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Should I file bankruptcy?
I owe a pretty good amount of credit card debt because I tried to keep my life afloat after I lost my job. Two years later I am finally employed again, but at this point have a default judgement against me. I don't work minimum wage, but I certainly don't make a lot. Just enough to barely get by. I want to drop down to part time and go to school full time while my fiance covers the rest of our living costs. If I make payments I wont be able to go full time because I would have to work more. I think it may be smarter to file bankruptcy and increase my long-term income but I feel dirty about not paying my debts. I'm also worried about the long term consequences of a bankruptcy. The most I could pay monthly would leave me paying 3-5 years, but it would make me 36 maybe older before I finished school. The workload between the two would be substantially harder. I could shave that to 32 with a bankruptcy giving me more time to explore a career and significantly higher pay. I figure its at least a $115,000 swing adding the debt I owe being gone and the salary increase over 4 years. I'm meeting with a credit counselor in 10 days and I'd like as much input as possible so I make the right decision. Thanks.
3 Answers
- sophiebLv 78 years agoFavorite Answer
Bankruptcy will hurt you and your employment so don't do it. When you're making better money down the road you can pay off that judgment. While I know that some bills can be discharged in a Chapter 7 bankrutpcy I don't believe a judgment can and I know that student loans can't be discharged. So get 2 or 3 jobs and pay off that judgment. I think you'd have to pay it in lump sum since you didn't pay it in payments before and sounds like you didn't appear before a judge when you couldn't make your payments. When there is a judgment they have every right to garnish your income and to put a lien on your car. So you're 31 now and want to go back to school? I hope that credit counselor is with CredAbility (a government program) if not you very well might get fleeced. So set your appointment with CredAbility and see what they say. And also get those extra jobs because if you get garnished then your income will be small. I don't think adding to your debt by schooling is a good idea nor do I think allowing or suggesting that someone else pay for you is a good thing. If you have to then take a few months course on somethng and immediately start making a better wage.
- 8 years ago
Bankruptcy is an option but it is not your only option. My friend had told me about a place that helps people who are thinking about filing. You might want to call 1-877-827-0937 as they can advise you what is best. They will tell you all the options that are available to you for your situation.
- 8 years ago
I would call your bank and talk to them before you do anything. Usually they are happy to help. I would save bankruptcy as a very last resort.
