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  1. #1
    Join Date
    Mar 2009
    Posts
    4

    Default Is Bankruptcy The Right Choice

    My question involves bankruptcy in the state of: Texas

    Hi guys and gals. I'm new to this forum and all the advice looks to be professional and genuine. Would like a few opinions and any criticisms regarding my situation and considering my past bad choices I would like some advice.

    I'm thinking of filing for Ch 7. Already met with an attorney. He says my income qualifies for ch 7 and no need for the means test. He's an attorney and says he wants to go ahead with my case. Mine is simple. I have no real assets. No Home, No Investments. Etc

    I'm in my mid 20s. Work full time but got over my head.

    Have about 17k in a debt consolidation loan
    Have about 12k in credit card debt
    Have a charged off 6k loan
    Have a 3500 student loan under my name and my parents have a 14k PLUS loan under THEIR name but I obviously want to pay off because its money used for my school so I consider that burden on me.

    Due to missed payments and unable to meet monthly payments my credit is near shot. Im thinking since im still young my plan is to file chapter 7 and get rid of all the debts except for the obvious student loans that I cant discharge. That is fine with me.

    I want to use the extra money and FEDERAL STAFFORD student loans(heard its not credit based) to finish my education. I have ADD and its been real hard for me to finish but im not giving up. The most important thing to me is getting my education. I

    I would like to reestablish my credit with a secured credit card and possibly with a small car loan. I know bankruptcy will hurt a lot of things but hey I have my health and a family who support me. They only truly care about me finishing school.

    I guess thats pretty much it. Any advice? I've tried several times to lower my debt, reconsolidate, and etc with no such luck. So at this point im thinking Ch 7 would be a fresh start to do things right...like i should of done in the beginning.

    Thank you for time and comments

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Bankruptcy Would Like Your Opinion

    Chapter 7 sounds right for you based on what you posted.

    Remember student loans can NOT be discharged in a bankruptcy.

    Yes, you are correct a secured card will help you get a decent credit score in time.

    Here is a link to one of the better secured cards. However do NOT apply for it until your bankruptcy is discharged;

    http://www.orchardbank.com/

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