if bankruptcy is not an option. You can look at other things. The first is to talk to your Student Loan company. See if you can qualify for either a deferement or foreberance until you can get back on your feet. The second is with you assisting your dad. You actually may qualify for assistance from the state if you can be considered his caregiver. You may also qualify for tax breaks if you provide more than 50% of his support. For these you should talk to your local social services department and a tax accountant and look at the exact regulations for each. |
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abby fth
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If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt |
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vincent
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i would say bankruptcy should be a last resort,
if you can sell anything valueable to pay what you owe,
especially the credit card debt, and if the student loan is private you cant file bankruptcy on it,so your gonna have to pay it anyhow,
maybe you could borrow from someone in your family? |
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Sgt Big Red
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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 launched a new era: With limited exceptions, people who plan to file for bankruptcy protection must get credit counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged.
As a rule, pre-bankruptcy credit counseling and pre-discharge debtor education may not be provided at the same time. Credit counseling must take place before you file for bankruptcy; debtor education must take place after you file.
In general, you must file a certificate of credit counseling completion when you file for bankruptcy, and evidence of completion of debtor education after you file for bankruptcy – but before your debts are discharged. Only credit counseling organizations and debtor education course providers that have been approved by the U.S. Trustee Program may issue these certificates. To protect against fraud, the certificates are produced through a central automated system and are numbered.
If you are going to use a credit counseling service, I have provided a link to find one in your area that is approved by the FTC and not one of the many rip off ones.
Hope this helps. |
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Ladylike
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Thats a BIG thing to think about because filing for Bankruptcy will affect the rest of your life...it'd really hurt your credit rating in the future and would stop you from alot of things if life works out in the future.
There are people who you can arrange to speak to who could help negotiate with the credit card and loan companies to arrange a reasonable pay back scheme.
Do have someone to speak to in real life? Or maybe a friend of a friend who has experience in working in finance, credit or accounting? I'm sure there have been lots of people in your position over the years who have found a way out and are doing well know.
I hope everything works out for you and I'm sorry that I couldn't give much help! |
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DPR
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first off there is nothing to be ashamed of, sometimes things happen and one way or another it has to be dealt with and if bankruptcy is the best thing for you then it is the best thing for you, but dont forget what it does to your credit rating (which will effet you as far as credit cards, buying a house or car etc...), also I believe they can take away possessions that they deem unecessary or luxury items. I would talk to a lawyer before you make a decision like this, but dont feel humuliated or irresponsible in any ways...sometimes thigs happen and we just cant dig ourselves out no matter how hard you try. But consult a lawyer and go over your options and your pros and cons. best of luck to you ad I hope your father is doing better. God bless. |
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Lesley
 |
You need to consult a bankruptcy attorney, but unlike what OC said, student loans have actually been nondischargeable since 1994 not 2005.
In any event, the $14,000 credit card debt CAN be discharged, but with the student loans you should be able to get a deferment quite easily (due to the fact the loan doesn't go away until you either pay it off or die, they typically are flexible with you), but if you can't make the credit card payments that is a decision you need to make. Surely a part time job even could help you make the payments. |
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-red
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talk to a trained unbiased professional. If you talk to a bankruptcy attorney, he'll tell you to file bankruptcy. Whats going to change your life for the better?...a good job...so go get one. Good Luck |
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Duane
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I've been here myself so I know what your going through! Look, I don't like credit card debt counseling for you at this point and bankruptcy will not dismiss your student loan, but a bankruptcy is your best option and I wouldn't wait!
It's a lot harder to get now, but if anyone would be ligible it would be you from what you've told us. Just because you declare bankruptcy does not mean that you will never get credit again, it just will be harder to get large loans at first, but bankruptcy does not permanently damage your credit rating!
Your creditors know you cannot do it again for 7 years so you are even more likely to get credit after a bankruptcy. Taking care of an aging parent is not easy on anyone especially financially!
Also go to the website below and read it all. This site has useful information and is adding new info all the time. Get the RSS feed so your on top of it when it is added! After bankruptcy, you should begin credit repair immedialtely! I did it myself with the help I got from this site and now my credit score went from a low 480 to a good 709 in one year and this was after bankruptcy!
Good luck to you! I wish you well especially for taking care of a parent who took care of you! |
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wcanoodle
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take a temporary job if you can get one and then when they don't have enough work, just apply for unemployment and tell them that the company didn't have enough work for you so in essence you were "laid off"...then you can get unemployment against the other companies wages (even if they were higher than the temp company's wage and even though you quit). Or take a job with the post office as christmas help (they will probably lay you off after 3 months, then you can apply for unemployment too). For the post office, go to one of the offices and ask them for the "announcement number" if there is one for hiring christmas clerks or mailhandlers. Mailhandlers make more money, but somewhat more heavy lifting.
Go to a lawyer for bankrupcy where the first visit is free. You can get a forebearance (not paying) for a year if you are unemployed with student loans (apply now). You only get this once, but can get deferments while you are in school. And try to bundle them up into one if you have more than one (I forget the word for this). Bankrupcy will not get you out of the student loans thoug. I have $40,000+ myself. But bankrupcy will help with the other stuff.
But bankrupcy is harder to do now, and you may have to make payments to pay back a portion of the debts, so you will need a job for that.
Maybe your dad would qualify for a home health aide through passport program (not sure if it is in my state only or all states)...and then you could get paid to be his home health aide though a temporary health service agency (it is a short training to be a home health aide and about $9.00p/h).
If you take a job with the temp agency and then later get unemployment, don't call them anymore after that for work or take calls from them, because if you refuse even temporary work, it will kill your unemployment...and if you work a day and then don't work the rest of the week, unemployment wants to hold up your check to see if you quit or got fired from the temp job...and when you are not getting work from the temp job, the last thing you need is for unemployment to hold up your check while the "investigate"...
Apply for food stamps with the county jobs and family services and bring in your last check stubs, rent or mortgage proof, utility bills, etc. Don't be too proud to ask for help.
Also call 211 to get ahold of first link to get set up with the food bank for help with free food (soon they will be doing thanksgiving baskets..sometimes a free turkey). Food bank is different from food stamps and usually easier to qualify for.They will want the social security numbers of all the people in your household (if any kids, then go to social security office with their birth certificates..takes about 2 weeks to mail them?).
You can get free clothes and stuff from dumpster diving at apt/condo dumpsters on weekends and esp at end of month (when people move or get evicted). Bring a car, a rake, a step stool and a flashlight. The clothes may be like new and just need washed up.
For medical care, call the public health department for free or low cost doctor clinics.
For medicines, try Montel's http://www.pparx.org where they will set you up with drug manufacturers for free or low cost medicines. |
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