Hello Everyone...
Growing up, my parents accrued their fair share of debt and I've been able to experience first hand the effects that debt can have on, not only the individual person, but the entire family as well. As I finally headed off on my own and went to college, I told myself that I wouldn't allow myself to be put in the same situation as my parents, regarding debt.
I worked hard to build my credit and went out of my way just to keep it in good standing. For 3 years I did this, until one day I ended up finding that I had a $600+ debt had been posted on my credit report. Turns out my father had included my name on a gas credit card, and he had let it get to collections. All of my effort, down the drain and I felt crushed. I feared that I could never escape my parents' bad debt habits, maybe gaining the same habits myself.
Some unfortunate things happened and eventually I had to stop working and after all my money ran out, I couldn't pay my bills or my student loans. Personal circumstances wouldn't allow me to get another job so I just stopped paying any debt I had all together. My fear of being in debt like my parents had started to become true.
Here I am, I'm 24 and living back with my parents, haven't been working for over 2 years, no debts paid since then. To be honest, I don't even know what my debts are anymore...I moved so much during college that collection letters are probably going every which way to different addresses. Last I remember, I had student loans, one possibly being federally backed..but not sure, credit card loans, my old bank account was overdrawn, cellular phone debts, and no doubt other debts my dad have put on me...I did continue paying my target card because it was only a $200 limit and payments were 20 bucks a month...but even that I haven't paid in 2 months now (I'm sure continuing to pay this hurt me more than helped me). I'd guess that I'm about 10-18k in debt, possibly more, which compared to a lot of you is really nothing, but to someone who's not planning to have any income for a while...it's a good amount...enough to give you unneeded stress.
I remember a couple of years ago I did a quick search on debts and for some reason got the idea that if I waited it out, that the statue of limitations would take hold (I live in California, so 4 years) and I wouldn't have to deal with my debts anymore...which is why I've just ignored dealing with my debt in the first place.
Anyway...the reason I'm posting here in a bankruptcy forum is, upon receiving another collection letter, for some reason I felt inclined to look up on the internet more information on dealing with debt again and I randomly came across this site. After reading the myriads of posts on this forum, I've come to the conclusion that it would have been smart for me to file for bankruptcy earlier on. I have no assets what so ever, the last time I filed taxes was when I worked 2 years ago and I'm not claimed on any other person's tax return. I don't plan on having any income any time soon and I have about $20 dollars in my current bank account. By no means do I feel poor because I have a shelter, I still have my family and food on the table. I really don't require a lot to be happy, but the idea of being in the negatives regarding my total net worth can bring anyone down.
I really don't know what I want from you guys by telling you this story because I'm not looking for sympathy. By no means am I trying to blame my parents for the situation I'm in. They don't even know that I'm this much in debt, matter of fact, I've told no one until now. I guess I would just like some input or maybe support. I want to know if I'm going about this the right way or where I should start. It's 7am for me right now and I've been browsing this site for over 9 hours. Like I said earlier, I don't even know what my debts are anymore...is there even a way for me to find out?
Dealing with creditors calling and receiving their letters doesn't bother me, as I've been dealing with it for a couple years now and could probably continue doing so. But after what I've read on here, it seems that filing a Chapter 7 is the right thing to do. I'd have to do it pro se because I couldn't afford a lawyer and I don't mind putting in the work to do this, as I'm very patient and meticulous. It would seem that there's no sense in me holding this off any longer so the 10 years it stays on my record can come off sooner. Filing a Ch 7 seems to be my only avenue in maybe getting a chance to start over again and it's given me some hope that I haven't had in a long time. I just truly don't know how to go about starting this process.
All of your words seemed so genuine in regards to helping others, so here I am, registered and posting away. Thanks for taking the time out to read all of this...I planned on making this a quick post but it ran ALOT longer than I expected...I guess that's what happens when you hold something in for as long as I have. Thanks again to everyone who took the time out to read all of this.
*Side note*
What's the 60 day club?
