should i file for bankruptcy?

Question

im 21 years old and im up to my eye balls in debt..abusing credit cards and school loans and got me stressed to the point where im suffering from tension headaches..and what makes it worst i feel like i work just to go to work...im very seriously considering filing for bankruptcy but there so much thing i wanna do...get my own place and things of that nature. i need some help

Answer 1

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 2

First of all, it's just money dude... relax. It's not worth having a stroke over. Then you'll be on your death bed thinking... ya know all of this worrying really wasn't worth it. What seems like a lot of money when you are 21 probably isn't. Just pay off your smallest debts first and work your way to the bigger debts. If you have to, go back to school, max out your student loans to pay off your debt. It's a cheaper interest rate and if you complete your degree you'll be able to pay for whatever... whenever you want. Assuming you aren't an English Lit major. :)

I recommend doing something with computers. Even if it's blowing them out with an air gun, you'll make more money than most of your friends.

You can also try re-establishing your credit by using a card that you can't get turned down for... at least not the first time you apply. These guys approve everyone "ONCE", so don't mess it up... http://creditoffernow.com/imaginecard

Also, to curve your spending... Instead of going out on the town every friday and saturday like a typical 21 year old, stay home and watch Fight Club over and over until you get it the point.

Good luck!

Answer 3

Take it easy. Relax. When you find yourself in a hole, stop digging.

Ask yourself, are you still having an extravagant lifestyle? Do you still smoke? Are you gambling?

Start by cutting your plastics. Then clear those debts first. If you have good friends or relatives, borrow some money to pay off credit card debts as the interest rate is deadly. Make sure you pay them back when you can.

Just pay up your school loan ASAP. No more taxi. Just food & MRT fare. It is possible to get by with S$800 each month. Just learn from the Malaysians. You can earn additional income by giving tuition to children.

The torment is temporary. Trust me, I was there. I took 3 years of Spartan lifestyle to clear up $25000 worth of debt. Now I don't borrow, don't lend, not even hire purchase, except for my flat.

Be strong. Filing for bankruptcy is like suicide. Running and taking the easy way out. Breaking a promise, going back on your word. If you can get through this phase, nothing can stop you in the future.

Answer 4

Easy answer; in MY book, under NO circumstances should you file for BK. And the reasons are actually easy to ID;

a; a BK is on your credit for 7 yrs.
b; a BK is an admission of failure
c; YOU cannot improve your credit for those 7 yrs;

think about this;

a soldier is being shot at and is shooting at others in Iraq.
HE hates it as he should. HE does not hate guns so much
but he hates the enemy.

When he is back in the real world, the shooting [should] disappear.

HE can go about life.

A BK is like being in Iraq and saying to the enemy,
f'you and coming out with a machine gun and emptying the
belt at the enemy --hoping to kill them all. Can't be done.
YOU will likely be shot by a sniper.

----I can guide you in finding investment tools that you can use to get out of your income problems AS LONG AS you are willing to eliminate the machine gun approach to your life.

ONE good RE deal, or other venture can bring you enough
to pay all your bills and give you breathing room. AND
consider this, as absurd as it may sound, your current
situation frustrates you cause you let it.

YOU do not need to answer the phone or the mail or the door.

JUST find ways to generate more money and stop the
outflow of cash.

I can guide you.
luck.

so, NEVER DO A BK. [attorneys will disagree cause they
make such much $ doing them!]

Answer 5

We all make mistakes. I am not too much older and have been in some pretty low places before and have had "NOTHING"

It sounds like you realized that you were living beynd your means and you've learned your lesson.

Talk to an attorney or a consumer credit counseling agency in your area to see what your options are.

If it's Bankruptcy...file, learn, don't repeat.

You may need to fix your life before you expand it.... In other words, take care of what you got then get that place you wanted with those things you wanted...

It's not the end....I can vouch!

Good luck with it... The headaches will go away once you make a plan for fixing everything....

Answer 6

go ahead..........

Getting An Attorney for your Bankruptcy: With many people trying to live beyond their means combined with job instability has led to the increasing number of people declaring bankruptcy. As a result, a new legislation called the "Bankruptcy Abuse and Consumer Protection Act" has been enacted. Many people cannot pay off their debts and now have to face new laws for filing bankruptcies

Answer 7

Two years ago, I owed more than S$60,000 due to misuse of credit cards. Until such time, I came to the point and tell myself that I want to clear all in two years time. I called all Banks and negotiate with them for a instalment plan. I took up two jobs inorder to fulfil the monthly instalment. Now, my debt is almost 95% cleared. You are still so young, and it's really silly to file for bankruptcy. Try to call the Banks, there is always other option to bankruptcy.

Answer 8

Your question is what has my unending attention.

This problem as you've described is quite widespread, and leads me to believe it should be addressed to elected officials.

A 21 year old should not have to be placed in a situation like this!

Your problem is the same problem I once had. At your age I had nothing. Over time, I built up my resources, little by little.

You start by taking that first step, and this time, you make that the right step.

I can't advise bankruptcy since I've never declared it myself.

However, I do see your needs and all I can say is that you sit down with yourself and plan out your future.

It may seem insurmountable right now, but if you have a plan that you stick to, eventually over time you will succeed.

One further thought....you and hundreds of thousands like you need to have a voice in government instead of wallowing away and disappearing in the shadows. So, write to your elected officials like I have regarding this national problem, and make it clear to them that we need to restore high quality and good paying jobs again.

They know what it takes to right this wrong, but they have been fed too much by top corporate leaders whom we all can hardly recognize.

Answer 9

don't worry buddy...never even think about bankruptcy..u will be screwed...

I suggest you to join a debt settlement company who will negotiate with your creditors on your behalf and try to reduce your principal debt amount by around 30% to 70% depending on your credit companies.
You can make affordable monthly payments. There are no upfront, hidden costs or penalties associated with the monthly payment.
Check this debt settlement company who helped me with the unsecured credit card debt problem.

http://www.debtfreeafterall.com

Good Luck

Answer 10

yes you probably should or you wont have a life. But you should learn from your mistakes and not repeat them. If you can't pay cash you can't afford it as tempting as using credit cards are.