I have filed for bankruptcy, and the trustee says they see "fraud". I had a student loan wich I used to pay for aviation classes. Now the judge wants to take back my money from the university, and make me continue to pay the debt!!! (,000)!!!!!!!!!!!! Is this possible?
I have an old Citi card, Capital One card, Best Buy, Chase, and then a few smaller ones- Wal Mart, Express, and Lane Bryant. I haven’t made a payment on most of them in at least 2 years. I stopped paying them cold turkey because they jacked the interest way up and wouldn’t negotiate with me, and I couldn’t afford to pay them along with tuition, rent, etc. since I didn’t receive help from my family. I’m not even sure what I owe, but with all the fees I’d estimate I owe a total of ,000-,000 spread out on them all. Without the fees it would have been half of that. In addition, I have ,000 in student loans. I’m not making much money right now at all. For now I’ve just been focusing on paying my student loans in the hopes of rebuilding my credit. I don’t see how I could afford paying off my credit cards. What should I do about them? I’m not getting many calls anymore, but lately someone is calling threatening to sue me for 00 credit card. They have threatened to sue me before (Citi Bank) and even sent me a summons of court letter, but never followed through. What is my best option? For now I plan to keep ignoring them but I am sick of this problem. Help!
Thanks roscoedeadbeat. All my credit cards are already in collections, and they have been for about 2 1/2 years. I also had a 2nd Citi and 2nd Chase card but paid them off as a settlement years ago with some student loan money… Now, the problem is, I don’t feel like I really can afford to pay them. I’m already having a hard time paying my student loans- right now I have to pay 0/month and soon I will start paying my private loans which will be around 0/month for a total of 0. I feel so overwhelmed! 
Maybe I’ll talk to them and ask what is the lowest they can settle for, and then see if my family can help me at all, but I hate to ask them for help. Thanks for your answer though.
Thank you for the answers Sgt Big Red and carl.bennet. I looked up the statute of limits in my state (MN) and it is 6 years… so I am about halfway through. I might end up making more money in the future, but I don’t see it happening for a while. I plan to go back to school within the next year (either part-time or full-time if I get a graduate assistantship), and that will take me at least 2 more years. So maybe I will continue to wait it out. I don’t want to deferr my student loans right now because I want to save deferrment for a later time in case I’m in a worse situation then- such as if I have a baby or get sick. And I can only defer my federal student loans, I can’t defer the state loans. It’s so hard- I wish I had been smarter about debt, but I guess you live and learn. I appreciate your answers.
Oh one more thing- this is a bit desparate, but if I moved out of state to where they have a lower statute of limits, would the new statute of limits apply to me? Or would it be the same statute of limits since it originated in MN? Thanks!
I am a single mom, own a house, my son’s father is not paying a penny, and I just lost my job. Obviously, I can’t afford to paying my mortgage any more. So what can I keep when I file bankruptcy in CA? I have some 401k, a car, 30K of credit card debts, and student loan, no savings…
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.
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)
Husband is college student too. Together our income is still VERY tight on making all payments on time.
Yes we have cell phone – but no cable/internet/home phones. I don’t know what else to cut.
I am unfortunately getting ready to file for Ch.13 bankruptcy. I know that my student loans will not be included in this filing so, my question is….will my father, who cosigned my student loan, know that I have filed? I would like for this information to stay between myself, the creditors and my lawyer. Thanks for your help…
I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.
Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.
Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?
Issue #3: My car is currently worth about k less than what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?
Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.
Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?
Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.
I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.
It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.
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?
I have 5 credit cards total. 2 with American express, 1 with Washington Mutual, 1 with Capital One, 1 with Barclay. The debt with WaMU has been sold to a company, and is no longer owned by them. The rest of the debts are still ‘owned’ by the original creditors and I can settle the amounts with them, most at 50-60%.
I have not made payment on any of these accounts in over 5-6 months, and am now in a position through assistance from a family member to pay off all the debts via settling. After speaking with a couple of people though as to how this will affect my credit I wanted to know what I should do.
Should I settle the cards? Or should I file bankruptcy? The total debt on credit cards is -14,000K. I also have k in student loans, and a ,000 judgment against me from court. I am fairly certain that me filing bankruptcy would not remove the judgment against me, or my student loan as it is through the federal government. Am I wrong?
My main question though is, what will hurt or be best for my credit? Me settling the debts, or filing bankruptcy? Which helps me the best for rebuilding my credit in the least amount of time?
I am considering filing chapter 7 unless I can find a way to pay off old debts and have it removed from my credit report to improve my credit score.
Will filing chapter 7 increase my chances of being approved for a student loan?
Is there anyway to avoid chapter 7 and just pay old debts and have it cleared from my credit report?
I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.
Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.
Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?
Issue #3: My car is currently worth about k less on what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?
Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.
Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?
Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.
I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.
It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.
Just over two years ago I had a student loan that went into collections due to missing too many consecutive payments. I did settle it with the collection agency about 6 months later. Currently, I now have no credit cards, no loans and no debt and want to start building my credit rating. I am still getting declined for credit cards – even with minimal limits. Besides waiting years for my credit report to come clean, is there anything else I can do to improve it?
I am in ,000 in credit card debt and I have a student loan as well and I know it will take me forever to pay off all my debt so I’m wondering which is the smart way, filing bankruptcy or debt settlement? I really want to get my life back again and have a fresh start. Thanks so much.
I have a GSL student loan that was originally 00.00. I have not been in contact with anyone about the loan for so long, that now the balance is ,000.00. Yes that right! It is 6 (six) times what I borrowed. The loan re-payment was suppose to start 6 months after I graduated but could’nt get work, then had no home for a month. Anyway is there any way to claim bankruptcy? Thank You,
TA-455.
