Hello all, I really have serious decision to make and would just like a few serious people opinion. I gross about 33000 a year and my debt right now is about 20000. I a full-time college student and I work full-time as well. I lIve with my aunt for the time being. The THING is i'm seriously thinking about filing bankruptcy. I tried to contact creditors for help what little help they offered still wasn't enough I am seriously behind on my bills doesn't seem possible to catch up. Then if i file bankruptcy and go to look for my own home in couple of years will this hurt me, my main thing is looking to the future whether i file or don't file bankruptcy. Some accounts i have are my parents i'm just authorized user. I have a loan where my father is the cosigner so I really not sure how they handle these accounts. Any opinions regarding filing bankruptcy would be helpful thanks
There is life after bankrutcy, but it is not easy. You will have no credit, or credit only at extremely high interest rates for a while. Also it will take 10 years for a ch. 7 bk to fall off your report . You should make sure that you will be able to live within your means if you should decide to declare BK. As an AU you are not likable for the debts on your parent's ccards...they are! As a co-signer on the loan if you declare BK your father will be wholly responsible to pay it off
I filed chp 7 in 91 and it was off my report in 92 (10 yrs from date of discharge). It is a personal decision you have to make. I wish I didn't do it however we did and we paid the consequences. I can say I've learned alot along the way so if you have any specific questions then feel free to email me. We bought a home 4 yrs post discharge (FHA wouldn't touch us until at least 4 yrs passed) and now have established credit and have bought a new car at .9% rate...... As for filing on a cosigned debt, the cosignor or the other party will then become liable for the debt. You can reaffirm certain debts also and there are certain debts you can not include in bankruptcy (govt debts iE student loans guaranteed by the govt, back taxes, etc...) You may want to sit down with someone to weigh your options. 33k in income and 20k of debt really doesn't sound like alot to me but then again I own a home, etc...and my debt is much higher. You may be able to get yourself on a tight budget and cut that down without having to file. You could go talk to someone at CCCS for free financial/budgeting advice. Just don't sign up for their services. Ask to sit down with someone to make out a budget and get your finances in order. Then you'll see where you stand. http://www.nfcc.org/ I would be careful and make bankruptcy your very last resort before anything. I wish you the best!
