My hubby thinks I should file for bankruptcy. I have 30000 in student loans and 10000 in credit card debit.?
I am currently a sahm for my 9month twins and hoping be going back to graduate school here within 1-2 yrs. Is it worth filing bankrupt. I still have a good credit score.
Well, you can’t bankrupt student loans, so you’ll have to pay those back, but if you bankrupt, they may reduce your monthly payment. (Most student loan companies have a bankruptcy department that handles such matters.) Can you pay back the 10K in credit card debt? Can you pay the student loans back at the current payment? If so, don’t bankrupt. If you can’t, then bankrupt. Maybe you should meet with an attorney to assess your situation. Most offer a free initial consultation.
February 12th, 2010 at 11:48 pmif your student loans are through te government it wont do any good,they follow you for life, and the 10k isnt worth it yu should have more.
February 12th, 2010 at 11:48 pmhere is a horrible alternative and not very ethical, but you could pay off the student loans with you credit cardsand then file. but thats up to you! 40k to file is better than 10k, good luck!
you cannot get rid of your student loans via bankruptcy if they are Federal Student Loans
February 12th, 2010 at 11:48 pmTry calling a debt consolidation company before you go through a lawyer who will cost you at leat 1500 to file and go through months of walking on eggs wondering if they will let you have the bankruptcy (there is no guarantee). If you went through a private company like SallieMae or other student loan places you should be fine. The debt consolidation will reduce your payments and the interest and you will make one payment a month to them usually they can tell you how many years it will take to pay it off too.
February 12th, 2010 at 11:48 pmIf you still have a good credit score, and you can keep up with ur payments, then dont file. IF you still want to they will make you file chapter 13, which means you have to pay it back anyways. In order to file chapter 7 you have to have enuff debt and low enuff income to where theres no way you could pay it back. And all student loans have to be paid back no matter what you file.
February 12th, 2010 at 11:48 pmIf your student loans are through the government they won’t let you claim that in bankruptcy. It won’t matter that you are a SAHM either because you are married so your husbands income counts as well so they would still make you pay them off. He would have to file bankruptcy with you.
February 12th, 2010 at 11:48 pmAre you making payments on time? Can you afford the payments? Filing bankruptcy will drop your credit score big time and it will be on your credit record for seven years. You could also be made to pay some of your debts that you have now. I would only do it as a very last resort.
February 12th, 2010 at 11:48 pmHi,
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