I can’t help but feel sorry for people who are going into debt for a fake education. The job market is horrible, and you can’t file for bankruptcy on student loans…not to mention half the degrees are for jobs that don’t even exist.
I’m 20 years old and about to go through a divorce. I have a CC in only my name that my husband has run up to ,000 in debt. I also have ,000 in student loans. I am co-signed on his ,000 + car loan and I am the primary on my ,000 auto loan. If I file how will it affect our cars. I can afford to pay my monthly payment although it is steep. BTW it wasn’t my idea to get expensive cars! Also my wedding ring went missing a couple monthes ago when I took it off to do dishes. Can he legally get me to pay him back for the ring?
My car is only worth 000. The other 000 on top of it is negative equity from previous vehicles my husband kept on trading in for "better" cars. I can afford to pay for my car. I am co-signed on my husbands car b/c if I didn’t I would have been the only name on his other car. He has bad credit too. I had great credit BTW before I met him. He’s been through so many cars I’ve lost count.
I am 25, married, and own a small home. Due to very slow payment (I pay mortgage with student loan monies when they arrive), my house is going into foreclosure. I also have a lot of debt from medical expenses, and hubby has major debt (car, credit cards) from his teen years.
I have enough money to reinstate my mortgage without filing some type of bankruptcy. However, that would leave me with no lump sum of safety money. I do work, so I could feed myself – but I never seem to have enough income to pay for regular expenses AND my mortgage. So, if I don’t file bankruptcy and I catch up/reinstate my mortgage…I know I’m going to fall right back into the "non-payment" category again.
Is catching up my mortgage better than filing bankruptcy? What about the other debts that I have? How is credit affected?
(I’m going to grad school, so I have many years of being a poor college student left. I just need to know what I should do about my house and other bills in collections)
SideNote to a response on student loans: Student Loan money can be used for any of the following reasons, not limited to: tuition, educational supplies, food, housing, clothing, misc. necessities / personal items, technology purchases (hardware & software), etc. My lenders are VERY aware of the fact that I am investing in my future by paying for current expenses with loans. Hence, the reason that most lenders always mention "housing or room & board expenses" and are very inclusive on those types of expenses.
——-
Forget to add: Hubby is also college student (not a bum in case you’re wondering).
——
Again, mostly just wanting to find out which Bankruptcy would be beneficial considering my other debt.
If I pay up the mortgage/reinstate – how long will it take of on-time payments to have good standing / good credit again?
In July of 2005, my wife filed Chapter 7 bankruptcy. In her bankruptcy, she included a private student loan to SLM Corp on the order of 00. I am aware that government backed loans are not discharged in bankruptcy , but from my readings, private loans, such as the Signature Student Loan from the Sallie Mae subsidiary SLM Corporation were dischargeable before the enactment of the new bankruptcy laws in October of 2005. SLM is now attempting to collect on this loan, and is calling 5 times per day, refusing to provide requested documentation, and is in general being an @$$. How do we get SLM Corp to stop trying to collect on this debt? What’s the steps in filing the necessary paperwork with the bankruptcy court? Are there any Denver based attorneys willing to help us with this who read here?
Warning: RANT AHEAD: Read only if you want to hear another sob story about Sallie Mae and their downright abusive treatment of borrowers.
What’s truly rich about this is that my wife is still in school. All the options available to public loans, such as in-school deferment, Income Based Repayment and Income Contingent Repayment, hardship forbearance, unemployment forbearance, and so on which excuses the public student loans from being dischargeable are not available for this private loan. My wife is a full time student, and is living now on student loans while getting her master’s degree, but because of this early bachelors degree loan, she would have to contemplate dropping out of school and trying to find a job in this economy to pay this loan back, if she owed it.
All the lawyer firms locally say that they won’t touch the case because ‘Student Loans are not discharged in bankruptcy’. Yet online, there is site after site stating that non-governmental backed student loans only became non-dischargeable after the new bankruptcy laws of 2005. I’m hoping that I can find an attorney who can help us.
