Back in June I was terminated from my job due to my epilepsy, I hold nothing against the company as they did all that they could with an ADA accomodation, however my seizures caused me to miss to much work. I ended up getting approved for disability, being considered permanently disabled and now make 950 dollars a month, which is my only income. The loss of income forced me to drop out of college and now I have 70,000 in student loan debt coming due. I have been getting constantly contacted by different collectors and attorneys regarding many of my debts, 3 credit cards, totaling about 1,000 dollars, my pickup was repossessed in June and they are trying to collect the final 1500 dollars that they could not get from selling it, which is now being handled by an attorney threatening litigation. I also owe on a large number of medical bills, 6,000 owed for a balance with snap on tools, which the toolbox was stolen so I cannot return it, and many old debts that are beyond the states statute.
The only asset I have is my motorcycle worth 5,000 dollars as I have lost everything else and rent my home. Basically when comparing all of my liabilities to my income and my assets, I am insolvent and from what I have been able to find out basically "judgement proof"
I cannot decide if I should file for bankruptcy to try to get a fresh start since there is no way I will ever be able to get these debts paid down. I do know that there is the possibility of my student loans being discharged due to disability. I don’t really want to file but I am starting to think that either I will have to, or just keep putting up with many of the phone calls and send cease and decist letters to the ones beyond statutes. Does anyone have any suggestions on this?
I have already spoken with Sallie Mae in regards to my student loan debts, and they did advise me that I am in the rare circumstance where the loans can be forgiven.
As far as the motorcycle goes, it is my life, although I do not drive currently, as i know better, I don’t need to put other people at risk or myself, but the motorcycle is the one thing I refuse to get rid of, as it took me a long time to be able to purchase it, and it is more important to me than anything, including my own life. This may sound crazy, but my motorcycle got me through alot of times when I was depressed. Even my therapist and my doctors all say not to get rid of it since it is all that I have. As far as my debts do go, not including the student loans I am sure that I have over a total of 0,000 in debt as I had to have brain surgery 2 years ago and still owe for that along with a large number of epilepsy specialist visits. I have spoken with an attorney in the past and they have said I do have enough
As far as student loans being bankruptcy proof, I am well aware that they are in most circumstances, but there are circumstances such as being totally and permanently disabled, which by their definition means for a period of 60 consecutive months. I am certain that I will not be working for that long as we have had no luck in controlling my epilepsy so far. Many of the legalities on that I am aware of as I was majoring in accounting, and was only a couple of classes shy of graduating when I was forced to quit
Yes, that is correct, I am sorry my wording was off on that, while bankruptcy itself does not get rid of them, certain circumstances do permit the discharge of them, such as total and permanent disability. i have spoken with them and they are currently on deferment for hardship while everything goes through. It isn’t actually the bankruptcy itself that gets rid of them, but filing for discharge. I would definitely prefer to pay them off however, but with the cost of my medication each month actually being double what I receive in income and with medicaid refusing to cover them due to stating that they are not a preferred medication and refuse it even with requests from an epileptologist, I have no choice but to pay for them out of pocket until I can get approved for patient assistance. I am also in the process of working with vocational rehab to try to get me through school so that I can get a desk job as I am so limited on work that the only ones that I am able to do physically ar
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