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If you have $25,000.00 debt in credit cards and student loans and not able to meet the monthly payments...can you apply for bankruptcy?

 
Anonymous

Asked by Anonymous at 9:30 AM on Jun. 23, 2009 in Politics & Current Events

This question is closed.
Answers (81)
  • If you are considering one of these consumer credit counseling agencies for your credit cards, be careful!

    I signed up for one that I *thought* had a good reputation. Even though my payments were being sent to them on time (they were automatically deducting them from my checking account), they didn't forward the payments on to my credit card companies during the agreed upon dates and so for a year, I have a mark for "more than 30 days late" for each month for one of my credit cards. I also owed more after that year than I did before I started the program because they weren't paying enough to cover the interest and late fees that applied since they weren't forwarding my payments on in time. Go figure. Needless to say I am not with them anymore. Just BE CAREFUL what company you choose.
    MrsAce150

    Answer by MrsAce150 at 1:30 PM on Jun. 23, 2009

  • Yes
    Anonymous

    Answer by Anonymous at 9:33 AM on Jun. 23, 2009

  • For student loans, you can call them up and ask them if they'll delay your payments until you're able to make them. Credit card companies might be able to help you out too, if you ask them to.
    Anonymous

    Answer by Anonymous at 9:35 AM on Jun. 23, 2009

  • oh my bad, students loans are not allowed in bankruptcy.

    Anonymous

    Answer by Anonymous at 9:38 AM on Jun. 23, 2009

  • Student loans are federal money, as far as I know, either you pay them back by choice, or they take it out of your taxes, bankruptcy won't do anything. And 25K is a low amount, you might just want to go to consumer credit counseling instead
    Zakysmommy

    Answer by Zakysmommy at 9:38 AM on Jun. 23, 2009

  • You might be able to for the credit cards, but not for the student loans.
    Fallaya

    Answer by Fallaya at 9:39 AM on Jun. 23, 2009

  • you can apply for a deferrment on student loans.
    Carpy

    Answer by Carpy at 9:47 AM on Jun. 23, 2009

  • Yes you can but be prepared to face the consequences.
    Anonymous

    Answer by Anonymous at 9:55 AM on Jun. 23, 2009

  • You can also apply for a hardship forebearance if you are having financial difficulties. Nice because they waive the interest.
    Anonymous

    Answer by Anonymous at 9:57 AM on Jun. 23, 2009

  • hardship forbearance....is this related with the student loans?
    Anonymous

    Answer by Anonymous at 9:58 AM on Jun. 23, 2009