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Is filing BK a good option for me.

jivecody
New Visitor

Is filing BK a good option for me.

While I understand you may not be a lawyer I am looking for advice from experienced and knowledgable individuals. I am 27 years old and have about $25k in debt. I do not have a steady full time job and do have about $10k saved.

 

Student Loan - $13,928

 

 

Other Collection - $11,530 (Primarily Medical and Utilities)

 

I do not forsee myself paying them off Anytime soon and have not payed on any of them.

Message 1 of 7
6 REPLIES 6
ABCD2199
Senior Contributor

Re: Is filing BK a good option for me.

You can't BK student loans.  That's out.

 

Medical debts you can remove using the WhyChat method (google it).  I've helped friends remove ALL medical collections using this method.

 

Utilities you can remove by calling the utility (original creditor) and asking them to recall from collections then paying it before it reports again.

 

You don't need BK.

 

Why don't you have income yet?

Message 2 of 7
jw2016
New Contributor

Re: Is filing BK a good option for me.

As the above poster has stated, bankruptcy won't get rid of your student loan debt.  If they are federal loans I would look into income based repayment, which would mean no payment if your income is low enough. The rest of your debt is pretty low to consider bankruptcy, but of course it is all relative to your income.

 

I honestly would hesistate to file bankrupcy without a steady income, as crazy as that sounds.  The reason being you can only file once every 8 years, and without a stable source of income you may continue to accumulate debt or medical bills and have no recourse for the next 8 years.  I would look for employment first,  and then you will have a better idea of your final situation.

 

Chapter 7 Discharge 12/2011
12/2016 TU 726 EX 724 EQ 719
Message 3 of 7
jivecody
New Visitor

Re: Is filing BK a good option for me.

I did average 50-75k selling cars full time for the last 3 years I couldn't handle it so now I do 1099 traveling car sales and along with selling cars for myself average about $2000/month: not much is on paper and I have over $10k saved. I don't foresee myself filing again if I did. I've learned my lesson on keeping up with my bills I just don't want to repay the lAst 6 years of mistakes and have nothing. It's taken awhile to get what I have saved and it's easier to make more money when I have money and don't want to throw it all at one thing and be left with nothing
Message 4 of 7
jivecody
New Visitor

Re: Is filing BK a good option for me.

I was thinking of a BK or using someone like Lexington law. Maybe I should talk with a BK attorney
Message 5 of 7
jivecody
New Visitor

Re: Is filing BK a good option for me.

I don't stress about it much I'm aware and wanting to fix it but I won't jeopardize my health to make money and stress to fix this instantly. Looking to help formulate a long term plan to fix it. That's why I'm thinking BK because it would be finalized and dismissed within the same time period I would have to work hard and stress and be unhealthy to make more money to take care of it. Young and fixable situation but won't slave to do it and don't want to be left with $0 and stressed suffering and helpless. I'd rather be in debt than not able to pay next months rent
Message 6 of 7
medicgrrl
Valued Contributor

Re: Is filing BK a good option for me.

You stated you don't want to repay the last 6 years of mistakes...how old are the delinquent accounts? Filing BK will hurt your credit for another 10 years... don't take it lightly.


EQ 778 EXP 782 TU 729
Message 7 of 7
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