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Over my head in debt...CITI private loan


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Like many people, I have been hammered by the economic downturn and a dose of reality. For background, I owe a lot of $ and have been working on a mortgage modification, an IRS payment plan, etc. I just worked out a deal with my 2nd largest creditor , but will be hit by a large 1099 next year.

I owe about $30K in federal student loans, which are consolidated and on an extended payment program. I owe about $100k to CITIASSIST private loan and have not payed them in several months. I am close to default and it looks pretty dreary. They may give me a forebearance, but the interest alone is about $800/ month. With dependents, kids, and other large liabilities, I can't see how I will ever pay this back. A forebearance seems like surrendering, even if I qualify. I also doubt I will qualify for any hardship help (in BK or any other forum), because I make a decent salary.

I have only my 401k for assets as my house is under water and my savings is mostly gone. I may be able to borrow a bit ($10k) from relatives. I wonder if I might be able to let it default and work out a deal that ends this at some point. I have read over a hundred threads on this site and I really don't know what the best option is. My credit is already going to be a disaster for years, so even BK (if that could help) would be no big deal. I am trying to keep my family and several relatives afloat; my credit is a secondary concern. I will really appreciate any help here.

Regards, M

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