Where to begin…you know I accept the fact that life is unfair but WTF did I do to deserve to be in the situation I’m in now. Well my life sucks and I have no clue how to make it any better. This story starts about 6 years when I gave up on feeling anything and realized I am depressed but I did not let it get to me because I have a vanity that burns greater than anything, it consider it my most prized possession that no one can take away. So I even accept the fact that I’m depressed but I move on and put a mask on that I’m just great and nothing wrong. Anyway my rich grandmother died and left all the grand kids 0,000 but she put it in a account with a trustee and my uncle who was the trustee took all the money and left the country. So I’m out 0,000 and on top of that my grandmother had a family company that my other uncle stole and bankrupted and took all the money to himself and left my mother and other uncle with nothing from that. Aside form easy money my mother was a real estate broker and the market dried up 6 years ago and now we are poor. On top of all that my parents got a divorce when I was 13. Let’s fast forward, to 2009. I had few friends in high school, never had a girlfriend and hated most of the people there. I finished high school and my parents have no money for school and no one will cosign with me for a student loan so I am forced to go to a community college even tho I am much smarter than that. Also I live in the suburbs so I can’t walk anywhere and got no car and can’t a job because I got no ride. Also the job market is awful and it’s so hard to find a job. The money I saved over the years I used to pay for my classes and books with no help form anyone. My mother was not getting paid on time at her old job and she foreclosed on the house and we have to get out by next month to a apartment. I am 19 and I feel my life passing me by without even living and that makes me very depressed because I am very nice person who will go out of the way to help someone and do charity work at my church sometimes. The fact that I could have had it all with that 0,000 is the biggest slap in the face ever. So everyone else is busy doing their own thing looking out for themselves and no one care about me. IDK I hope things get better, any help or input would be nice.
Also I think I kinda ugly too so any self improvement tip are welcomed, sorry for it being so long but I feel a lot better having all this off my chest.
http://i112.photobucket.com/albums/n179/nintendo1980/eyes-1.jpg
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!
Can i reset the 30 days, telling them i can’t make the full payment within this time frame, but rather settle next month instead ? can i call them and do this ?
it was a sears card 00 max. I guess interest grew to 00, with 6 months no payment with Sears, and then 31/2 years collections. It grew to 00 total after roughly 4 years.
What should the settlement be ratio? Does 00 sound alright ?
or they can settle for less ? i have only 0 ?
Does settling credit card debt affect my credit score ? Currently paying on Student loan, monthy.
This would up my score, wouldn’t ?
I am 26 years old and over ,000 in debt. About ,500 of it is in credit card debt, 00 in car loans, and 00 is in a lien for an accident I caused. There is another 0 in miscellaneous debt. I am married with two small children. My husband and I have a monthly gross income of about 00. In about a year, I will be needing a student loan for my last bit of college. We do not own a house, but we do own one car (the other we are paying off). We would, in about three or four years, ideally, like to try and get a house. Should i file bankruptcy now? What would I lose, if anything? The two cars we have are 6 and seven years old. I appreciate any advice.
I have not used any cards in a great while. I really do not see putting off college any longer, plus with my degree I will be able to earn a considerable amount more that i do at this time. As for asking creditors to lower the rate I would definately consider that. Is it really that easy–just call the company and explain that i want to pay the debt off? What about the lien–can I do anything there? Thank you again.
I have ,000 in credit card debt from 5 years ago. I am currently in school full time and simply cant pay anything on it. The collection agency wants me to get a student loan and settle at the origional debt of ,000. He is sending me in writting now that the debt will show paid in full on my credit report. Is it wise for me to do this or would I be a fool?
I have a loan that needs to be paid off. The problem is is that I don’t have a job or any source of income to pay it off. The problem is also you can’t file bankruptcy on a student loan. Is there any website that I can go into that will help me pay off my tuition. What about the stimulus plan?
I am a student. I’m currently 000 in debt, should i file bankruptcy?
i am so worring because if it would effects to get my future student loan. Please help..!!
here is my current debth list:
credit card: 00
student loan: 00
collection debt: 00
difference on a car repossession: 000
Im having difficult times economically and im thinking about filing for bankruptcy. I have a student loan with salimae would that go away as well??
I am not eligible to receive a student loan by myself because of my young credit of only about a year even tho I have an excellent score.
I am not able to have my parents cosign for me because they are coming out of bankruptcy a little over a year out and have re established their score. but the loan companies and banks say it needs to be 2 years. I recently transfered to a very expensive school. I did receive a scholarship, but it doesn’t quite cover the cost, which including housing is around 40k per year. I have excellent grades deans and presidents list every quarter of my 3 year length college career.
But what I really do not understand is how on a deferred student loan you are required to have a co-signer when they can be removed as your co signer after 18- 24 months.
This does not make much sense to me and if anyone has any kind of alternative ideas comments or solutions I would appreciate everything I can get my hands on.
Thank you
10 yrs. ago i received a pell grant and student loan for cosmetology school. the loan has been in collections for years. i know how irresponsible ive been. however im not financially capable of resolving the after-math. im thinking bankruptcy, would that put me back to a place for a second chance at college? any ideas or alternative options?
I acknowledge that this debt is my responsibility, but the operator made me feel like they would extract the gold fillings from my teeth to get this paid! (If I had any, that is.) I mean, they asked if I had any property, any relatives who could co-sign a loan. They even asked if I’d filed my taxes yet! I don’t understand! Are these agencies allowed to make me feel like dirt until they get the money?
(It’s a student loan, by the way. The LAST outstanding debt I have)