needinghelp87

Would you file at my age?

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I owe 20k in credit cards/school loans debt. Im 25. Finally got my life together and am hoping to be able to start fresh. My job is only getting me by. Im harassed daily and am getting tired of it and the shame of having to avoid it. Should I file bankruptcy or should I try one of those debt consolidating service. I do however wish to pay but at my rate of pay it could take long. Someone give me some advice to make a good decision here in my shoe? Bankruptcy or debt consolidation? If debt consolidation hoe could I find some trustworthy one because im a little afraid to even go that route. And if bankruptcy what are some pros and cons for my situation?

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The debt consolidation services will probably do little or nothing... filing BK will stay on your CR for up to 10 years - depending on filing Chapter 7 (10) or Chapter 13 (7).

 

Also - if the school loans are federal ones, there is almost ZERO chance they will be discharged in BK. So BK will probably not help you out in that regard.

 

How long have you been behind? Is there any threat of legal action?

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I believe I answered this in another forum topic, but I definitely wouldn't file.  Let everything go to collections, then it's only 7 years of bad credit versus 10.  If you get sued, you can hang out here and we can advise you.  

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BK reform in 05 made put private student loans on the same footing as federal loans. Basically if you borrowed money for educational purposes it's an uphill climb to discharge them in bk.

How much do you owe in cc debt? Sounds like debt isn't the problem but, lack of income. Could you take on a pt job for 6 months or so just to get the situation under control?

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Probably 7 trand in school loans and the rest cc. I have a full time job.. just getting tired of harassment. There are some legal court stuff but I dont rally understand it. I just want an easy way to get everything off my back

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So 13k in CC debt

7k in student loans - but you have no idea if they are federal...

 

And you don't understand the court stuff... yeah, um, you probably need to see a lawyer then...

 

There are some legal court stuff but I dont rally understand it.

 

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