what should i know about bankruptcy?

Question

So I have about 10,000 in credit card debt a good chuck of that is due to overage and late charges that I have accumulated in the past 6 years and several thousand in unpaid medical bills from birth to present day (the medical bills from my childhood were turned over to me when i turned 18). I'm graduating school soon and with student loans nearing 80,000 I'm trying to figure out how I'm going to keep my head above water and not default on my student loans (i understand that i cannot declare bankruptcy and include my student loans) I'm thinking the only way would be to declare bankruptcy on my outstanding credit card balances (i've tried working with the credit card companies and that's failed miserably ) and medical bills. I'm not planning on buying a home anytime soon the only thing i would maybe be looking to purchase anytime soon would be a car when my trusty 1995 finally kicks the bucket but according to the mechanic it has some time left.

2009-05-10T00:01:02Z

i'm 24.

2009-05-10T10:51:30Z

well the hospital keeps calling me about the bills from before i was 18.

and some companies won't hire people with over 5,000 in credit card debt....

student loans are still defered since i am still in school for another year...

just trying to figure things out

Flyby · Accepted Answer

You cannot legally be held accountable for medical bills before you reached 18 or the age of accountability. If your credit card people are unwilling to work with you then I would see if there is a Consumer Credit Counseling office in your city. They have offices all over the country. They may be able to help you work something out with your credit cards. I would explore other options before filing bankruptcy. Even if you file bankruptcy you may still need to pay all or most of your debts over a 3-5 year period. With current bankruptcy laws you don't automatically receive a chapter 7 or discharge from your debts. Bankruptcy can effect your job prospects. Some companies won't hire people in certain positions who have filed bankruptcy. That could change with the current economy. You might be able to get a temporary deferment on repaying your student loans so that you can pay off your credit card debt. I would also start saving money for your next car rather than worry about making payments.

what should i know about bankruptcy?

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