Growing up, my parents accrued their fair share of debt and I've been able to experience first hand the effects that debt can have on, not only the individual person, but the entire family as well. As I finally headed off on my own and went to college, I told myself that I wouldn't allow myself to be put in the same situation as my parents, regarding debt.
I worked hard to build my credit and went out of my way just to keep it in good standing. For 3 years I did this, until one day I ended up finding that I had a $600+ debt had been posted on my credit report. Turns out my father had included my name on a gas credit card, and he had let it get to collections. All of my effort, down the drain and I felt crushed. I feared that I could never escape my parents' bad debt habits, maybe gaining the same habits myself.
Some unfortunate things happened and eventually I had to stop working and after all my money ran out, I couldn't pay my bills or my student loans. Personal circumstances wouldn't allow me to get another job so I just stopped paying any debt I had all together. My fear of being in debt like my parents had started to become true.
Here I am, I'm 24 and living back with my parents, haven't been working for over 2 years, no debts paid since then. To be honest, I don't even know what my debts are anymore...I moved so much during college that collection letters are probably going every which way to different addresses. Last I remember, I had student loans, one possibly being federally backed..but not sure, credit card loans, my old bank account was overdrawn, cellular phone debts, and no doubt other debts my dad have put on me...I did continue paying my target card because it was only a $200 limit and payments were 20 bucks a month...but even that I haven't paid in 2 months now (I'm sure continuing to pay this hurt me more than helped me). I'd guess that I'm about 10-18k in debt, possibly more, which compared to a lot of you is really nothing, but to someone who's not planning to have any income for a while...it's a good amount...enough to give you unneeded stress.
I remember a couple of years ago I did a quick search on debts and for some reason got the idea that if I waited it out, that the statue of limitations would take hold (I live in California, so 4 years) and I wouldn't have to deal with my debts anymore...which is why I've just ignored dealing with my debt in the first place.
Anyway...the reason I'm posting here in a bankruptcy forum is, upon receiving another collection letter, for some reason I felt inclined to look up on the internet more information on dealing with debt again and I randomly came across this site. After reading the myriads of posts on this forum, I've come to the conclusion that it would have been smart for me to file for bankruptcy earlier on. I have no assets what so ever, the last time I filed taxes was when I worked 2 years ago and I'm not claimed on any other person's tax return. I don't plan on having any income any time soon and I have about $20 dollars in my current bank account. By no means do I feel poor because I have a shelter, I still have my family and food on the table. I really don't require a lot to be happy, but the idea of being in the negatives regarding my total net worth can bring anyone down.
I really don't know what I want from you guys by telling you this story because I'm not looking for sympathy. By no means am I trying to blame my parents for the situation I'm in. They don't even know that I'm this much in debt, matter of fact, I've told no one until now. I guess I would just like some input or maybe support. I want to know if I'm going about this the right way or where I should start. It's 7am for me right now and I've been browsing this site for over 9 hours. Like I said earlier, I don't even know what my debts are anymore...is there even a way for me to find out?
Dealing with creditors calling and receiving their letters doesn't bother me, as I've been dealing with it for a couple years now and could probably continue doing so. But after what I've read on here, it seems that filing a Chapter 7 is the right thing to do. I'd have to do it pro se because I couldn't afford a lawyer and I don't mind putting in the work to do this, as I'm very patient and meticulous. It would seem that there's no sense in me holding this off any longer so the 10 years it stays on my record can come off sooner. Filing a Ch 7 seems to be my only avenue in maybe getting a chance to start over again and it's given me some hope that I haven't had in a long time. I just truly don't know how to go about starting this process.
All of your words seemed so genuine in regards to helping others, so here I am, registered and posting away. Thanks for taking the time out to read all of this...I planned on making this a quick post but it ran ALOT longer than I expected...I guess that's what happens when you hold something in for as long as I have. Thanks again to everyone who took the time out to read all of this.
*Side note*
What's the 60 day club?
Yes, getting your credit report will give you a good start. 
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