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missrositablack | Should I file Bankruptcy---I'm 20 years old.? |
I'm 20 years old, 21 in July.
I currently have about 10k in debt---I know it's not a lot, but I also know I'll never be able to pay it back.
I had--NO CHOICE--but to move out on my own at 18. I survived off of 4 credit cards for a while and was paying them when I had a "normal" job.
In the past year I have been laid off, I now work for tips at a hair salon which gives me enough money to live but not pay my debt.
I also have about 2.5k that is due to a college I was going to...and 1.75k to Washing Mutual because I fell for one of those money order scams a few months back--whats even worse is that the person that scammed me was using a stolen idenity so I can't even go to small claims court. I have reported the scam to the government but they can't help me.
So my question is...Should I file Bankrupcy? I already can't use my bank account so not being able to do so won't be a major shock.
Additional Details
In addition, my bank account which is now closed due to the scam, was joint with my boyfriend..My account, I added him later...if I file, will it clear the bad account from his name? |
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Miss Linda
 |
Here's my story.
When I was 20, I considered bankruptcy. It's such a bad idea. Nobody should EVER declare bankruptcy.
Here's the thing - everything on your credit report, even if you don't pay it - will drop off after about 7-8 years. Up to 10 for some.
I would call up each company individually that you owe money to and set up a payment plan that works with your income. Work on the most recent debt first as the old debt is old debt and will disappear after a few years. You want to knock off the newer stuff first.
Debt Consolidation places are hit or miss. I used one that wasn't paying the companies I owed money to the amount of money they said they were.
Bankruptcy is the worst possible idea ever. I didn't declare bankruptcy, and now I'll be 26 this year and I've got 4 open credit card accounts that are being paid on time. I was able to get a car loan as well and a 2004 Honda Civic. Believe me, you won't be able to get your credit better if you declare bankruptcy because that will be stuck on there for 10 years.
Just don't pay your debts for now... try to get a payment arrangement for lower payments. After some time places offer a "payoff" at a lower amount. That may work for you as well. |
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FaZizzle
 |
First off--get rid of the credit cards. You don't ned them.
No. Bankruptcy isn't going to solve your problems. Anyone who has debt can tell you that it's not easy for ANYONE, but at age 20 you have NO reason to be declaring bankruptcy, especially for just 10K.
Bankruptcy is like a red flag for anything -- if you ever want a high-security job, you probably won't get. Mortgage? Car loan? Personal loan? Think again. Not only does it destroy your credit, but it pretty much screams "I STINK WITH MONEY"
Instead of making excuses, stop. Work off those debts. Get a second job. Do whatever takes to get out from those debts. Work on the small ones first and work your way up.
Also, why would your bank account be closed 'due to a scam'? That doesn't make sense. It sounds like you've had far too many scams. You've made mistakes. Now fix them. Get a different bank account. Cut up the credit cards. Get a second job. Get it done. You're 20. You're old enough to do what needs to be done. |
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M J
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well i was around 23 when i went bankrupt and it was the best thing i could have done but there are a couple things you should know. the first is you cannot go bankrupt on student loans. they dont allow it, beleive me i know, i'm still paying off my student loan. also it will not clear your boyfriend unless he files for bankruptcy also. good luck. i know it's embarrassing and hard to go through but if it's your only way out go for it. just one more warning. it cost me about $800 to claim bankruptcy. that was hard to come up with. i luckily had family to help me out with that but be prepared because you have to pay the lawyer and court costs. |
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Paula M
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Nobody addressed the issue......You AREN'T eligible to file...you'd be in a 13 for FIVE full YEARS....in that time you could pay off ten grand on your own.....
Get a better job.....get two jobs......why can't you "ever" pay it off....geez.....lose the cable/lose the internet/work nights at McDonalds.....clean houses......deliver pizzas..... |
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Kumosaki
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hell no.....depending on how much you owe. anything under 20,000 don't file. government will treat you liker **** if you file. |
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catwomanmeeeeow
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Try as hard as you can not to.
You should go and talk to a credit specialist first. Or even talk to someone at your bank. Tell them your situation, and what plan they could put you on to help you pay it off.
They might be able to consolidate it all, and have you pay it back with a low interest rate. Try all the options before filing for bankruptcy-- you're young, and it will affect the rest of your life. |
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mikeeyman
 |
For $10k?!?!? No way... How can you say you will never be able to pay it back? Get a second job.
Bankruptcy is a pain... It will destroy your credit. It will make it near impossible to finance a car or house. And if you are able to finance it... You will pay through the nose.
Bankruptcy's stick with you for a very long time... For $10k, it's not worth it. |
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VATreasures
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Sorry about your difficult experiences. If you can free an extra $50/week either through increasing your income or decreasing your expenses, you can eventually get rid of this debt. Any route you choose will not be easy.
Your first step should be to list all your loans out on paper and get an actual total. If you are current on any loans, keep paying the minimum on them.
