I know this may be rather irresponsible of me but I have backed myself into a corner and I see no escapes other than declaring chapter 7. If I never would have financed my car (at age 19 now 22), then I would not be here asking about it. I still have 3 years left of payments on my car and insurance on top of that plus living expenses. I DO NOT wish to work full-time like I have been for the past 3 years because I want to just focus on school and not worry about bills. I only work part-time now and my income does not meet my needs. I figured why not since I won't be buying a house anytime soon. I plan on saving up for a cheap car (about 2 grand) to have until way after graduate school and an established career. I was very naive and ill-advised a few years back and would rather suffer with a bad credit report now than deal with the bills and be forced into full-time work again. Please, I need some honest, sensible opinions. Thanks!
2007-10-12 15:27:30 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Listen, you definitely want to see an attorney. You have some valid concerns. The people on here don't understand what they are saying. Bankruptcy will not "follow you for the rest of your life." It will remain on your credit report for between 7-10 years. Depending on the amount of debt you have it may be a good decision! Many lenders will even offer you a mortgage as little as two years after your bankruptcy is discharged. Bottom Line: Talk to an attorney!
2007-10-12 15:51:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it is not just 'bad credit now' that you have to deal with. it can affect many aspects of your life for many years following your 'bad credit' days. It can affect if you ever get another car, house, etc. It will always be on your credit record and no one will ever put your record high enough to warrant you getting decent rates on things like a car and house. Plus, many employers are asking for that information or doing checks on it now to determine if you are trustworthy.
Sell the car, get a bike or carpool to work and just help pay for gas/maint. Call your creditors and see if you can lower your rate or your payment. This does not have a penalty. You can even do this with your car, though I advise to sell. If you have to take a semester off of school, so be it. That's what happens. To file chap7 you must prove that you have no ability to pay your bills. If you are enrolled in school, I question if that is true or not. No one has $ to go to grad school. That's what loans are for. But it is very time consuming and difficult to file chap 7 to prevent people from scamming the system. I am not saying that is what you are doing, but it appears you have many options BEFORE you make others pay for your mistakes and BEFORE you ruin your own credit indefinately. good luck!!
2007-10-12 15:40:47 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You won't be able to get many jobs with a bankruptcy and bad credit or find an apartment.
Sell your car and work to pay off your debts before considering changing lifestyle. Live where you can walk to work and school so you don't have a car payment or insurance.
Get full time work you can't afford to work part time.
2007-10-12 15:40:38 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
You have to discuss this with a Bankruptcy Attorney in your area. You may not qualify for bankrupcty. Your initial consultation is usually free.
If you stop paying on your car and house, they can be repossessed, even with a Bankruptcy. Really, talk to an attorney.
2007-10-12 15:31:05 · answer #4 · answered by Feeling Mutual 7 · 0⤊ 0⤋
it depends on how much you owe
first of all you can't get rid of student loans
and if it's less then 10000, then don't do it
you should sell your car and buy a cheaper one
you should get a roommate to cut down on rent, even if that means rent out your bedroom and you live in the living room
you really dont' want to file bankruptic, if you do it, it'll follow you around for the rest of your life, you can't buy house, you can't rent apt, you can't buy car, it is not smart
2007-10-12 15:32:51 · answer #5 · answered by mikedrazehero 3 · 0⤊ 0⤋
unback yourself out of the corner, go back to a full-time job,
consider going to school part-time (a lot of employers will
refund the money for classes providing you get a B or above ) and then when you have
that car paid off, considering then going to school full-time
2007-10-12 16:12:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
go to library, and do the research. like i did. then make your decision.
2007-10-12 16:04:35 · answer #7 · answered by just hanging around 5 · 0⤊ 0⤋