BTW, Sallie Mae? If any of your goons are reading this, perhaps they can take this message back to you. You know that nearly ,000 in student debt that you have that is Federally guaranteed? This summer, we’re consolidating it with the Federal Direct Loan my wife got last year. Say bye to all that interest. 
And I’m going to recommend this course of action for everyone who has a Federal loan through you.
I lost my job in early September and have run into some serious financial problems. I have a part time job and I should be receiving unemployment but they denied me at first and I have to wait for a hearing to appeal that decision, and they are super backed up and I will not even find out when my hearing is for another four weeks. I took out a distribution from my 401k, went through that, and they are taking their sweet time getting another distribution sent out to me. None of my accounts have been sent to collections yet, but they are almost there. I am considering bankruptcy or using one of those companies that negotiates better interest rates with my creditors and gets them to reduce my debt by up to 40%. I want to know which route I will recover from quicker. I eventually want to buy a house, take out student loans, etc. I keep hearing that bankruptcy is not as bad as it has been made out to be, and I have heard nothing about how debt settlement programs effect your credit. Does anyone have any advice?
I have a bachelors in business finance and I will complete my MBA next month. I was laid off about 20 months ago. The same week I was laid off I found out my wife was pregnant. We now have 3 children. I was eligible for unemployment and it did not last for very long. I then picked employment where I made 60% less than I was previously making to make ends meet. I now have gainful employment and I am making about 15% less than 20 months ago.
My wife and I will have student loans coming due in about 6 months and I am considering using my credit cards to payoff auto loans and other secured debts that are in both our names. When the student loans come due we will not be able to pay all of what is due every month with no end in sight. After being unemployed, we did very well keeping our heads above water however we are now feeling the pinch of our delayed situation. We feel if bankruptcy is our only solution we should use our credit cards to pay off everything.
We are considering filing bankruptcy under one of our names and NOT a joint bankruptcy so as to avoid having to forfeit any assets like the autos, etc. If we do this we should be able to retain all assets because it is not a joint filing. All of the credit cards we would use would be in wife’s name. Are there any issues with this?
My husband is planning on filing for bankruptcy. He has student loans of about 0,000 & has already exhausted deferments. We have to prove due hardship for student loans to be considered. I have about 00 in credit card debt. My family has offered to help me pay off my debts, but i’m wondering if my debt will be considered when he attempts bankruptcy. Would it be in our benefit for me to have this debt to prove due hardship? Would my debt be covered if he did get bankruptcy, so I should save my family the $? Thanks for the feedback.
I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.
I am probably about ,000 in debt with credit cards; ,000 in student loans; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).
I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.
Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?
That is all you get in MS for 2 kids based on his income and he has a pretty decent factory job (around here that is the best you’ll get with no degree).
I don’t own a home. I rent. Yes he ran up the cards by refusing to give me money to pay the bills, so I had to use the cards.
I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.
I am probably about ,000 in debt with credit cards; ,000 in student loans; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).
I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.
Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?
I would love to open up my own family daycare but don’t know how to do it. I only want to keep 5-6 kids so that I won’t have to hire anyone and so that I can keep afloat.
I used those credit cards to pay bills and buy groceries and necessities because he would always cry "I’m broke!" and had a very good paying job. He never wanted to give money He told me I had to ask for it.
Yes I have two cars. No one will buy the new one ( a malibu maxx) because I am upside down in it and I want to keep the older one because it is a Camry and I will have paid it off in May of next year.
I live in Mississippi so that is all you get for two kids.
well my parents, they owe credit cards, and student loans up the heeezy! and we’ve been paying and paying we’ve had a good record for almost 14yrs of paying credit cards and house on time. but with how things are now the only solution is to file bankruptcy. can we lose the house though if we do ?
THE TAX DEBT MUST BE AT LEAST 3 YEARS OLD. DOES ANYONE HAVE AN EXPERIENCE WITH THE IRS AND BANKRUPTCY?? IRS TAX DEBT AND STUDENT LOANS ARE NOT THE SAME CASE BY IRS STANDARDS……(see previous answer to similar question 2 years ago.)
