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Posting this here as well...
So a quick rundown of what I'm currently facing:
Student loan debt - $220,000.00
Closed credit cards:
Accounts in collections:
What are my options here? BK7? BK13? DMP?
Need all the advice I can get.
Current FICO - 538
Whats your income, also post this is the rebuilding/bankruptcy sub forumn for more help. Also bankruptcy is not always the answer.
Currently make about $60k
I'm new here myself, so I'm sure others more knowledgeable will chime in, but my understanding is that it is really difficult/if even possible to get student loans wiped out in a bankruptcy. Since they appear to be your largest issue, I'm not sure that BK would be the best route for you.
Unfortunately, student loans CANNOT be discharged in any matter.
@Intergalactic57 wrote:So a quick rundown of what I'm currently facing:
Student loan debt - $220,000.00
Closed credit cards:
- Capital One - $600.00 closed, past due.
- Capital One - $600.00 closed, past due.
- Capital One - $500.00 closed, past due.
- Wells Fargo - $795.00 closed, currently making $25.00 per month payment plan.
Accounts in collections:
- Private Student Loan 1 - $15,000.00.
- Private Student Loan 2 - $5,000.00.
- Eviction - $4,000.00.
- Verizon - $2,500.00.
- Bank - $1,500.00.
- PayPal - $2,000.00.
- Pay day loan - $1,000.00.
What are my options here? BK7? BK13? DMP?
Need all the advice I can get.
Current FICO - 538
You say you have $220,000 in student loan debt but you only list $20,000 in private student loans. Can you be more specific? Have you consolidated any student loans? What type of student loans are they and your interests rates? What have you been paying on them?
Go to the library. Check out the NOLO bankruptcy books. Do independant research. From my research I believe your best option is to start paying those loans back.
i would set up payments with all of them even if it is just ten bucks each a month. since you arent accruing interest anymore on them start with one with the smallest balance and work your way up until you just have sl's to deal with. and yup you guessed it that sl for 220000 is probably not going to get discharged in bk. the rest amounts to the cost of a decent car so you can work with it and have it paid in the 7 year time frame its going to take for them to fall off report.
@polno1234 wrote:i would set up payments with all of them even if it is just ten bucks each a month. since you arent accruing interest anymore on them start with one with the smallest balance and work your way up until you just have sl's to deal with. and yup you guessed it that sl for 220000 is probably not going to get discharged in bk. the rest amounts to the cost of a decent car so you can work with it and have it paid in the 7 year time frame its going to take for them to fall off report.
I agree.
Have you tried to rehab your student loans?
What do you mean by rehab?
To clarify:
140k is federal.
60k private.
and 20k private. the 20k has been defaulted on. How should I proceed with that?