Should I just charge it all on my credit card and then declare bankruptcy because I know I can’t pay them off.

Or should I just be like everyone else and take tons of loans I also couldn’t pay off.
I’m at the end of my rope here, I don’t make enough from my full time job to even pay for half a year of college, let alone two or possibly four.

I want to go into communications–media production, creative writing.

I’ve exhausted all colleges. Community colleges, online, etc. I’m in Michigan, and I wanted to go to GVSU, but there’s no way I can afford it. I don’t care which school I go to, a community college is fine with me.

I graduated two years ago and have been working since then, saving practically all of my money. But I don’t have enough saved up at all.
I don’t know how to look for scholarships and grants. All I’ve done is the FAFSA. Please, any advice would help.

i had 2 homes with 4 loans… filed chapter 7 and got discharged in feb. this year.
tonight, i opened to view my credit report… 1 out of 4 wasn’t found in it.

from the credit report online it shows me this:

home (md):
1st loan – balance k / past due k (why doesnt this say 0?)
2nd loan – balance 0 / past due 0

home (va):
1st loan – balance 0 / past due 0
2nd loan – Not listed.

unlike other accts above, i can still view using id/pass for 2nd loan (va) and it says i owe as of this month.

i sent an email to the customer svc. for clarification… did they forget on following up to close the acct? i dont understand…

any input…?
as far as i know, 2 homes got foreclosed and sold.

i hope it’s an admin error. what worst can happen?

I’ll make this quick. Do to some circumstances my wife and I fell behind on our mortgage. Our lender is countrywide. We have a 100% financed sub-prime loan with an 80/20 ARM and prepayment penalty. (A piece of trash loan I know, we know better now) Also there is another Lender…Franklin Credit which makes up the 20…We filed for bankruptcy in 2006 and have been making payments for two years now…due to the economy and a few unfortunate illnesses we were not able to stay current on our chapter 13 payments…so there was a motion filed by our trustee to close the bankruptcy unless we could become current by a certain time…..

When we contacted our lawyer he told us that we had three options…
1.bring the payments current(9,000.00) of course we don’t have that…
2.Let the bankruptcy go and hang on until foreclosure on our house starts then try to start another chapter 13….
3.Modify our current bankruptcy and pay them a fee to file this motion…go get chastised by a judge…and make our payments higher.
Oh I guess there were four options…4.convert to chapter 7….

At the time the bankruptcy was initiated there were no problems in making the payments….but then the bottom fell out…I am in transportation….my overtime was cut to 0….my wife has had a significant reduction in hours and I had a surgery that kept me out of work for two months…all of this has led to the fall behind…..

Ok so I have two questions relating to this situation…..

1. Can/Should I try to refinance the loans during the bankruptcy…The mortgage payments are made through the trustee….but we still get statements from countrywide….our current statement is 3000.00 a month UNBELIEVABLE…..If we can’t refinance there is no way we can afford this ridiculous arm after the bankruptcy…

2.Will president Obamas new plan help us during bankruptcy…we don’t know what to do…stay here pumping money into bk13 that was primarily done to save our home that we may not be able to keep after the bk….or convert to chapter 7…let it all go…uproot our family and start over…or possibly get some help from Obamas new plan.

We need guidance…we are good people with good jobs…good family…and good morals…we were admittantly irresponsible in money management…we own our part and we have drastically changed our lifestyle….but we were also taken advantage of as first time homebuyers so we want them to own thier part as well….

Please anyone who can give advice on my situtaion would be greatly appreciated…please don’t soilicit us…we are in trouble…our family is in trouble as many others…we need good soild,honest advice to get back on track…..Thank You.

i have 2 repos, some other loans , 2 credit cards about 1000 a piece and some collection accounts on my credit, what would be the best chapter for bankruptcy to be filed? many sy chapter 13. i am looking for a clean start

My dh and I would like to take advantage of the housing market and try to buy a house soon. My credit is excellent but my dh had a bankruptcy about 3.5 years ago so we’re unsure what his score is even though he’s been getting some great credit card offers in the mail for a while now (some better than what I get!). Anyways, we don’t have any money saved up but are being told about 80/20 loans. How much money will we have to have saved up for closing costs, inspections and any other fees/costs that we have to pay for? I want to be fully prepared for this before I even submit my information for a pre-approval.

Also, what is the very first step for all of this? I know we need the pre-approval but where is the best place to go for this? Should we go to a bank, do it online (ex. lendingtree.com), find a mortgage broker?

What about first time home buyer programs? Should I find those before getting pre-approved?

Any and all advice will be appreciated as we don’t want to make any bad decisions.

(We live in south FL just in case that affects anything.)

