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Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

Member

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

If I were you, I'd do a free consultation with a bankruptcy attorney to discuss possibly proving "undue hardship" with your student loan debt. If he/she can help prove that the repayments of this debt are causing you to fall behind and your basic quality of life is suffering as a result and will suffer a prolonged period of time and that you've tried balancing the monthly payments up to this point, you MIGHT be able to help seek relief in bankruptcy court - although it would be extremely challenging. For chapter 13, if they see this is decreasing your quality of life, they may restructure the debt to help you better afford the monthly payments, but student loan debt is not even guaranteed. That's the tough part.  Are you able to try deferment or forebearance for your student debt? This might be a better option for you to catch up with your other debt/find a higher paying job in the meantime. You can do a little research on the differences between going into deferment or forebearance and see if one works best for your situation. For me personally, I filed bankruptcy with about $38k in debt. I was accruing too much interest on everything to be able to keep up, let alone pay down my debt. I tried debt consolidation, but they wouldn't include everything and the debt consolidation loan payment would have pretty much equaled the monthly debt of what they could include, so my position didn't change. I finally decided I needed chapter 7 for a fresh start. I receive my discharge next month and it already feels like a huge weight off my shoulders. But I wish I never had to file in the first place. I honestly hope everything works out for you! 

Message 11 of 19
Valued Contributor

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

In some states accounting lisc even non cpa is regulated by the state and non payment of child support disqualifies  you from the trade.

Find out about your state.  How far along are you in your accounting?   I would also find the requirements from your state cpa society what are the reqirements to sit for the exam and what the requirements to get your certificate.  When I passed the exam rougly 35 years ago because I had at that time a "general" BBA I had to go take a basic test first  to show i understood accounting first. After i passed took  2 times to complete all parts i had to come up with the 3 years onthe job.   I got my MBA  at my own pace a few years later.  I hate accounting but love tax work and generally don't do accounting work for a living but have moonlighted more than once during tax season for extra money to save my hide.  

 

Message 12 of 19
Member

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

Thanks for you reply.  

I am not into the CPA aspect of accounting, I am more CMA.  The program in the UK is under the ACCA, and I will be a globaly recognized chartered accountant after completion.  I also have to complete 36 months under supervision of an accounant beyond the exams.  But I do not have to just to get the degree, only the designation. 

 

The ACCA is in partnership with the IMA and I will be able to sit for the CMA, thus making doors open to most contries I want to live in.  

 

I do enjoy the tax aspect and would have became an Enrolled Agent had I not gotten myself into tax troubles, therefore more than likely barring me from getting my PTIN. 

 

Starting Score: 424
Current Score: 524
Goal Score: 700


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Message 13 of 19
Member

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

Thanks jen.

 

I have been in forbearance and deferment before. At the moment I am on a payment plan of $15 a month, but that is making things worse because the interest accrues at over $350 a month, the hole gets deeper. Apparently after 10 years ( or maybe 25 years, can't recall at the moment) of this my bill is forgiven, but I can't bank on that and the volatility of our government and law changes.  I can happily say after years of having these loans, I have never been in default. They are really nice people if you call and ask them to help. I thin I might give them a call and see if we can't do soemthng with the interest. What is said is I was at 4% and then consolidated and then shot up to 6.125%.... 

 

I have seen one lawyer and he did not want to deal with the student loan, but I have found another one who actually enjoys the challenge, so we will see how this turns out.  But yes, I am seriously contemplating living in a van (sounds adventurous and it is the 'it" thing to do these days on instagram lol) on would think that would help my hardship burden case. 

 

Having you all read this and respond has given me a little more strength to carry this burden until I can see the light.  I cannot wait to report back here good news that has to come sooner or later :-) I hope these replies will also help someone who is severely stuck like me. 

Starting Score: 424
Current Score: 524
Goal Score: 700


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Message 14 of 19
Valued Contributor

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable


@Backwoodswrote:

In some states accounting lisc even non cpa is regulated by the state and non payment of child support disqualifies  you from the trade.

Find out about your state.  How far along are you in your accounting?   I would also find the requirements from your state cpa society what are the reqirements to sit for the exam and what the requirements to get your certificate.  When I passed the exam rougly 35 years ago because I had at that time a "general" BBA I had to go take a basic test first  to show i understood accounting first. After i passed took  2 times to complete all parts i had to come up with the 3 years onthe job.   I got my MBA  at my own pace a few years later.  I hate accounting but love tax work and generally don't do accounting work for a living but have moonlighted more than once during tax season for extra money to save my hide.  

