Hi.
I have a very good credit score. I have never made a late payment on anything in my life. However, I am foreseeing disaster and see no way out of it. My debt is about 17K in credit cards and student loans of about 10K so a total of 27K. I am not worried about the student loans, since I am in school and so they are currently "on hold" till I finish and when I am expected to pay them its only like 0 per month for ten years. However my credit cards are getting worse and worse and the only way I can make myself stop relying on them is to wipe them out. Unfortunately I have practically zero income (about 0 per month) and I am in college and live with mom. I am 24 years old. This is pretty sad, I know, but I think I have to file soon. Its a shame because my credit score is about 720. I just leased a new car, which is under my name, but again, family is supporting me. So… I feel that I should just file bankruptcy (chapter 7 is what I am thinking) and just live off what I earn for thew next ten years. I own nothing of value, and am on my mom’s lease, and also want to know if they will take away my car when and if I file.
Please, I know everyone says its a "last resort". I am viewing it as such. So if it comes to this, what is the best way to go about filing and hoe much will it cost me financially and also how long does it take? Will my debts be wiped clean? I heard that student loans don’t go away, which is fine by me. Its the credit cards that are about to crush me. I need real advice, not just empty worthless criticism. So please ONLY ANSWER IF YOU HAVE RELIABLE EDUCATED ADVICE.
Thanks guys. Happy holidays.
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