The do-it-yourself plan is the most work, but has the least long term damage. Save up some money and approach the creditor with the smallest debt. Contact them and tell them you have $X(some fraction of the balance) available to pay off this debt. Ask them if they can settle for this amount. If they are hesitant, tell them that you are considering bankruptcy(which means they get nothing). If you can't get many of the lenders to work with you, credit counseling and/or bankruptcy are the best option.
The reason I am hesitant to recommend bankruptcy is that you are so young at this point, you don't want anything that will stay with you for 10 years. If you can reduce your debt by 1000 this year and increase the reduction by 500 a year, you will be debt free in 5 years(1K+1.5K+2K+2.5K+3K). You also should have fairly clean credit at that point.
If you go the bankruptcy route you could be in your mid-20s and having a very difficult time buying a house(or getting a car loan). |
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cecielscott
 |
.....you may want to speak with someone at your local "legal aid society" or the like. those agencies make legal help available for those who do not have the financial means to speak with a lawyer.
as a mom, I'd recommend you do everything you can to avoid filing bankruptcy because it stays on your credit record between 7 - 10 years ...and that's a long time, kid. |
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tonalc1
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No, there are other options. Plus, in October 2005, the U.S. Congress overhauled the U.S. Bankruptcy Code, making it far more difficult to file bankruptcy.
And sometimes, even if your bankruptcy is approved (and often it is not), you may still owe the debts. |
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lvn_jb06
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No way...
Consolidate your debt, by going to a credit counseling service.
Try everything you can first. My husband filed Bankruptcy 8yrs ago, before I new him, when he was in his 20's. Now he's in his late 30's it still comes back to haunt him.
It will and has followed him through life. It has effected him getting a car, a house, renting a house, etc..etc.
All i'm saying is, please find another way. When the day comes that you get married, you don't want the blame landing on you because of the BKR.
Good Luck |
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Dr. Quimby
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Unfortunately bankruptcy doesn't effect student loans, so you're stuck with that no matter what. Make "good faith" payments of whatever you can to your debtors. 10k is pretty low so try to work you're way out of it. You will be able to pay it down, it just seems like you can't. Don't file!!! |
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steezysnobrdr
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You will probably just incur more and more debt as time goes on and never be able to pay it off. While bankruptcy messes up alot for you and sticks around for a long time its probably better than having the debt hanging over your name. As for your joint account im not sure if it will affect your boyfriend. |
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Ms Dior
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Hi, look firstly speak to your creditors explain to them for reasons unforseen there is no way you can pay back the money and would they be willing to wipe the debt, or at the very least reduce it dramatically and than set up a monthly payment plan, tell them otherwise you will have to file for bankruptcy. Creditors would rather retrieve one thousand dollars out of 10k than nothing at all if you were to go bankrupt. Try that first, as10k really isn't much compared to the debts of many others. Creditors really can't do too much to you if you don't own anything or have any assests accept hassle you and put it on your credit file for 7 years.
Failing that look into bankruptcy first before you file for anything, find out how long it stays on public record. When I was your age (18 years ago) I filed for bankruptcy it was for alot more than 10k (that's another story) I was told don't do it you will never ever be able to get a loan or a credit card or buy a house - I filed for bankruptcy regardless and it was to be public record for 7 years, after 7 years there is no record - I actually applied for an early discharge at 5 years and it was wiped off the public record. I than bought a home. 10k is not alot, you would kind of want it to be alot more (ironically) if you were to file for bankruptcy, so my suggestion is to first talk to the creditors ask them if they would be willing to wipe the debt or accept a small amount via a payment plan explain otherwise you will have to file for bankruptcy and see what they say.
Failing that, find out how long your bankruptcy is on file for before it is wiped off public record. Filing for bankruptcy is not a death sentence, it just means for the 5 or 7 years you won't be able to get credit / loan and when you do apply for a loan after 7 years you may not get 95% of the loan you may only get 90% that's all.
Good Luck ! |
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Doodlestuff
|
Should you file for bankruptcy? No. What you should do is get a second job. You will eliminate all that debt in about 2 years or less. You CAN pay it off. If you had been ill or recovering from an injury, that would be a different story because your ability to work is compromised. Protect your right of bankruptcy because if you ARE injured, you may need to do it again and you are barred for 7-13 years (depends on type you file for).
Lots of grocery stores hiring for off hours.
That said, if you are suffering medical problems (depression, etc.), go ahead and file. I had no problem getting new credit and my sister (filed due to divorce) was even able to buy a house. Neither of us would have even filed had it not been for the harrassment by a single creditor.
