I’m 20 years old, 21 in July.
I currently have about 10k in debt—I know it’s not a lot, but I also know I’ll never be able to pay it back.

I had–NO CHOICE–but to move out on my own at 18. I survived off of 4 credit cards for a while and was paying them when I had a "normal" job.

In the past year I have been laid off, I now work for tips at a hair salon which gives me enough money to live but not pay my debt.

I also have about 2.5k that is due to a college I was going to…and 1.75k to Washing Mutual because I fell for one of those money order scams a few months back–whats even worse is that the person that scammed me was using a stolen idenity so I can’t even go to small claims court. I have reported the scam to the government but they can’t help me.

So my question is…Should I file Bankrupcy? I already can’t use my bank account so not being able to do so won’t be a major shock.
In addition, my bank account which is now closed due to the scam, was joint with my boyfriend..My account, I added him later…if I file, will it clear the bad account from his name?
Thanks to those who answered, but it seems you are not getting the point.

Everyone keeps telling me to pay it off slowly, NOT POSSIBLE. AS I SAID:

I make enough money to pay my rent and my ulilities, nothing more.

I can’t file a FASFA because my father chose to claim me on taxes although he doesn’t support me, I’m not about to sue him though or report it.

Secondly, telling me to sell my 6 year old computer isn’t going to get me jack.
Third, ITS NOT A STUDENT LOAN. I would have said it was a loan.
AND…..

AS for the scam, I was between jobs and was told I was working for a charity, being that it was around the holidays I was caught up in the whole holiday spirit and thought I was helping children. I am not one to sit on the internet all day and had no idea that this was such a common thing, I thought I was working.

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United have a similar problem in that they where bought with borrowed money so any profit they make is just servicing the debt,and explains why no new players have been bought recently and they will just continue to get deeper and deeper in debt.

What came as a shock to me was how difficult it has been for Liverpool to find a buyer even at 300 million. Now love them or hate them they are still one of the worlds leading clubs with a world wide fan base, and come a close second to United who are now nearly in debt to the tune of a billion pounds. How are United going to get out of this mess? As successful as United are there wont be to many people out there who would buy and write of a billion pounds.

I know its a nightmare scenario but could United go under and cease to exist, anybody who thinks this is not a possibility is a fool, if these loans are ever called in then they would go bankrupt, although this is unlikely to happen there is already no funds for new players so as anybody got answers to the problems.
Difficult to believe that i am being acused of being stupid and naive. We are talking of a buisness that is 1 billion pounds in debt, its irelative how good a football team they are and if i am that naive what are all the United fans proresting about.

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To sum it up I was forced to drop out of school about a year ago because my parents went bankrupt in the middle of my first semester. I had just transferred in to my dream school (an expensive private university) and had counted on my parents co-signing a loan with me. However, they had not told me that the business they had invested thousands of dollars in had gone under so when it came time to apply for a loan and pay the university for my first semester and register for the next semester’s classes I was told there was no way they could afford it. In shock and without financial or emotional support from them I left the school and moved in with my grandmother. I didn’t handle payments with the school immediately because I had no idea how to go about it and assumed they would arrange it.

After that semester I also returned to a junior college and completed requirements to transfer in to a more affordable, state school. This last fall I began a new semester at the new university feeling excited to be back in school. However, now that it is time to register for the upcoming semester’s classes I am being told that without the transcript from the first university I cannot come back to school in the Spring (the requirements for transfer students is to submit ALL transcripts from previously attended schools by the Spring) I contacted the previously attended school to discover I had been put in collections (notices had been sent to my parents home, warning of this, and my parents had never told me). They refuse to give me a transcript without paying the amount in full which is over 10,000 dollars. I have set up a payment plan with the collections agency but again, without paying it all at once, I will not get the transcript and therefore cannot finish school at the university I currently attend. I have tried applying for a loan but as a student I do not qualify for that amount without a cosigner, which I do not have. I don’t know what to do…I have tried contacting everyone imaginable, the president of the previous university, counselors, the head of admissions at my new school, and family members but no on offers me any help or alternatives. I feel so incredibly helpless and all I want to do is finish school.

Does any one know of a lender that approves student loans without a co-signer? Should I file for bankruptcy? Contact a talk show and see if they’ll give me money?? I’D DO ANYTHING TO FINISH SCHOOL! PLEASE HELP!!

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I know that the trustee has to sell whatever assets you have, to partially pay back the creditors, but what ARE those assets? Like Furniture? Dishes?

Please dont tell me how bankruptcy can ruin credit, etc. I know it already, and after all of this hell with the credit card companies and the mortgage company, who the hell in their right mind would want to deal with credit ever again? Just, if you have the answer, then great, please answer. If not, then keep your opinion to yourself and move on. Thanks.
I dont even have the money to buy food or toilet paper, let alone a boat. If they are only looking at major purchases, then they are going to be in for a shock.

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