Has anyone ever gone bankruptcy? If so, what was it like? Did it completely destroy you financially.? Or were you able to tough it out and survive? I wanted to be able to buy a house in the near future, but my credit is totally screwed due to my recent separation (divorce pending) from my ex.

I have over ,000 in student loans, over ,000 in medical bills, a ,000 consollidation loan, an ,000 car loan, a 00 car loan (it will be mine in June of 2009), over ,000 in credit card bills. Not to mention that I am over the limit on all the cards. I have not been able to pay bills like I should because my husband left me and now I have to take care of 2 small children (22 months, 7 months), daycare and all the expenses at home–rent, lights, gas, cable, insurance, car payments, etc.

There is no way I can get another job. My school district doesn’t allow us to work more than 12 hours on a second job and we can’t work past 10p.m. on a school night. I am a teacher in MS and make only ,000 a year…that’s a good salary, but my debt exceeds my salary.

So should I file bankruptcy???
Yes I have a discover card and a sears card .
No teachers don’t make much but are required to work miracles. I am thinking of changing professions.

Intellectual cupcake, thanks for the help, but I live in MS. That is a long way from San Diego…I wish I lived there!

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I’ve recently been contemplating filing for Bankruptcy (Ch. 7) because I am in so much debt it hurts my brain to even think about it!! I am currently over k in debt. Most of the accumulated debt I owe is from past bills I ran behind on due to some unnecessary circumstances. Right now I am attending school full time and working part time making a measly 20/month as my take home pay. With my salary I pay for all the usual bills: rent, utilities, wsg, car insurance, car note, and use whatever I have left over to pay down my debt. For the past year and a half I haven’t opened any new credit accounts and I’ve been on a tight budget. I take full responsibility for all of the finanical debt I put myself into but am stressed and afraid that some of the creditors I owe will soon take legal action (as some have stated in their threatning letters). I’ve attempted to set up payment plans and have tried to negotiate a reasonable payment plan with my creditors but even with some agreeing to this others are not as willing. I am just seeking some advice because my credit is already horrible and even if I decide to paydown my debt it will take well over 5 years relinquish. I figured if I file for Chapter 7 it will stay on my credit just as long as if I tried to paydown all my debt on my own.
Big T: THank you very much for the advice and the many suggestions. I have been trying to stay optimistic about the whole ordeal and I have to give it up to you because I understand first hand how hard juggling work and going to school full time can be. I understand my debt is nothing compared to others but it is still a debt I have to take care of. I appreciate the encouragement and will look into other wage earning opportunities and try other ways to cut back!

Barnaby J: Thank you, I didn’t really factor in my wage earnings after college because they are still unbeknowest to me. (maybe if I looked into a crystal ball I’d know for sure..lol) But, since you have mentioned it I am predicting my salary wages will increase quite significantly after college which will help me drastically in cutting my debt!! However, I am not trying to rely entirely on those predictions! Thank you!!

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