My situation...any help/advice is greatly appreciated!

[drowingat21]

Here's my situation.

I currently don't have a job...though I'm desperately searching. (The job market sucks where I live. I live in a small college town which means there are more people then jobs to go around.) Any job that I find I probably would be making less than $6.50 per hour.

My debt.

Visa - 4600 at 21.9% interest rate
Discover - 4000 at 11.9% interest rate
Store card - 550 at 21.65 interest rate
Loan - 5 payments of 140 left to go

I own nothing really, except my car which I bought for 1800. I bought it with a personal loan for 3000. (The rest of which I payed off credit card debt about 2 years ago) So...I really have no assets. And all of my debt is unsecured.

My questions are:
1. How hard would it be for me to file this on my own. It's all usecured debt and seems like it would be simple.
2. Would it look better if I payed off my personal loan instead of including it in bankruptcy...since it is through my bank?
3. I plan on going to a cosmetology school as soon as I get this all taken care of. Would bankruptcy affect my financial aid? (I mean grants...not loans...I do not want anything I have to pay back)

[tinroofrusted]

1.) If you can read a college text book you can file on your own. I did it, and thought it was all pretty simple.

2.) If you need a car at all after bankruptcy, I would suggest re-affirming that "securd" debt, or be prepared to lose your car, and NOT be able to get another one for at least a year or two.

3.) That all depends. Some financial aid is credit based, some is based on your parents, and some is based on other things, so that one is completley up in the air.

Good luck.

[drowingat21]

My loan is not secured. It is a personal loan...based on my signature. I did however...use the money to buy my car. But it is an usecured loan.

Since I own my car however...would they take it away from me if it is something that I need? It's really not worth that much...heh...it's a 94' Toyota Celica...a stick at that.

I really appreciate your help!

[HRx]

I really don't advise filing BK if one's debt load doesn't exceed $10,000. But since you're unemployed, and don't foresee yourself, acquiring employment that pays liveable wages, than BK is most likely in your best interest. You'll be able to exempt your vehicle from BK. If you can't afford an attorney, consider filing yourself, or look into having a paralegal prepare your petition - the cost would be substantially cheaper.

Good Luck!

[DaveWetz]

wouldnt go it alone ---- augment dollars asap

We just filed in NY ---- lot comes up in the proceeding and if you have no lawyer you may get into a bind. With your amount however I would shop for a basic lawyer who cahrges less $$$

My wife and I started this from home business to start rebuilding --- hope it works for you like it is us...good luck with all---

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Best Regards

[Helena K.]

I've been there.

I filed bankruptcy a few years ago and found myself unable to work because of health reasons and on the verge of filing bk again about a year ago. I did some research into the subject and found a man that helped me to put it all in perspective and get me out of debt. There are always options to earn extra money here and there and I opened my own business (cleaning houses part time and doing direct sales) and followed Steve's advice when it came to my credit cards and loans. IT WORKED! Now I live debt free and have not had any more financial burdens...you can find Steve at steverhode.com and tell him Helena sent you. He let's you name your own price and gives free advice via e-mail so it won't put a further financial burden on you. I hope this helps...