I am really considering bankruptcy but since it is a major decision, I would really appreciate some feedback from people. Heres my situation:

1. I am 22 years old (23 in 10 days, 33 years old when this is all over)

2. I make ,000 annually at the most

3. I owe ,000 in credit cards from cash advances which I used to pay my mortgage

4. I owe 0,000 for owning my home and pay 00 a month for mortgage (I’m paying interest only, nothing on the principal; 2 loans by the way) not including utility bills

5. I receive 00 from my room mate to pay my mortgage

Now with all these facts given, is it worth filing bankruptcy and having it last 10 years on my credit and finally having some peace of mind? Or, or, should I just get a second job, stress out, struggle my butt off to pay the mortgage and credit cards on top of that, and hope that the real estate market changes in a few years in order to get a refinance to lower my payment?

What do you guys think? Thanks!
Please note:

If you must know, I went into this predicament thinking that 2 other room mates were going to help me pay for the house, but they took off and left me by my lonesome self.

The house is entirely under my name.

Also be aware that bankruptcy lasts for 10 years before it completely clears up on my credit (or so I’ve heard).

Utility bills range from anywhere from 0 to 0 for me, depending on the season.

It just seems more reasonable to give it up now because if the real estate market doesnt pick up in a few years, all that money, effort, and most importantly time will be lost to something that never really was going to pay off in the long run.

Yes, I have been paying the house on time but keep in mind that I’ve been only paying interest and I still owe and will continue to owe the same 0,000 unless I start making payments that are close to 00 a month, which is just, simply impossible for me.

The principal has not gone down at all!
*****On the second detail of paragraph i said 0,000. Sorry, I meant to say 0,000. Sorry for the confusion.*******
****ONE LAST THING***
Having to pay that much money a month is very stressful, especially trying to come up with the money. I really cant take it anymore. I just want to go to college and study and get an apartment and just get away from all this debt that unfortunately I have got myself into. Trying to come up with 00 a month is not easy and it takes a toll after a while, especially when you cant afford it. THAT IS THE MOST IMPORTANT REASON FOR ME FILING BANKRUPTCY, getting my life back.

Technorati Tags: 10 years, 22 years, 33 years, butt, cash advances, credit cards, filing bankruptcy, market changes, money effort, mortgage, paragraph, peace of mind, predicament, principal 2, room mate, room mates, second job, stress, struggle, utility bills

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student