FooK

So the stupidity and bills just keep getting worse.

I have to be a good 35-40 grand in the hole, with no real sign of recovery.

Only problem with it all is 1, my dad co-signed on my car and student loans. Also the federal student loans cannot be bankrupted on to my knowledge.

Anyone every filed before, can you tell me if its possible to just not bankrupt on the car and loans, I don't want to hurt my dad's credit, and I also would like to not bankrupt on the stuff I use like Comcast, and my cell company.

I seriously see no sign of recovery anymore.

mahcivic

nice sig...i like it...and i dont think i have every taken a loan out before

Guy-Fast

Student loans I highly doubt. How in the world did you get in that much debt. You have to go to court and get a lawyer. I known a fair amount of people who have filed and if you have lost your job or have lost a large income you should be able to do it. What goes away is credit cards and you must continue to pay on the vehicle, one late payment it's gone. Also forget about having a credit card for the next couple years.

FooK

Well lets see a rundown. these are the remaining balance #'s


Student Loan Federal - $15,000 (almost $20K when paid off)
Student Loan Wells Fargo - $5000
Car Loan - $3000
TMobile - written off years ago $1800
Chase - $2000
CapOne - $400
BankOne - $2500
AT&T - $400 (current service, want to pay and keep)
PGE - $200 (current electrical service, keeper)
Verizon - $275 (Old roommates owe me $200 for that, $75 is mine)
Les Schwab - $350 (tire prices suck anyways so ---- it)

Grand total, about $31,000. Keep in mind I have never made more than $10/hr at any regular job. Anyone wanna gimme 30 g's?

This is the main bulk of it. If all this just went away life would be so kick *** again. Right now its just depressing.

FooK

The car payments are of no concern, i traded my dad the car loan for his part of my student loan, the $5000 one, so I got a bigger balance but a smaller payment. Worked out nice. I think I could bankrupt on the Wells Fargo one but I'd lose my checking account.

juli0_bustamante

i did it back when i was 18..lost my job lost my car to the bank's repo man and had to file for bankruptcy. The fucked up thing was that my dad was the co-sginer so if i filed for bankruptcy they would go after him too. Long story short we both had to do it. Funny thing is it didnt affect his credit much and me ..well i dont have very good credit. I also had student loans and there is no way you can put those in with bankruptcy. Just pay the school loans off and the other ---- can go to hell!!!

AgentMurdoc

don't be so anxious to pay off your student loans, they can, and in most cases do, benefit your credit score. An old professor of mine was still paying his student loans and he was like 60. It's not that he couldn't pay them off, i think it was good for credit and he used it as a tax write off.

So it's not too bad.

You're debt doesn't seem too bad considering about 75% is for student loans. How old are you? And how much do you pay a month on all these bills total? Do you pay the just the minimum or a little more? There are a lot of things, that come into play.

People know I roll like a baller, and friends and people don't know think I live like a baller. I don't think I do, but I could see where they get that image from.

Just little stupid credit cards, I owe $6,000 and that's only from the cards I use daily, and that's only from the cards I can remember off the top of my head, I don't wanna dig through my wallet. I still have other cards like the one my car is on, but I guess you could consider that a car loan. And this doesn't include any rent or utilies. I work for chicken sratch money, but I handle it. On just that 6000 i pay about 400 dollars a month and that is just a few dollars over minimum for each one. With all this debt I make sacrifices. I don't buy clothes for ----, all the SoCal homies know I rock white tee's, last pair of jeans I bought was like 4 years ago. I try not to waste money on eating out, whether it's fast food or a resturant, if it is a resturant I have home chick pay.

Just review your income and your spending habits, see if there are things that you could do without, like going to the movies every weekend or what not.

I would resort to bankruptcy as a last resort, especially when you file bankrupt, you ---- up your credit, and if you pay off everything on time, you have badass credit, especially important for your future (i.e. house, etc.).

Hell even try one of those credit consultants you always see on t.v. that's probably better than bankruptcy.

projekteg

don't file bankruptcy!! there is no debtors jail, you can not get in any trouble for not paying your bills. just pay the bills that are neccessary (house, electric, car, whatever) until you can afford to pay the rest.

SkunT

what does it mean when the ******* call you and bug you and then they say, well we are just gonna write it off...what does that mean.


then i look on the credit report and it says writtin off...

scttydb411

if it's written off it's just like bankruptcy.

try this:
go to a service(make sure it's non-profit) consumer credit counselors is a very reputable one.

contact your creditors and explain to them you are having a lot of financial dificultly and would like to negotiate a way to pay off (lower interest/no interest/.50 on dollar)

both will have an affect on your credit, but not nearly to the degree that bankruptcy does.

you might be able to renegotiate your school loans, but those are the only one's that you won't get much help on with bankruptcy.

you have a lot of school loans...what was your degree in and why aren't you making any money?