Please help! 911 911!

[dustinc]

Okay, I got lots of great advice from you guys about my issue and am now creating this thread because I need advice asap.

I have $10k in debt but my credit is already screwed, so how much worse can a BK make it? I will discharge the $10k and get to start working on improving my credit right away. If I don't file it will be several years before I can afford to pay it off and start rebuilding my credit. I am not worried about needing to file again. I am more responsible now, have health insurance and will have a nice job when I graduate. So how am I going to be worse off by filing? I plan on filing tomorrow. If I am missing something, pleae speak up and let me know.

[kartoons19]

You posted the same question on several threads and from what I understand since you don't have an income and have only $10K in debt it is best not to file now. How much worse would a bk make your credit score? I really don't know as there are a lot of variables that go into your credit score.

I can understand you wanting to resolve this situation now by filing, but think about your future. 10K is not a lot of debt and when you get a job after graduation you can pay it off. You can only file BK once every 8 years, so do you really want to use it now for only 10K in debt, especially as you are judgment proof? You say you are not worried about filing in the future, let me tell you from someone who has had excellent credit for over 30 years, and never thought they would have to file, you don't know what the future holds. Even though I never had a problem finding jobs, the company I worked for went out of business over a year ago and I have been unable to find a job.

Bk should always be your last resort and as it is kind of like a safety net, it's best to use it only when you have no other options. In my opinion, it sounds like that doesn't apply to you, but the only one who can make this decision is you. Have you spoken to an attorney or gone through credit counseling. Don't rush into a decision you will regret. Good luck to you whatever you decide to do.

[plisar]

Amen Kartoons19, completely agreed. I never saw my bankruptcy coming until I realized that I was using all my monthly money to pay off credit cards and then used the freed up card space to live.

These things happen. You can't predict the future.

[nc73]

Bankruptcy isn't to be taken lightly. If everyone filed when they hit the 10k mark credit probably wouldn't exist. It's 10k. It's NOTHING. Don't take the hit now for a small amount. You might need it later on. Most of us here don't have a choice. It would take some of us more than a few years just to pay off our debts, so we have no choice but to file. You say you're going to get a good job after you graduate, so when you get it you can pay that debt off. Bankruptcy stays with you for a long time. You can easily rebuild your credit with that much debt.

[ohiogal]

dustinc, please go talk to a bankruptcy attorney tomorrow. You really need to speak to a live person who can address your concerns and answer your questions.

BTW, filing a petition for bankruptcy doesn't mean you'll automatically get discharged. Your case might get dismissed, in which case you'll still have the debt, BUT the BK will go on your credit record as if the debts were discharged. Worst of both worlds.

Please, don't panic, take a few deep breaths and go talk to a professional bankruptcy attorney tomorrow. You'll be glad you did.

Also, have the BK attorney refer you to a non-profit credit counseling center. The CCC does an evaluation of your situation and can make a recommendation as to what is the best path to take.

Good luck!

[BobMango]

How many times do you need to ask the same question? This is the third or fourth time you basically posted the same question. If you want someone to tell you that you should file, I'm not sure that person is here.

Here is the bottom line. Based on what you've shared, using bankruptcy to discharge $10K in credit card debt is a really bad decision. It's like using the last shot in your revolver to kill a fly when you're being charged by a bear.

You are fixated on your credit score when the really important thing is protecting your financial future. Until you have income to protect you should wait to file.

If you file with an attorney, you are going to spend about $1,500 to file. That's fully 15% of your debt. If you are going to file pro se then I would say you would be ill advised to file tomorrow. You really need to do much more research, get the NOLO book on filing and make sure you have your ducks in a row. Screwing up the filing can cost you way more than you are trying to discharge.

It is understandable that you want to put things behind you and move on, but you really need to time this correctly. Bankruptcy should be the last option you consider. You have many options to resolve this debt, forestall collection and collection activity or otherwise delay until you are in a position to deal with it correctly.

Do what you want to do but it seems like you really want to file and just keep posting the same question until someone tells you that the best thing to do. Good luck.

[Maquitagirl]

I have read some of your prior posts and it seems like your story changes. One of your posts stated you already filed bankruptcy and others say you have a mortgage. So what is it? You live with your mom but have a mortgage? It also stated u were getting an inheritance so why do you keep asking if you should file bankruptcy on 10000 dollars. I'm sorry but your story doesn't add up to me.

[momofthree]

Wow, I just read thru your past posts too. Now I think you're just a troll.

[mamaluv]

Good catch Maquita, I also looked through past posts and you say you've filed BK already. Shady.

[dustinc]

Thanks for the advice. I agree with you all and decided not to file. You made good points that caused me to rethink things.

Oh and the person that has already filed let me use his account to post here. My brother.
He said you guys helped him out a lot.

[Lupita]

I am new here, just registered ~for free~ why would you use someone else's account when you can just open your own?

[dustinc]

I am new here, just registered ~for free~ why would you use someone else's account when you can just open your own?

I tried but it said the account had to be approved by admin before I could post and I needed help asap.

[momofthree]

Oh and the person that has already filed let me use his account to post here. My brother.
He said you guys helped him out a lot.

Sorry, I don't buy it.

Here's your "brother's" post from Oct 09

I haven't paid on 4 credit cards in over a year and owe about $11,000. I don't know if I should try to settle the debts for a lower amount or just file BK. How much worse is having BK on my credit...

and YOUR post from yesterday

My credit is already screwed from not paying on 4 credit cards for the last year

You and your "brother" have identical situations and ask the exact same questions repeatedly.

A few more posts from your "brother" that contradict one another:

My credit score really took a hit after I filed BK. I had NO late payments until I filed, so that's the reason.

I filed myself.

My attorney told me to do it because I had too much disposable income

Even your "brother" was contradicting himself when he was posting. So, no, I don't buy your story. Sounds to me like you just want to get people riled up....

Clearly, I'm sick and have way to much time on my hands!

[dustinc]

Why would I lie? I've been considering. This for a long time now. My brother and I have two different situations. He has posted in the past asking about my situation. Anyway, thanks for your help. I'm not trying to waste your time.