File or wait?

[Anonymous]

Should I file Chapter 7 or just wait until I graduate to pay off my debt?

Ive acquired about $75,000 in debt (a mix).

I realistically can pay the debt off after I graduate but that's not for another 18 months.

While in school I'm unable to work as much as I did so the debt will have little to no payments being made toward it.

I'm 30 and until January had unblemished credit history with 8 or so cards with large limits.

For an array of reasons over the last few years I've accumulated the debt and would like to get some feedback on what course to take?

I now have blemished credit and am down to 1 open card I keep current.

I'd like to buy a home after I graduate (approximately 2 years) and will be working on some entrepreneurial endeavors as well.

Ive always looked at bankruptcy as a hell no but considering the length of time I have to retain negative payment history before I can pay it may be the best route. My credit score was in the 730's and ideally I'd like to surpass that with time.

Any advice on where to begin?

[Horseshoez]

@Anonymous, speaking strictly for myself, if there was a chance I could have paid off all of the debt my wife and I ran up when our businesses failed in only 18 months, there is no way we would have A) separated, and B) both filed for bankruptcy (Chapter 7 for her, Chapter 13 for me).

With the above said, the only person who can make the decision for you is you; you'll need to weigh all of the benefits of a filing (instant relief from the debt) against the medium term drawbacks of having a Chapter 7 on your credit history for 10 years and not being able to qualify for many (as in most) mortgages for at least two to three years after your filing.

[FireMedic1]

Ive given the same answer to this for yrs here. If you filed and had all your debt wiped out. The clock would start for the 10 yr period after BK. All the stress would be gone with the debt. No one could come after you legally to try and get their money back. It would be a fresh start. In 2 yrs with a good rebuild you could qualify for a FHA home loan. I was a renter with an old SUV, no credit cards, no savings, nada. 6 yrs later its below in my siggy. I paid cash for my home after paying myself 15% before the bills that went into savings. Now a new Explorer a couple months ago. My BK took a little bit to get going. But I learned everything from here and applied all the info and life couldnt be better. Its a tough decision. But the final thing is. Would you be better off in a 3 yrs without a BK or with a BK. The decision is yours. Good luck either way you decide to go.