I'm a 31 year old guy with a huge student loan debt and about 8,000 in credit card debt. I'm single, don't own a home yet and to be honest havent made a payment on anything in over a year. I'm wondering if at this point bankruptcy would be better for me or if i should try to negotiate or get a professional to do it. Theres so much info out there about this all saying conflicting things I don't know what to do. Any feedback would be appreciated. Thanks staygold914@aol.com
Student loans are not dischargeable in bk. 8K is not alot to discharge over. Avg bk is around 30k. I found about this web site from http://chat-cards.com/wwwboard/bankruptcy/messages.html which is a great site for bk information.
opps forgot, Many of the CCCA are garbage - just looking to make money off you. Better to neg with CC your self. Offer 50% to settle on a plan. See what you can afford
BK is a "second chance" to start over with a clean file. But student loans are not dischargeable. Depending on when your SL was reported or DOLA, you could wait until it falls off your credit file. That's what happened to me. I had 2 SL's, one I paid ($1,500) and the other fell off after 7 years. I'm not sure if it will creep back up if I try to buy a home though.
Hello, I think it depends on the age of the student loan. When I filed for my chapter 7 in 98, my lawyer was able to include about 10K worth of student loan debt and some outstanding tax debt with the IRS. BJ
Good question. I originally secured them from a bank but when I stopped paying on them they were taken over by the state until I filed. So in the end they were affiliated with my state gov.
Hmm sounds like they were gov't backed. I don't pretend to know anything about them, but comparing gov't backed home loans, you pay to a bank, and its only on default the govt will pay the bank for them. I wonder if it makes any difference since it was state vs. Fed?