My attorney just filed my petition for chapter 7 bankruptcy and I am going to a meeting of creditors in about 4 weeks. Do I continue paying on the loans i wish to reaffirm and try to catch them up (I am currently 1 payment behind on my car and i want to keep it) or do I wait until the meeting of creditors and just reaffirm? After reaffirmation will i have to catch up what i was behind, or do they just add what i was behind to the loan and allow me to make regular payments again?

I’ve had to drop out of college. (Devry)
For many reasons, but one main one being that I felt (and experienced) that Devry is a very inadequate school and promises much more than they can give.

Firstly, they trapped me with the "If you drop out of school now, you’ll have to start repaying your loans the day after" which scared me into staying longer. (I was 17 at the time)

After being unable to stand the garbage education they were giving me, I decided to drop out. After dropping out, I was slapped with a 36,000 bill with nothing to show for.

After not being able to pay off 7 different loans at 0 a month each, I consolidated.

I still cannot pay what they are asking.

Can I get these bills discharged in a bankruptcy?
Especially after they were consolidated?

I feel I was wronged by Devry and lost 3 years of my life with an enmormous bill to boot currently working jobs making less than an hour. It just doesn’t seem right that I have to pay for absolutely nothing.

This is complicated. My mother took out 5 loans when she needed them the most. .. u know., those fast cash payday type loans, 2 in town and 3 online. She originally owed 1500 but now owes 2500 due to interest (if u add all the loans up). Now here is her situation: she became gravely ill in 2004 and had to quit work and due to major major (organ transplant ) issues and issues that have almost taken her life several times SINCE the transplant, she can no longer work and is on social security disability. Due to the horrible medical situation she was in for literally years where she spent the better part of two years in a hospital, she had to file bankruptcy 3 years ago. She also lives with my grandmother and they share a bank account (moms SSD and gramdma’s retirement she recieves each month. Now I have two major questions here: (1) what can they do to my mom? they can’t jail her or anything can they?? or take away what she owns ? (she doesn’t own a home just rents, she does own an old car. (10 plus yrs old) She said they never asked her to put up any kind of collateral what so ever… on these loans. Just gave them her checking acct information.She absolutly could NOT survive in jail., no way whatsoever. Also, can they take my grandma’s money? They do share an account but my grandma’s name is NO where on any loans at all. She had nothing to do with the loans. She is elderly and needs her money for HER own meds and needs. I am so very worried for my mom. Please help

I once owned 5 properties and since I didn’t live in any of them one problem after another I couldn’t pay they were all foreclosed on. Now it’s been in the process ending all the foreclosures from one house to another for a year now. What a crazy mess I’m in. I had first and second mortgages and both of these properties. Do I still own them money if the house was taken away from me. I’ve called some the banks they said yes or transferred it to a colletion agency. I just called a law firm that repairs repairs credit to see if they an help and I’m planning on doing bankruptcy because I’m tried of this crazy mess of my life I just want it to go away. I think that I’m the only one crazy enough to be in this situation. All I want is to own my home one day. Do I have to pay back those loans?

I have a ton of credit card debt due to divorce, unemployed;credit in toilet; need to file bankruptcy but…I dont even have the money to do that; I have a 2004 cherokee and dont owe anything on it and would take a loan on it to pay bills and get the money to file bankruptcy but dont know if I am allowed to do that; i am unemployed right now; last year i made nothing basically; have no idea how i have even made it; stopped using credit cards nine months ago; what can i do; the grand cherokee is worth like 7 to 8k it only has 55k miles on it; i just dont know what to do; i want to just get my bankrputcy out of the way; a year ago my life was perfect now its in the toilet; barely even getting by; on food stamps; severely depressed; my precription is like 200 dollars a month and now i cant even pay that; i am 36 and make no money and have not for a long time; have no idea if there is anything out there that will help me; i put in applications and resumes in all day long; its so frustrating; now without my script i will be even more depressed and things will only get worse; i wish there was some short term presription help; my doctor charges 50 dollars a visit and i am down one payment with him; if anyone knows about bankrputy or what i can do; i dont want to get one of those 1 month loans and pay 300 screw that; i cant lose my car; plus i dont even know if you can do that when you are about to file bankrputcy i just dont know what to do anymore anyone with advice and not some stupid spam also i have a mortgage on a small condo and am not behind yet because i have a roommate; last year my brother killed himself; my best friend died a month after that and my wife cheated on me and got pregnant and i got divorced; its like can anything good happen; i have never collected any unemployment because i started my own business so i was self employed; i just dont know
i looked into gettng low income but unless your house is in foreclosure or your car is in foreclosure than they wont help you no matter how low your income is; your house or car has to be in foreclosure or about to get your car reposessed for legal aid to do it and i would have no idea on how to file bankrpuctcy; i have no idea

