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Advice on bankruptcy

My hubby and I are at our whits end with our finances. I have lost my job and hubbies is iffy plus we have a disabled child but are unable to get any help from the state.

We are so far behind that we are about to lose our house and our vehicles are up for repo. I am in school and have about 1 year left (went back to get a better career to be able to afford what my disable child needs), and I am on financial aide.

My question is I know that I cannot file on the student loans but will they stop allowing me to get future student loans to finish school?

If I felt there was anyway out of not filing bankruptcy I would do it but I am afraid it is to late to do anything else. =(


Asked by Anonymous at 3:13 AM on Aug. 25, 2009 in Money & Work

This question is closed.
Answers (3)
  • I completely understand your situation. I am not really sure how a bankruptcy would affect future student loans, but you are right in that you can not discharge them in a bankruptcy! You do have to pass a "means test" which is basically your coming in finances versus your going out bills and such. Most bankruptcy attorneys will do a free consultation to see if you qualify for bankruptcy and which type. Chapter 7 you are required by the courts to pay back part of the debt, and chapter 13 you are discharged of everything which can include any and all vehicles and possibly your home! You can choose not to include these or to do so. Know that this will ruin your credit for at least 7 years. But in my opinion we really should not be paying for things with credit anyways...if you cannot afford them you do not need to buy them. You have to work hard to make a good savings account to use in emergencies since there are no cards to use

    Answer by Rebecca727 at 7:40 AM on Aug. 25, 2009

  • i was going to file bankruptcy too .... but i went on care one's website and they helped me out and it was great! They show you the first quote on saving your credit, i hadn't paid on my overdue credit card bills in years, and was getting judgements against me in court. But i went with the plan that let me pay half of that and they settle with your creditors for less money and it does effect your credit but not as bad as a repo or anything like that. They asked me if i wanted to put the vehicles on too i said no, but there is the option available for you and it could lower your monthly payments drastically! You can't put your student loans on this though. But if you file bankruptcy then future student loans will be effected, as well as your credit plumiting rite now is, the best thing i can say is check with care one. and talk to someone to see if they can help. They saved me gray hair!

    Answer by Bluesdawg02 at 3:24 AM on Aug. 25, 2009

  • The Dept of Justice has put together a database of credit counseling/debt consolidation orgs with the DOJ stamp of approval-
    http://www.usdoj. gov/ust/eo/ bapcpa/ccde/


    Answer by rkoloms at 1:32 PM on Aug. 25, 2009