21 year old filing for BK

[acidity357]

Hi, im 21 years old and i am filing for chapter 7 bankruptcy, i have about $12,000 in credit card dept, and it has came to the point where i can no longer pay my bills, it is hard to find work, and i am also a student. I have a few questions for you guys. If i have a car thats co-signed with my mother and i still owe $9,000 will i loose the car if i file BK? also i am planing to do the BK myself (with the paper work done by a paralegal), file it myself and represent myself in court, i dont have $2,000 to pay for an attorney is this a wise idea? Any pointers could help me out?

Thanks,
Mat

[AngelinaCatHub]

Son, you have a difficult situation at your age. Your credit will be dumped until you are about 31. In my opinion, as a cosigner for a car (stupid as I was) Mom will get a Judgment when you bk. I wish I had good news for you, but that is what I see. ‘Hub

[PoorGrammyinBK7]

Hi, im 21 years old and i am filing for chapter 7 bankruptcy, i have about $12,000 in credit card dept, and it has came to the point where i can no longer pay my bills, it is hard to find work, and i am also a student. I have a few questions for you guys. If i have a car thats co-signed with my mother and i still owe $9,000 will i loose the car if i file BK? also i am planing to do the BK myself (with the paper work done by a paralegal), file it myself and represent myself in court, i dont have $2,000 to pay for an attorney is this a wise idea? Any pointers could help me out?

Thanks,
Mat

[AngelinaCat]

If you possibly can, you need to avoid BK at this time of your life. Get any type of job you can. Flipping burgers at McD isn't that bad. Cut back the lifestyle that led you to use those cards. Start learning to go cash only--not checks--cash. Cut up the cards, or at least put them into a plastic baggie in water and throw it in the freezer.

Next, resolve to start paying off your cards--the smallest one first. Make the minimum payments to the others, but throw any extra money to the smallest one. Once that is done, go to the next smallest account and kill off that one, and so on. Eventually you wll be through with them--IF you DO NOT sucumb to the siren's call to use one of them again.

Good luck to you.

[car67]

21 years old? Join the military theay are all looking for help and you can pay the 12k.... dont file bankruptcy!

[Pinkie86]

I just turned 22 and filed in August.

But I also have a substatially larger amount of debt - around $31,000. NOT counting my student loans. I also have a very long and complicated story that got me here. It's somewhere in the "why are you filing" thread.

I know it seems tough, but keep pushing through. Just do what you can, and you'll get that paid off in no time.

[JayJay]

he can't pay his debt flipping burgers. Sorry but that is true.
Unless he can get himself a nice entry level or college intern job, he would have some light at the end of the tunnel and start making good money but it all depends what his education is

[debtor36K]

You can easily get a job with UPS make $10/ hr loading trucks, get awesome health care benefits, and they will pay for your college. You can work 4-5 hrs a night with UPS and then work a few more hours somewhere else and you can have all that paid off lickety split! Another suggestion, SELL THE CAR!!! Get a beater for $1000 and work on the credit debt. Also, get Dave Ramsey's book "The Total Money Makeover"......it will get you motivated in the right direction. YOU CAN DO IT

[jessegirl]

I you so young to be starting off with a BK. Can't you get a job anywhere? I know its hard when you go to college, but you have hours in between classes, sometimes no class at all, try to get something. 12K is not much debt. GESH, i wish i had that, mines on the order of 180K just in cc's. Get a job with UPS or fedex as the other poster said, they pay really good and right about now they are going to start looking for more help over the holidays. Make the BK a last resort. I wish you Goodluck.

[Flamingo]

Hi, im 21 years old and i am filing for chapter 7 bankruptcy, i have about $12,000 in credit card dept, and it has came to the point where i can no longer pay my bills, it is hard to find work, and i am also a student. I have a few questions for you guys. If i have a car thats co-signed with my mother and i still owe $9,000 will i loose the car if i file BK? also i am planing to do the BK myself (with the paper work done by a paralegal), file it myself and represent myself in court, i dont have $2,000 to pay for an attorney is this a wise idea? Any pointers could help me out?

Thanks,
Mat

My youngest daughter is 21, working part time and going to college. Do you have any family at all right now who can help you out in some way. I just could not imagine my daughter having to file - I and my family wouid somehow come to her rescue to get things in order and prevent that. I don't know your family situation but at your young age you need to fully investigate why you are in the place you are and see if filing can be avoided. You need to stop spending and get someone in yoiur family or a good friend to help you work out a budget. You are not that far in debt and it would be a shame to see you file and have bad credit for at least 10 years. It will prevent you from a lot of things.

Do you have any counselors at your school that you can talk with for some suggestoins? The other posters military suggestion is an excellent one and can help you continue with your education in the future and also help you get out of debt.

I know some of us on here wouuld love to sit down with you and get the cards on the table to view your entire situation to try to help you - I hope you have some family or friends that can do the same and get you on your feet without filing.

Best of luck to you...

[magyar123]

Let's give the original poster the answers he/she is looking for instead of preaching.
1. Your mother, as a co-signor will be responsible for the car loan if you file and the car loan is discharged - and you need the car. If your mother refuses to pay, the car will be repo'd. And her credit history will take a hit.
2. Try to reaffirm the car loan, if you can afford it, and just let the credit cards be discharged.

[Flamingo]

Let's give the original poster the answers he/she is looking for instead of preaching.
1. Your mother, as a co-signor will be responsible for the car loan if you file and the car loan is discharged - and you need the car. If your mother refuses to pay, the car will be repo'd. And her credit history will take a hit.
2. Try to reaffirm the car loan, if you can afford it, and just let the credit cards be discharged.

Magyar is correct and here are other hard facts. The OP also asked if his proposal on filing is a "good idea." I say it is not due to his age and the small amount of debt involved. Not worth the hit on screwing up the formative years of his 20s when he will be out there with a BK showing in credit checks for job interviews. His mother is around somewhere if she cosigned for a car and, yes, if he files her credit is screwed from his filing. He needs family or friends input/help or a financial counselor's input - his school since he states he is a student would be a marvelous source for the counselor for some ideas/help.

[Mi Bankruptcy]

Young Man,
It's nice to see you are looking at all your options. As other posters have said you may never know when you will need this option again. Escpecially if you need this later on if you decide to start a family. Bankruptcy is not easy and it could take months to do it. Just know this decision will not be a quick fix.

The military is seeking people and also give bonuses for joining. I suggest Airforce or Navy so hopefully you wont see action. You also get college money. This economy is in the dumps and serving offers several benefits beyond your enlistment time.

[PoorGrammyinBK7]

Young Man,
It's nice to see you are looking at all your options. As other posters have said you may never know when you will need this option again. Escpecially if you need this later on if you decide to start a family. Bankruptcy is not easy and it could take months to do it. Just know this decision will not be a quick fix.

The military is seeking people and also give bonuses for joining. I suggest Airforce or Navy so hopefully you wont see action. You also get college money. This economy is in the dumps and serving offers several benefits beyond your enlistment time.

When my husband was 21, he worked 2 jobs and went to college. He was in the USMC - his full time job. He also played music on Friday and Saturday nights ------ and went to college weeknights and on Saturday mornings!

He graduated college after 3 years of this schedule (had one year of college before he went into the military). This is in addition to being a great husband and father!

[paintinrosesred]

How soon will you graduate? I worked part time and went to college at the same time. I took about EIGHT classes a semester! It can be done... if you can speed up your graduation you can get a decent job and repay your debt.