I am the co-signer on a car loan and the owner is filing chapter 13 bankruptcy but won’t add the car onto the file. I am the driver of the car and have been making payments on it (0/mo for a Pontiac = ripoff) and I cannot afford they payments any longer. I have tried speaking to Chrysler Financial to work out this issue but they aren’t willing to help in any way. I want to give it up but the owner refuses to let it go and I can’t keep paying for it. I’ve tried refinancing it but can’t because I don’t have enough credit (my stu loans are the only thing on there) and the owners credit sucks. Does anyone have any options beside a voluntary surrender of the car? I’m only 24 and admit I made a terrible mistake ( I was only 19 when I got the car) and need a solution. I don’t want to have to give it up because I’d like to make a life for myself and don’t want to wait until I’m 34 to do it. The owner is 68. I don’t know what else to do. HELP!
I made a mistake (like all of us do) and will not tolerate insults. I don’t have any other property except this car and hate it. I work full-time and its still not enough to pay it off.
Thank you Jay. And for other posters-I know there are consequences to getting into something too deep. I’m not looking for a lecture and just want to know if a voluntary surrender is best in the long run.
I spoke to Chrysler to ask to re-negotiate the term and/or change the interest based on my credit, not the owners as well as seeing if they would change my payments to bi-monthly. Not to erase the debt.

My credit is terrible I have quite a few accounts in collections, charged off and delinquent and wage garnishment. Some of the accounts are not mine but the process of filing a dispute with the credit bureau has proven unhelpful because they would not remove the accounts. So I am trying to move forward in my life and get my finances and everything together but I am not sure if I should file bankruptcy because I feel like I can not obtain new credit anyway and either way it would take at least 6 months to a year to show that I am being more responsible but my main concern is my garnishment that will stay on for about 20 more months and I really need that extra money due to the fact that I am a single parent trying to get on my feet after leaving an abusive relationship and I just don’t know what to do. Morally I think the right thing to do is to pay off my bills but I don’t have any extra money to do so the money they are taking from my wages could be used to pay off my debt but the only way I can get it off is to file bankruptcy so what to do I am very confused and defeated right now please any advice on finances that could help!!
when I say the accounts are not mine that means I did not sign anything I did not ok anything and I was unaware of the accounts until I looked at my credit report. I have had my personal information stolen on 2 seperate occasions so while yes my name may be on the account I did not sign for them. I am woman enough to admit the accounts I opened I neglected but I do not want to pay back money for accounts or loans that I had no part of and I do understand that bankruptcy will effect my credit for years to come but I have 2 kids a job and school so yes finding another job sounds logical but physically and mentally I am not capable right now of taking on that extra stress and losing the 4 hours of sleep i get each night now. Thank you all for your insight and help Busso, Melvin and Irv thanks a lot you guys your answers don’t make me feel like a complete idiot.

My family is pretty average as the middle-class goes. Earning around k a year. But my dad wasn’t so good with the finances and we ended up with a bunch of credit card debt. The filed for Chapter 13 bankruptcy in December and now cannot sign for any loans. My dad says he refuses to contribute any money to my college fund because he wishes to retire when he originally planned to. He won’t make any changes to his buying habits (such as eating out, buying electronics and guns) because he is very stubborn. He feels that if he earned it, it’s his to spend.
I don’t know what kind of loans I can get without a cosigner. I want ones that I wouldn’t have to pay till after I graduate.
I have applied for a few scholarships but it wouldn’t be enough to pay for most of the tuition, even if I win all of them.
I’m hoping to attend a public university (the state I hold residency) which costs around k a year.

our case has been represented by a BK Lawyer but unfortunately I never get any feedback from him or his office, I went to court 2day & my lawyer did not show up therefore the trustee has continued my hearing for the payment plan for next Wed.the trustee told us that he cannot preseed this case 2day with out our attorney & that the declarations pages have not been filed at the clerks office. our attorney had 30 days before this date to file theses declarations and the attorney has not done his part, we have already & always provide the lawfirm all proof of payments with money orders, mortgage/bank/car/Statements all paid on time we are current with our loans. we are scared that the trustee might convert our case to a CH 7. we dont want 2 Loose our home we have Equity on our mortgage this is why our case was converted 2 a CH 13 by this attorney. please give me advise but the truth what will happen 2 us & our home. we are husband/wife filing for BK 13, we have no minor children our kids are adults now.& we are paying for our 2nd & 3rd loan with the bank all current.& we are making the Trustee’s payment on time & current. tell me what can we do?