 


I like Accounting well enough and want absolutely nothing to do with tax work. Haha.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
Message 15 of 19
Valued Contributor

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable


@SteelerNYCwrote:

@Backwoodswrote:

In some states accounting lisc even non cpa is regulated by the state and non payment of child support disqualifies  you from the trade.

Find out about your state.  How far along are you in your accounting?   I would also find the requirements from your state cpa society what are the reqirements to sit for the exam and what the requirements to get your certificate.  When I passed the exam rougly 35 years ago because I had at that time a "general" BBA I had to go take a basic test first  to show i understood accounting first. After i passed took  2 times to complete all parts i had to come up with the 3 years onthe job.   I got my MBA  at my own pace a few years later.  I hate accounting but love tax work and generally don't do accounting work for a living but have moonlighted more than once during tax season for extra money to save my hide.  

 


I like Accounting well enough and want absolutely nothing to do with tax work. Haha.


I typically will do 30 to 50 corp 1120, 1065 partnership . returns a year. Maybe 10 1040s.  Fees run from $500 to $5,000.  This is just a side line.  My favorite task is fraud recovery. Some of the banks sometimes got defraud for several million don't want it in the media and don't want to use either internal staff or rely on law enforcement. I am well known in the fraud recovery biz. Fees  call be as little as 10% or as much as 25% depending on what the market will bear.   It  is fun but I don't get to many of these cases.  This makes a great 2nd hobby job.  The rest of my time and real job is working with DW for the real estate brokerage firm she owns.  We do flip houses as part of the biz. 

I use my tax money to pay for my toys. 

Message 16 of 19
Valued Contributor

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable


@Backwoodswrote:

@SteelerNYCwrote:

@Backwoodswrote:

In some states accounting lisc even non cpa is regulated by the state and non payment of child support disqualifies  you from the trade.

Find out about your state.  How far along are you in your accounting?   I would also find the requirements from your state cpa society what are the reqirements to sit for the exam and what the requirements to get your certificate.  When I passed the exam rougly 35 years ago because I had at that time a "general" BBA I had to go take a basic test first  to show i understood accounting first. After i passed took  2 times to complete all parts i had to come up with the 3 years onthe job.   I got my MBA  at my own pace a few years later.  I hate accounting but love tax work and generally don't do accounting work for a living but have moonlighted more than once during tax season for extra money to save my hide.  

 


I like Accounting well enough and want absolutely nothing to do with tax work. Haha.


I typically will do 30 to 50 corp 1120, 1065 partnership . returns a year. Maybe 10 1040s.  Fees run from $500 to $5,000.  This is just a side line.  My favorite task is fraud recovery. Some of the banks sometimes got defraud for several million don't want it in the media and don't want to use either internal staff or rely on law enforcement. I am well known in the fraud recovery biz. Fees  call be as little as 10% or as much as 25% depending on what the market will bear.   It  is fun but I don't get to many of these cases.  This makes a great 2nd hobby job.  The rest of my time and real job is working with DW for the real estate brokerage firm she owns.  We do flip houses as part of the biz. 

I use my tax money to pay for my toys. 


Now the fraud recovery stuff definitely sounds interesting!

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
Message 17 of 19
Established Contributor

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

Fraud recovery is big $$ and you have to know what you are doing.

 

I hate taxes too...I'm a CFO at a manufacturing company and one of the certifications I have is the CMA, which has value in private industry. As mentioned, it's possible to get good accounting jobs without advanced degrees/certifications.  The person preceding me had a 2 year associates degree and was making 160k. 

Message 18 of 19
Member

Re: Please help me off this fence - Ch7? - $145k in debt - mostly undischarable

Wow, I sincerly appreciate all of your replies about getting a great accounting job without a degree.  I have found a great resume writter in my area and will proceed this route. 

I have the knowledge and skills to be an accounting manger, I ma going for it!!

 

Filing that ch. 7, and see if I can pro se the ch. 7 and get the lawyer to litigte the advesary pleading for the student loans.

Can'twait to update you all in a few months.

 

 

Starting Score: 424
Current Score: 524
Goal Score: 700


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Message 19 of 19