As another poster mentioned, student loans are not removed by bankruptcy. You still owe them. |
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rbsnoho
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Do whatever you can to pay your debts off without filing for bankruptcy. Your credit will be affected for quite a while. Get a second part time job.... there are thousands available, just take the time to look. These debts are yours and when you renigh on them, someone else ends up not receiving payment because of a problem YOU created. Do what is right, get another job and learn from the lesson. There are so many part time jobs available that few get filled as our employment rate is so low. If you can't find a second job, or a better full time job, you aren't looking hard enough. |
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tudorjason (matt)
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I believe you are not in too deep to file for bankruptcy. I would suggest debt consolidation. Try CareOne. I'm with them right now. They do not screw with you, they help decrease the interest, other fees, and monthly payments. To some creditors, it is considered one step from bankruptcy and it will stay on your credit report for 7 years. A debt consolidation company will likely require a checking or savings account, so you should open another one.
I've heard that you can make money at a hair salon, so research on how you can do that. Or start school again, in a career you would love to do and will help you make more money. Apply for FAFSA if you do-you may even receive grants, which can go towards your credit card debt.
No matter what path you take, it will take a couple years and a lot of frustration, but if you stick to it, you'll be glad you did. |
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David
 |
You'll be 30 before the 3 major CRAs will take it off your credit record. Although chapter 7 is sometimes a necessary and sound financial decision, the consumer penalties you have to live with are almost too harsh for words.
On the "upside," creditors start to relax about 24-36 months after the judgment appears on your credit record.
If you owe less than $10K, and don't mind working slowly toward a solution..always opt debt counseling and possible consolidation first. BK is the LAST resort, particularly if you're a home owner. |
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neu k
|
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned. |
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alex g
 |
Guys and Gil's,
How about if we all try to help this girl with the money? She is young and has a whole life ahead of her. If hundred people can donate $100.00 each she will be debt free. Let me know how I can send you the money. Best of luck! |
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jdfoote2
|
I agree with some of the other posters - you should try to avoid bankruptcy if at all possible. You are young, and a bankruptcy will make it difficult to buy a house, and maybe even to get a job.
Make your minimum payments, and do everything you can to pay off some of the principal - go without the Internet, without a cell phone, move into a place with cheaper rent, etc. Those sorts of sacrifices will be worth it in the long run.
Whatever you do, don't look at bankruptcy as a way to escape your debts - it will only make things worse in the long run. |
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Boo
|
No, never do it. Find a way around this, bankruptcy just follows a person for life. You can do it - hang in there. |
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samakāmitā
|
NOOOO Bankruptcy! Do not file for it. See someone about dept consolidation or ask your bank if they know someone who could help you. Throw you credit cards away (cut them up first!). Get a second or third job. Bankruptcy is the last thing you want to file for before starvation! My mother in law filed for bankruptcy many many years ago and it took her almost her whole life to get back on her feet. Unfortunately you wont get around working your butt off and paying everything off. |
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grokicki
|
Bankruptcy for 10K, no.
But you need to make a decision of the path to take dealing with this and stick to it. Choose which debts you will: Either ignore and let them fall off, or pay them via a payment plan negotiated with the vendors. Remember even if you make a small payment, or agree to the clock starts ticking again.... |
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intension©
|
Try debt consolidation first. Your boyfriend may see some damage to his credit too. |
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simsterboy
|
no - bankruptcy is not the answer here, you need to begin payment of your debts and negotiations regarding the amount you owe. Consult citizens advice with regard to an iva if you cannot arrange for some of the debt to be deferred.
Normally, most creditors are understanding of people in your position and will reduce the debt and/or allow time to pay, this is because they are unlikely to get the money without costly proceedings if they don't.
In the UK, you can defer student finance while you earn less than £15000 per year, you should investigate this option where you are.
You cannot say for sure that you will NEVER be able to pay these debts and so given that you are only in debt to the tune of 10k, bankruptcy is a very poor choice.
As you have not mentioned court proceedings I am assuming that as yet you have not even reached the stage of having judgements against you abd so, you are nowhere even close to requiring to file.
Oh... and please, please, please get rid of those credit cards.
You may also wish to consider a repayment loan and seeking better paid employment.
Best of luck |
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scottythecomic
|
I'd try to work it out because 10g isn't a lot of debt at all. Too, you can just let it ride and they will all write it off after 7 years or less. After 4 years most will. Your credit will remain screwed but it already is.
Remember not to be greedy. Greed is the #1 reason those scams work. If it sounds too good to be true, it's because it usually is.
Bankruptcy will clear your debt and you'll be given new credit.
Good luck. |
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KathyS
|
Bankruptcy is a legal matter and you need to pay an attorney to even file. Filing does not mean it will be approved either. I don't think you are bad off enough to file bankruptcy and I don't think it's a good idea either. Find a better job and get another part time job. |
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Dr. Goldfish
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Sell the computer you are on lady!!!! |
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abcdavid
 |
fuc_ no
it only 10 grand
ignore the letters send them back not known at this address
give it a year or 2 it will all be forggoton about
u go bankrupt and youll have a hard job getting an account for a ong while
ignore the letter give it some time
youll be alright
they are all robbing bastards any way |
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