Valued Contributor
Posts: 1,486
Registered: ‎08-14-2011
Re: i am considering bankruptcy

tlhead wrote:

i am 25 years old with a federal job making approx $32k a year. I have approx $10,200 in consumer debt and about $42k in student loans..would i qualify for bankruptcy? also if i file woiuld i mean i still have to pay a fee to someone for the next 7 years or do i just put everything in it? only about $3500 of the conumer debt is CC, about 2k is a loans, a doctors bill and other misc bills..any suggestions? i REALLY do not want to go this route..


Who are your student loans with?  Sallie Mae (and I'm sure many others) is very willing to work with you as far as reducing payments or granting you a financial hardship forbearance.  They'll probably charge you a small fee, like $150, but it's better than having to pay every month.

 

This might seem obvious, but definitely look into reducing everyday costs.  Bring a lunch to work, consider public transportation, move to a cheaper apartment if possible.  I did a bit of this myself when I noticed my CC debt wasn't going down even though I was putting a good amount of my paycheck into it every 2 weeks.  I noticed I was spending on average $900/mo and I had no idea where it was all going.  For the past 6 weeks I've cut spending down to $75 per week without much trouble.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew