[Lucky098]

Hi

I'm thinking about filing for bankruptcy.

I'm 27 years old, just got done with collage and am drowning in debt. I seriously don't see the light at the end of the tunnel.

I'm not going to lie, I have been ignoring my debt.. I just never had the money to make payments. I can't spare $100 from my check every month..

My debt started about 4 years ago.. I had two credit cards.. Combined, maybe worth $1000... but my car broke down and I had to drive a gas-guzzling truck for about a year... Once the car was fixed, at the tune of $1800, I was majorly behind on bills.. the entire time I had no car, bills were barely being paid. My debt as of today is probably between $2000-$2500 + student loans.

A lot of my debt is self-inflickted stupidity, but now I can't get my head above water.

I plan on talking to a financial creditor and do all steps required.. But I guess what I want to know is what is going to happen to my already injured credit, will it prevent me from getting an apartment? And what will happen if I get married and how long does it take for this bankruptcy thing take until I can get a credit card, loan or car?

Thanks :-/

[smoothy]

Hi

I'm thinking about filing for bankruptcy.

I'm 27 years old, just got done with collage and am drowning in debt. I seriously dont see the light at the end of the tunnel.

I'm not going to lie, I have been ignoring my debt.. I just never had the money to make payments. I can't spare $100 from my check every month..

My debt started about 4 years ago.. I had two credit cards.. Combined, maybe worth $1000 ... but my car broke down and I had to drive a gas-guzzling truck for about a year... Once the car was fixed, at the tune of $1800, I was majorly behind on bills.. the entire time I had no car, bills were barely being paid. My debt as of today is probably between $2000-$2500 + student loans.

A lot of my debt is self-inflickted stupidity, but now I can't get my head above water.

I plan on talking to a financial creditor and do all steps required.. But I guess what I want to know is what is going to happen to my already injured credit, will it prevent me from getting an apartment? And what will happen if I get married and how long does it take for this bankruptcy thing take til I can get a credit card, loan or car?

Thanks :-/

Bankruptcy is 7 years... however you can't discharge your student loan debt... you HAVE to pay that...

[Lucky098]

Bankrupcy is 7 years...however you can't discharge your student loan debt...you HAVE to pay that....

And I don't mind paying for that.. Its just everything else plus the student loans.

[smoothy]

You said $2,000 to $2,500 for your total debt not counting the student loan debt... that's chump change... or were those numbers a inadvertent typo?

[Fr_Chuck]

First if you are in the US, there has to be a large enough debt to even be allowed to file, and then they look at the debt to income ratio and there are guidelines.

Ok, if your credit is trash, tons of late pays, credit cards in default, to be honest at some point a bankruptcy could almost improve credit a bit, but will not make it much worst if it is already very bad.

The month it is discharged you will start getting applications for those 400 or 500 high interest credit cards, ( they know you can't go bankrupt for many years at this point)

As for as buying a car, how high interest you willing to pay, how much down payment you going to have, anything has a relationship

[Lucky098]

My income to debt ratio is pretty ridiculous. I make $800 a month.. That's it (for now at least).

[Lucky098]

Smoothly, that wasn't a typo. And I'm just guessing.

I know it may seem like nothing, but I make nothing :-(

[Fr_Chuck]

If you just owe 2500 dollars, sorry no I really don't think you will be able to file bankruptcy. First if you use an attorney you will have to pay almost that much just to file.

I think you need to find a way to earn a little more money. If you just make 800 a month, you will never get out of debt.

[joypulv]

The cost to file will be more than it's worth, anywhere from $700 to $2000.
Your debt (not counting student loan really is considered chump change for bankruptcy. So contact your credit card company to negotiate, and barring that, hire a 'debt remediation' company, which will negotiate for you, often for 1 or 2 of the first payments as the fee to them.
Making $800/mo means you are working part time, or on commission? Can't you get another job, no matter how menial? I sell my things on eBay whenever I need money (or even when I don't) and do pretty well. You'd be surprised what you can get along without.

[Lucky098]

Well, I'm in the waiting period for a new job.. I should find out next week. At the moment I work part time at a full time pace. Ive tried doing the secret shopper jobs and such, but nothing grew from that.

How do I go about consolidating? Im willing to do that too.