Chapter 7 BK

[corona328]

hello, I am a college student with credit card debt totalling 14k-15k along with 14k in non-dischargeable student loans. I have been considering bankruptcy for awhile. I just do not know what to do.


all of my cards are charged off. The last activity I had on any card was about 9 months ago. This is currently affecting me in every way possible, sleepwise and academicwise. I had lost my job in Feb 2004, this was part of the reason I am considering BK.

I have 2 little part time jobs, and I do have disposible income of about 150, but they do not withhold taxes from either job, so I may have to get that straightened out before I file because 1)I owed the IRS this year and 2) I do not want to get grilled by them again next year.

All I use my checking accounts for are to pay bills and pay for food, which I do by taking out ATM advances on my checking account of $20 here and there, since I am never home and I have to eat at places like mcdonalds...

Should I file?

[d3a0s]

My wife and I had to file. We were simply unable to keep up anymore. I had a change of employment and my salary was cut to less than half.

Only you can decide if this is right for you. For us it was both good and bad. It is good to get some relief and to get the creditors off our backs, it is terrible to think of trying to rebuild our credit and to think of the loss we just suffered.

If you can't pay your bills and you can't sleep or keep up your school work - It might help you.