should i file chapter 7 bankruptcy?
I am a 21 year old male. i live with my parents and drive their vehicles. when i turned 18 i maxed out about 8 credit cards and messed up bad. i paid about 1/3rd of what I racked up, now i still owe…
a local bank ,100
At&t 0 ( i now have t-mobile so a phone isn’t a problem for me)
credit card 0
and I owe my brother ,800 for a motorcycle he has in his name he’s letting me drive.
i am trying to go to community college this upcoming fall for pre med nursing studies. and there is no way ill have all this paid off in time.
if i file chapter 7 bankruptcy what can i expect to have to pay back and deal with? i have no clue about it since my parents have always had a good standing.
and before you ask, no they wont lend me the money to pay it off. Its my responsibility so they want me to man up and take action.
wil the government garnish my wages from my job? i don’t really have any personal belongings they can take from me so…. yeah any help i would greatly appreciate.
so i would need to get a lawyer as well?
This is NOT the kind of debt one files Ch. 7 for. Often Ch. 7s are for those who are WAY in over their head…like $50,000$100,000k….$500,000…. etc… Yes, it is possible but it is NOT worth it at this point. Bankruptcy still costs $$ – yes, you still have to pay your lawyer and it is not cheap. Also, your credit will be totally obliviated for 7 years. That would mean that while you are in the prime of your young life you would have horrible access to loans like a car loan, etc… No. All debt is not bad debt. You must realize this. Yeah, it sucks that you owe money but why don’t you get a job? Or do you have one but just don’t want to pay? If it makes you feel any better, I am a recent grad and am in $80k worth of student debt. This is an average amount. Will I have a better life because I got that education…probably (at least i hope so). So, the best thing you could do for yourself is to 1) enroll in school and give it your all.
March 8th, 2010 at 12:19 pm2) contanct your credit card company and let them know you are having trouble paying and hopefully they’ll work out an arrangement for you (but unlikely because the debt is so small), and 3) get a job in the meantime and start paying those bills down and 4) stop spending money that isn’t neccessary. Not only will this help alleviate your debt but it will show your parents that you are responsible, mke you feel more confident in your ability to take care of yourself, and it will not result in an obliviated 7 year long awful credit rating. Good luck and please don’t file.
yes
March 8th, 2010 at 12:19 pmi think you should take bankruptcy attorney advice as gov will granish the wages and its for sure.
March 8th, 2010 at 12:19 pmTake advice from online by just asking a question. I got solved my 2-3 questions from http://www.diy4law.com/ask-our-expert.php.
Hope it will also help you