Bankruptcy
 

Anybody here ever do it? What was your experience with it? I have a lot of very old credit card debt that I couldn't afford to keep paying on, and a lot of student loans that I have yet to really start on. Got my degree (in theater = dumb). I was teaching guitar lessons for cash through most of college and living off of student loans, then I was out of work for a while and now I'm living back home at the age of 29 (ouch). I did get a job on the production line of a fiberglass company for now, but the job isn't supposed to last past November. Got my summons a few weeks ago for a Discover Card debt. They want their money, and I don't blame them. But man, I really don't want to get my wages garnished and bank accounts frozen. This is a HUGE hole. Need out.


Any advice?

Hang in there and remember It's not your fault

Gun....bullets......nah just drink the poison under the sink.

Ha ha ha. (I assume that's sarcasm)


Seriously, I know I made this hole. Regardless of how I got here, I'm here. Now it's about what to DO.

when i was having my credit problem i went to a self help group (which was surprisingly cheap 30 bucks a week or so). some of the steps were

1.) admitting that it wasn't your fault this happened. Credit companies use preditory tactics to seal your fate.
2.) trusting a higher power to get yourself out of debt
3.) Try to hold on to as many things you worked so hard to get.
4.) Reconize the kindness in others to help you get out or DON'T BE AFRAID TO ASK FOR HELP!

It tastes like shit. I'd go buy some differently flavored poison, but it's precisely that kind of frivolous spending that got me here in the first place!

I don't think bankruptcy gets you off the hook for those student loans. I'd start working 2 jobs if I were you.

in one of the lessons we learned to turn ourselves and credit over to a higher power. So I went to church and they put out a second collection for me. It wasn't enough to save my beloved sound system, but I was able to keep my bread maker.

From what Ive heard if there has already been a court date set you're screwed, bankruptcy wont help you. And bankruptcy doesnt wipe out student loans either, you're still responsible for those no matter what.

I would think about asking your parents for help, or pawning in someof their stuff. Good thing about parents they will love you no matter what, and when you do get the money back you can buy it cheap at the pawn shop

ROFL

Don't listen to this crap. Society owes you. The American people will pay your debt off. Consult an attorney and file Chapter 7.

You can no longer discharge student loans under any chapter of bankruptcy, unless you can credibly argue that you cannot repay them without undue hardship. This basically means that there's no chance for you to repay them and maintain a minimal standard of living. Since he's living at home and presumably could indefinitely I don't think he has an argument for undue hardship.

Antifreeze

I don't want to kick you while you're down, but you waited a bit too long to act on this one... you need to seek professional help (many sites to view and places to call, just do a google search).