Should I file bankrupt?

over $20k in cr card debt. currently being sued for $4000. more creditors could come.

about $20k in student loans which are deferred until graduation. Still in school.

Should I file bankrupt?

You need to talk to someone, you have serious problems. Yahoo Answers can%26#039;t dig you out of this one.

Should I file bankrupt?

What assets are you trying to protect by declaring bankruptcy??? If you are a student and renting an apartment and own a junky car like most of us did, dont declare bankruptcy. Just stop paying, it will destroy your credit but not nearly as bad as Bankruptcy would.

Keep paying the student loans, you cant get out of them anyway, and they will garnish your wages in most states to get paid back. Stop paying on the cards, when you start working in a few years, call them indiviudally and fight to pay them off at 50 cents on the dollar.

An easy way to do this is if you owe 5K each to 4 different cards, call each one and tell them you only have $2,500 and it is going to the first one to agree to settle the debt in full for what you currently have, they will all jump at this.

The nasty collectors will keep calling you, just tell them you have nothing they can attach, and you will pay in several years when you are earning, then hang up. Dont let them scare you no matter what they say. Unless you actually have assets they can find, (get them out of your name if possible) there is really nothing they can do.

a few years from now, after you settle the debt using the above methods, get a few secured cards, charge often and pay them on time, at the same time, write to the credit reporting bureaus desputing the old negative items requesting %26quot;full and complete%26quot; records from each of them from the day you opened your account to the day it was closed. If the card company cannot provide the records in their entirety, the reporting agency is obliged to remove the negative. I went from a 530 to a 740 FICO in about 18 months doing this in the early 90%26#039;s. I informally help friends and family do this all the time.

Should I file bankrupt?

You should see a BK attorney to see what your options are. BK rules vary state by state.

Should I file bankrupt?

whatever you do I hope you learned how to be responsiuble in future with a credit card. Bancruptcy laws have changed since 2005. Check with a bancruptcy attorney. If you do file it do it soon as it will take time to come off your credit report. Check out this website. it has lots of info and the guy offers FREE seminars for people who are thinking about filing or have filed bancruptcy. He has filed it and offers advice on how to recover faster from it plus LOTS of other useful info.

I filed in 2005, just under the wire and I have attended his seminars and enjoy letters from his website as very useful and helpful and informative. Stephen Snyder is his name. link is below in sources area.

Should I file bankrupt?

You have to be strong in your situation. Still go to school but look in for a part-time job.,be a waitress is good. Save money as much as you can to pay of your debt.