I’m meeting with a bankruptcy attorney tomorrow morning. This is only because in 6 months, I have been unable to find a job and my unemployment is going to run out. I want to start a criminal justice program and I originally had planned to wait till I had a job to make monthly payments, but would it hurt to add the 0 to my already 00 credit card today? I have about ,000 in debt before adding the criminal justice program. This is a mix of credit cards, medical bills and student loans. Does anyone know? Thanks!!
I am a nearly 25 year old guy with terrible credit. There is about ,000 worth of things on my credit report. Now some I am working on paying off.I’d say about ,000 worth of it. For the most part the rest are student loans (Federal & Private).
I have a decent job, but with that sort of debt, in addition to living expenses- things will not get better soon.
Would bankruptcy help me? Or hurt me? Within the next few years I would love to invest in a car, house…and like to start a family before I am 30.
What do you think?
And tons of bills. Mostly medical bills harassing me (30000+)and old credit cards(10000)?
Will this effect my student loans I now receive? I am a grad student.
The medical bill company said they will take my student loan money so I want to file B to get them out of my life!
We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.
So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..
I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.
So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total 0K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for 9K we are screwed!
So we’d short sale and have to get forgiveness for K
AAaaaaahhhhhhh……………………………
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.
What the heck are we supposed to do?
Just want to move…..
Any help would be great!
ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.
WHY WON’T THESE COMPANIES WORK WITH US THAT NEED HELP? I DON’T GET IT…
I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. That would be a great salary if I didn’t have to pay every cent to a bill collector.
Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). I already had a car of my own. Now I have two. He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.
I am probably about ,000 in debt with credit cards; ,000 in student loans–I know you can’t put them on bankruptcy…I plan to pay them and go back to school next summer; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).
I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.
Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?
I had to file Chapter 7 bankruptcy about 1 year ago due to a business loss. The bankruptcy has been discharged and I currently earn ~6,000 /yr now. My wife earns ,000/yr. My daughter is attempting to get student loans, when applying on line, it is being denied when we try to apply with us as co-signers. Any recommendations as to how to get her assistance?
I will be filing Chapter 7 bankruptcy soon, and am trying to figure out if the ,000 I owe my University will be discharged. None of the balance is from student loans, or any other type of Financial Aid. It is from past tuition, bookstore charges, room & board, as well some other irresponsible charges to my Bursar bill. Thank you in advance.
To answer the answers below, I am actually in the process of choosing my bankruptcy attorney, but the last one I spoke with wanted to charge me 0 to look up that information, and would not include it in his normal bankruptcy rate.
As for the answer regarding student loans, NONE of the University debt includes any type of loan or other type of financial aid. Thank you for such quick responses though!
I am a 19 year old college student living 3,000 miles away from my family. I pay for college myself with a combination of scholarships and student loans, and I have a part time job that pays my bills. I pay for everything myself; food, rent, transportation (I don’t have a car, I ride the bus), medication, etc. My parents do not support me monetarily in any way.
Three years ago, the company my father worked for went bankrupt. Because of the economy, he has been unable to find a job. There is zero chance he’ll find a job that pays what his old job paid, but he won’t take any menial job, even for a few years until the economy gets better. My mother’s company is on the verge of going bankrupt and she has had her salary cut in half. They lost the house to foreclosure and are now living in a small rental.
Because of these issues, my parents have asked me to start sending parts of my paycheck to them. I have been giving them enough to help them pay smaller bills, like heat or water, but I can’t afford to give them more. Recently, my work hours have been cut back (economy), and I’m not making as much extra money as I used to. I told them I would be unable to continue helping them, but they got upset and told me it’s my duty as a daughter to help my parents in a time of need. They say that with all they’ve given me, I should give back to them. I want to help, but I’m running out of money. What should I do?
Because the first answerer asked, I have a 16 year old sister.
well my parents, they owe credit cards, and student loans up the heeezy! and we’ve been paying and paying we’ve had a good record for almost 14yrs of paying credit cards and house on time. but with how things are now the only solution is to file bankruptcy. can we lose the house though if we do ?