I have been enrolled in the Chapter 13 bankruptcy program since 2006 which prevents me putting my loans in good standing in order to take my loans out of default status and into deferred status. I would like to attend school in January 2010. I was looking to transfer to TSU. I called the creditors of my loans and they said I would have to file a file 4 form (I don’t know what that is). And that it would be up to the school if they wanted to approve me for loans. My issue is since I am being laid off I can no longer afford to pay into the Chapter 13 program as it requires monthly payments. I wanted to change over my Chapter 13 to Chapter 7 but when talking to my school loan creditors they said that schools prefer to see Chapter 13 status then Chapter 7. I need to get back in school! Does anyone know how to go about getting back in school with this situation? What would be the best plan of action? I am a single mother with one child if that helps.

This is complicated. My mother took out 5 loans when she needed them the most. .. u know., those fast cash payday type loans, 2 in town and 3 online. She originally owed 1500 but now owes 2500 due to interest (if u add all the loans up). Now here is her situation: she became gravely ill in 2004 and had to quit work and due to major major (organ transplant ) issues and issues that have almost taken her life several times SINCE the transplant, she can no longer work and is on social security disability. Due to the horrible medical situation she was in for literally years where she spent the better part of two years in a hospital, she had to file bankruptcy 3 years ago. She also lives with my grandmother and they share a bank account (moms SSD and gramdma’s retirement she recieves each month. Now I have two major questions here: (1) what can they do to my mom? they can’t jail her or anything can they?? or take away what she owns ? (she doesn’t own a home just rents, she does own an old car. (10 plus yrs old) She said they never asked her to put up any kind of collateral what so ever… on these loans. Just gave them her checking acct information.She absolutly could NOT survive in jail., no way whatsoever. Also, can they take my grandma’s money? They do share an account but my grandma’s name is NO where on any loans at all. She had nothing to do with the loans. She is elderly and needs her money for HER own meds and needs. I am so very worried for my mom. Please help!

I have a friend who is talking about quitting school. He currently doesn’t have a job, but he feels like his online schooling is a joke! He wants to find work, but he knows if he quits school he’ll have to pay his loans back. So, he was asking me if he could file for bankruptcy and start-over and find a job. I don’t know if this is possible, so I’m asking this lovely community what you all think.

My best friend is in over her head with online cash advance places. She kept up with the refinance fees for a while and it got to the point that 80% of each paycheck was being taken out for refinance fees so she had no money for rent or food. She ran into a bad medical situation and she was in need of money…she has no family and I wish I could’ve helped her but she did what she thought was right at the time. She closed her bank account that the cash advance places had and she has since opened up another checking account at a different bank but she has written a letter to these cash advance places telling them that she cannot pay the refinance fees and she needs to make partial payments on her loans. She also explained to them in the letter that she realizes this was all her fault and she has no intention of running away from this debt. Is there anyway that she can get stop them from calling her multiple times per day? Her game plan is to send them partial payments until she gets her tax return and she will pay them all off and be done with it but can anything be done in the meantime? I feel bad for my friend b/c she is such a good person and fell into hard times. I told her to claim bankruptcy but she wants nothing to do with that because she said that in time she can pay these off.

I think that’s a good plan but is there anyway to stop them from calling her daily or multiple times per day? I have heard her talk to them on the phone and they pester and pester her to make a payment of half the loan which she can’t do and today she was on the phone with one of them for 20 minutes telling them the same thing over and over, when she hung up she was in tears.

How can we convince employers to keep their production in our own country? Maybe a nation-wide boycott of a luxury product would help. By that I mean, toys, autos, electronic equipment, or whatever. I know it costs more to manufacture here, but the greed at the top is pretty extravagant. Middle and lower classes in the U.S. are struggling, while the rich get richer. I pity the thousands who can’t affdord the mortgages on their new homes. Bankruptcy is at an all-time high, according to the L.A.Times. I know, bad loans. Any ideas?
Hmmm….some very conflicting answers…I’m not advocating anything communistic…just jobs, for instance, for Detroiters who keep losing their jobs in auto factories…just an example!

Hi,
My house is going under foreclosure and there are two loans. The second loan put a judgment on me. I am trying to sell the house under short sale. Will they come after me for whatever money they loose? If so, to what extent? If I file for bankruptcy will that take care of this mess so that I can begin to rebuild my life? I don’t have anything of value and currently unemployed and my family and I are actually living with my parents in their apartment now. I am a first time buyer and have not refinanced. The house was bought on November 2007. I also stopped paying about five months ago when all this began. Will this never end and will they come after me until I die?
WHAT CAN I DO?