Bankruptcy

[mcan]

Originally Posted by Mr. Flopnuts

70k in student loans and 10k in personal debt. The 10k is the only thing you can file banko on, as most student loans are backed and guaranteed by the guberment.

10k isn't enough to file bankruptcy. The fact that you're living with your parents, and have more disposable income means you have the ability to get this paid off in a year or two. It's going to be hard, and it's going to suck. Especially paying high interest rates on credit cards to pay for shit you don't even have anymore.

But I promise you, it won't be nearly as hard as having that bankruptcy on your credit bureau for the next 7 years. I will be the very first person to tell you to file bankruptcy if it's warranted, and there are a couple members of this board that could tell you that.

That being said, don't do it. Not unless the great majority of your student loans were not borrowed with a FAFSA application and your parents personally backed them. Then, you can only do it if they'll file banko too.

We'll talk some more about this privately if you want, but I'm telling you right now, bankruptcy is just not a good decision in this case.

I appreciate the advice man. You're good people.

[Mr. Flopnuts]

Originally Posted by mcan

I appreciate the advice man. You're good people.

I'm stacked today. But at some point let's get together privately and go over where you're at, and some of the things you can do to gain any bit of leverage you can back to your side. I can't promise to prevent a wage garnishment at this stage, it sounds like that train has left the station but we can get you on track to get stuff paid back on your own terms, as long as you're serious about it.

10k isn't enough to go through 7 years of bad credit. I know 10k may seem like a million dollars right now but I promise it isn't. The problem is, once you get sued you're on the hook for legal fees and attorney costs. That right there will add a grand on top of your debt. Let's talk about this in a less public place and figure out a solution for you.

www.thenegotiationstation.com

That's what I do. That's not what I'm proposing for you because I think it's too late for all of that. But I will give you some free advice that will put you back on track and make all of this a lot more manageable.