To File or Not To File...HELP

[Lavvman]

Ok so Im 27 years old and just lost my job. I am on unemployment at the current time for approximatly 2 weeks now. I have about 30k in student loans (non dischargable of course), my car ( upside down about 6k but id like to keep it as i am up to date). However I have about 20k in debt. I really would like to start working on my credit and preparing to buy a house when i get a new job and it becomes stable. Has anyone filed bankruptcy on the forum with about 20-30k in debt or is that ridiculous. I'm just at a stand still most places check your credit for jobs here now and without a good job i can't paymy bills or student loans. Any imput would be appriciated thanks.

[chad9162]

Well 20-30K is still a large sum of money and would take years to payoff. Obviously a BK would be a huge hit to your credit but so would be LATE on several accounts. Personally, by not having a job you're garnished proofed. I'd wait until you weere financially stable before BKing. If you incur more debt beyond your control you could probably include it in the BK.

[Recessionist]

That's about the amount I am filing for too. A lot of people have said "wait until you're working to file", but you have to take into account a lot of factors. I would recommend you look around this board for more about filing while unemployed.

From my experience in the pre-employment background screening industry, I can tell you that though you may sign something giving permission for your credit to be checked, many employers do not actually pull credit reports unless you are applying for a higher level position or one which involves finances.

[Lavvman]

Thanks

Thanks for your suggestions. My degrees are in the criminal justice field so pretty much all of them actually run background checks. Without good credit it kind of makes your character look a little shady. I'm filling pro se and ordered the nolo book so i'll be reading it then filing. Hope everything works out. And my credit score is already suffered its at about 500-525 now.

[chad9162]

I only mentioned the get a job thing before BK because it makes sense that without a job something bad could happen! Like a medical bill! As for Law Enforcement they usually want 1 year from BK, unless you have a really good excuse....divorce! When you apply make sure you have no debt that way you can say you learned from it...don't make up cheesy excuses. And yes, I'm 100% certain they will run a credit check.

Right now the competition is fierce to get a job. If you're in CA call CHP and ask them their standard. Although financial standards are usually a departmental thing.

[br7cat]

I tried everything b-4 filing. Many conversations w/my high int% cards (they wouldn't budge) and the lowest debt consolidation was about $1200/mon for 3 years. Just figure out if you can realistically keep up w/the payments. If not, then better to file now then to wait a year. For me it wasn't a choice.

Pro se file 3/1/09
341 meeting today 4/28/09

[AfraidOfBK]

with those kind of student loans your debt is most likely unmanageable. we only have 26k in cc debt but need to foreclose on our home (its eating us alive in a state where we dont want to live)

usually htey say if your debt is more than half of your annual income, its not likely oull pay it back anytime soon. being unemployed (i think you said that) would put you int the "not likely" category.

Also, there are lots of debt calculators online...bk probably wont get rid of the student loans....BUT - iwould see a lawyer. when the time comes to file, you'll have to shop around anyway, and a TRULY good lawyer will advise you on timing it properly.

[hopeforus]

Hubby and I paid off 35k with CCCS but... he had a high paying Officer position in the military so we could afford the payments. Being unemployed and with student loans... I would be more likely to just file. Unless you could get a job soon and start paying them.