Debt Relief program vs. bankruptcy?
November 6, 2010 by admin
Filed under Student loans
I’m 22 years old. I have over 25K worth of debt. Credit Cards, unsecured loans, and a few other things.
I am a student working part time, this debt does not include my Student loans, they are in deferment. I only have 6k in Student loans. Anyway, I only work part time, barely make enough to live off. I live with my parent. I’m in school full time.
My question is should I file bankruptcy?
Is there some sort of debt relief grant I could apply for?
Or should I do a debt relief program? If yes, then which one is best?
Serious answers only.
All my debt is in collections, charged off. . .
That sucks, but I think if you just keep your head on straight and work hard, you can get out of it. Maybe you should consider getting a student loan that is large enough to help you pay off your other debt, since most student loans, you don’t have to pay interest until one year after you graduate.
I don’t know about filing bankruptcy. I know it seems really hard, but you’ve got to learn how to budget your money and stop spending on crap that you don’t need.
Sell some of your stuff maybe to help pay it off, or just ask for a handout from your family as well.
most debt relief programs don’t work. they do nothing that you can’t do yourself by getting on a budget and stop borrowing money, and start paying the debt off. . If you use one, it will show up on your credit as if you filed a chapt 13 bankruptcy, so you credit is damaged. Only 6k in student loans? You say that like it’s nothing. 6k is a lot of debt.
You have a big mess here financially and there is no easy way out. Even bankruptcy may not help because the laws are tougher now.
Did you know that employers can pull your credit and judge you on that for a job? I would work at getting the debt taken care of that way your time in school is not thrown away when you go apply for jobs and they urn you down for not being responsible.