College student now living at home

[Aizen]

Shoot, I just did a sample expense report from one of the stickies. It turns out I have I have over $600 of expenses before CC payments. I didn't realize how much a couple of car repairs could rack up big numbers.

I'm going to save the next few checks to pay for the lawyer. I'm wondering if anyone could recommend a lawyer in New York City.

Also, how many pay-stubs and statements do I need?

Thanks again all!

[FilingOnMyOwn]

Isn't it illegal for employers to discriminate based on BK status?

Many employers will pull a credit check on you prior to hiring you. And some will not hire you because of bk. If you're close to graduating, I strongly recommend you not do it. The only reason I filed myself, is because I couldn't find any work at all. Otherwise I never would have done it.

[Minnymouth]

A thought from an old timer!!!!

You are young, healthy, live at home..... and right now basically - NO EXPENSES!

Tighten your belt, find a parttime job...... apply every dime you have to your debts, while parents are paying for your living expenses..... and your finishing school....

Do not let a bankruptcy interfer with future jobs and earnings and the ability to get good jobs.....

Bankruptcy stays with you thru it all for 7-10 years..... Someday in the future you will want a home, family or your own, and if you file now for the small amount of $14,000 you may be jeapordizing your future plans.

Tough it out, learn a good lesson about income/expenses from it...... and get a better outlook on your financial security for the future....

[Aizen]

Ok, I'm thinking of staying put and not filing. However, I'm late/overlimit on several cards. Are there any short term solutions to bring all this under control? I'm working 20 hours a week and taking about 16 credits in college. But I'm losing sleep almost nightly because I'm thinking of what to do.

On the short term should I:

a) Negotiate down the interest rates and minimums myself?
b) Try a counseling, negotiating service?

[FilingOnMyOwn]

You could take out student loan money and pay off all your other debts. At low fixed interest rates, and not have to pay any of it until you graduate.

[FoolAndHisMoney]

You could take out student loan money and pay off all your other debts. At low fixed interest rates, and not have to pay any of it until you graduate.

I don't know if I agree with this one. It's certainly a good idea that Aizen does a balance transfer to a line of credit with a lower rate but just in case he finds that he must file due to an unforeseen event he will be stuck with non dischargeable debts. The interest rates will still accumulate until schools out and the debt will balloon. Hopefully you may never need to file, but if all you have are debts that can be discharged in a potential bankruptcy it will be easier to negotiate with creditors. School loan debts will take away any leverage you may have.

Aizen, unless you are a talented negotiator, credit counseling may be your only option. At least you are on the right track. Just make sure they are not for profit and are on the US Trustee's approved list.

[FilingOnMyOwn]

I don't know if I agree with this one. It's certainly a good idea that Aizen does a balance transfer to a line of credit with a lower rate but just in case he finds that he must file due to an unforeseen event he will be stuck with non dischargeable debts. The interest rates will still accumulate until schools out and the debt will balloon. Hopefully you may never need to file, but if all you have are debts that can be discharged in a potential bankruptcy it will be easier to negotiate with creditors. School loan debts will take away any leverage you may have.

Aizen, unless you are a talented negotiator, credit counseling may be your only option. At least you are on the right track. Just make sure they are not for profit and are on the US Trustee's approved list.

Thats true and I understand your point. Its simply an option if someone really didn't want to file.

[Aizen]

Hey, Foolandhismoney, where can I find this Trustee approved Credit Counseling list? Plus, how much do these services cost?

Thanks

[SinkingFast]

Hey, Foolandhismoney, where can I find this Trustee approved Credit Counseling list? Plus, how much do these services cost?

Thanks

http://www.usdoj.gov/ust/

In the BK Reform Box, upper right.

Look for Credit Counseling and Debtor Education. Click on that.

Then choose Credit Counseling for Consumers.

You can select a nationwide company, or there may be a reputable Agency right near you.

The thing you're wanting to arrange is called a DMP. Debt Management Plan.

Generally, there's a nominal start-up fee and then a monthly plan maintenance fee in the $25-$50 range for the account.