21 need help! :(

[4evrmoto]

hi guys so the story is, im in a jr. college right now about to transfer and im worried if i file bankruptcy i wont be able to get loans for school, but i can have my dad get me the loan for school. im 21 right now btw.

i bought a motorcycle when i was 19 and had to fix my car because i was an idiot for messing with it (not owned by me).... the fixing plus with stupid spending ended up to be almost $17K on amex after 5 months of stop paying it, because i was going to get help from financial solutions legal center. and 3k on a wamu card. and i just called voluntary REPO for my motorcycle (taken tonight) that is now $14k after 5 months of stop paying for it. so thats a total around $34k.

financial solutions legal center cuts the debt in half and i just start slowly paying off the creditors. that way. but i work part time and go to school full time. i only make about 800$ a month and i sold everything i could. i litterly dont have time to get a 2nd job since im also taking 18 units a semester.

im thinking if i should file chapter 7. or just go with financial solutions legal center way.

PLEASE HELP!!!!

[Beeheery]

hi. i am in school right now too and applied for a loan and got it without a prob. i havent filed BK yet but my credit score is a little over 400.00. when i spoke with an advisor at my school, they said your credit has absolutely ZERO to do with school loans. im guessing maybe because you cannot discharge them. I hope this helps!

[4evrmoto]

yeha that helped a little, at least the school loan part. thanks!

but i need help on what to do...pay it with financial solutions or chap 7

hi. i am in school right now too and applied for a loan and got it without a prob. i havent filed BK yet but my credit score is a little over 400.00. when i spoke with an advisor at my school, they said your credit has absolutely ZERO to do with school loans. im guessing maybe because you cannot discharge them. I hope this helps!

[TEW]

you can file chapter 7 and still get your student loans.

[Flamingo]

My youngest daughter is in college, works part time but lives with us - otherwise, there is no way financially she could do it. I am assuming you live with your parents also from what I gather from your posting and, if so, they may still claim you as a dependent. Since you are lucky enough to have your dad in the picture, is he aware of your financial mess? What you need to do is the following and it will get you some answers as to what your options are:

1. If you have not already done so, sit down with your parents and go over your entire financial situation. Now is the time for honesty and a time for reality. Maybe there is a way they can help without you having to resort to BK at such a young age.

2. Call and make an appointment with a BK attorney (most give free initial consultations) in your area and take with you a listing of all your bills, monthly payments, sources of income, recent paystubs, listing of any assets and your most recent state and federal tax returns. Let him know whether or not your parents still claim you as a dependent and if they are claiming you, they may want to accompany you to this appointment. The attorney will review your situation and advise you what you can or cannot do.

3. Go to the financial aid office of your school after you find out information from the above and explain the situation and they will advise you. They have heard it all so don't worry about it - they are there to help.

Learn from this as it goes to show you how fast money and credit can get out of hand and how bad it can get. Best of luck to you in the future - continue with that education...

[4evrmoto]

no i dont live with my parents i live with my grandma... im taking care of her and parents is pretty much not an option for me (out of the country). my grandmother here doesnt have money. and i dont want to ask her. ask much as i want help.

im a little relieved about the school loan think thanks!

and i make about $700-$800 a month.

[dingdong]

Maybe you could get a student loan, they average about 5% right now, negotiate the debt to 50%, pay off as much as you can with the student loan, and then negotiate to make payments on the balance of the debt. You won't have to pay the SL while you are in school at least 1/2 time. If you get your debt down to 11,000.00 through negotiation and paid say 5,000 of it with your SL, you could probably manage the remaining 6000.00 through monthly payments?

Maybe?

Better than having a BK at such a yound age.

Govt student loans are not credit based at all. They don't even look at your credit.

How about applying for some scholarships or grants at school. There is a ton of un-used money out there.

Shop some scholarships and pay off that debt with some free money!

[Flamingo]

no i dont live with my parents i live with my grandma... im taking care of her and parents is pretty much not an option for me (out of the country). my grandmother here doesnt have money. and i dont want to ask her. ask much as i want help.

im a little relieved about the school loan think thanks!

and i make about $700-$800 a month.

I'm a bit confused here...in your original posting your state "im in a jr. college right now about to transfer and im worried if i file bankruptcy i wont be able to get loans for school, but i can have my dad get me the loan for school. im 21 right now btw" and then above you state your parents are "pretty much not an option for me (out of the country)." Since you are 21 and an adult, you are making poverty wages and probably eligible for state assistance which is something you can also investigate in your situation.

Go to your financial aid office as I mentioned in my original posting and go over your situation; they can totally guide you as to what to do as to your education and funding in your situation. The only other way out of your financial and bill situatoin is to quit going to school for a while, get a better job or two and pay the debt down. Other than that, there are no other options except debt negotiation or bankruptcy...best of luck to you!

[4evrmoto]

I'm a bit confused here...in your original posting your state "im in a jr. college right now about to transfer and im worried if i file bankruptcy i wont be able to get loans for school, but i can have my dad get me the loan for school. im 21 right now btw" and then above you state your parents are "pretty much not an option for me (out of the country)." Since you are 21 and an adult, you are making poverty wages and probably eligible for state assistance which is something you can also investigate in your situation.

Go to your financial aid office as I mentioned in my original posting and go over your situation; they can totally guide you as to what to do as to your education and funding in your situation. The only other way out of your financial and bill situatoin is to quit going to school for a while, get a better job or two and pay the debt down. Other than that, there are no other options except debt negotiation or bankruptcy...best of luck to you!

sorry i meant uncle.....ill edit now.

[kaliangel08]

I tried using one of those companies and quite frankly they are a big waste of money and i am about to file bankruptcy after i finish paying off my attorney. If I had to go back i should have just filed bankruptcy from the start.

[carbk]

I have applied for student loans and was denied. I thought it had to do with my bk???

[4evrmoto]

if bankruptcy is the best route, which it kinda seems like, how much is the total for that whole process for that route?

[Flamingo]

if bankruptcy is the best route, which it kinda seems like, how much is the total for that whole process for that route?

Review the "stickys" in this forum under both Chapter 7 and Chapter 13. They will answer a lot of your questions.

[4evrmoto]

Review the "stickys" in this forum under both Chapter 7 and Chapter 13. They will answer a lot of your questions.

ill check it out now....

do you think i should seek legal advice?

how much would legal advice cost.

[Flamingo]

ill check it out now....

do you think i should seek legal advice?

how much would legal advice cost.

Initial bankruptcy consultations are free. Look in your phone book under lawyers and find one in your area that gives free consultations. There is no cost or obligation at that point but it will give you a good idea as to what you can or cannot do as to your particular situation. Call and make an appointment and take with you a listing of all your bills, monthly payments, sources of any income, paystubs, a listing of any assets and also your most recent federal and state tax returns.