Quitting my job right before filing Ch 7 a wise decision?

[BKsuperman]

I'm 21, a full time student, and work part time at a job from hell that I HATE!!! GARRGGG!!! and it only pays $7/hour -$600/month- which I can probably make doing odd jobs.

Sure the job is secured -I've been there for over two years --but it's truly depressing and affecting my grades at school.

I have enough cash saved up for the attorney, and even to make the next couple payments till (hopefully) my debt gets discharged. (I've decided to file with no lates)

I will be filing in the next month or two --possible earlier.

Will quiting my job now have any impact with the bankruptcy process?



Thanks!

[SamanthaJones]

No law says you have to work.

No law says you cannot quit a job and then file BK. If you hate your job you ought to quit just for the sake of your quilty of life. But really- how much debt would you have at age 21 to make it worthwhile to file?

[BKsuperman]

No law says you cannot quit a job and then file BK. If you hate your job you ought to quit just for the sake of your quilty of life. But really- how much debt would you have at age 21 to make it worthwhile to file?

Thanks! You're right, I should quit. I find myself depressed with this job and I'm better off without it.


I have $24k in credit cards.
$34k in student loans deferred till '09.

[demismom]

As I understand it you can't discharge Student Loans, but someone else will know for sure.

[emoney]

In some employment areas, a record of BK will keep you out. It will stay with you for the rest of your life.

File only if it an last resort and not just an easy way out.
best wishes,
emoney

[demismom]

I also wanted to add that I had just gotten a good job offer the day before we visited with the attorney and he advised that if we were still planning on filing not to take the job. So I turned it down. Sigh.............

[wrinkleigh]

I wonder why he would advise that? If you have not filed yet -- if you are a 7, then the employer wouldnt find out unless you told them.

Interesting

[SamanthaJones]

A new job could force you into a CH13.

If the income were too high, is why. Also, a bankruptcy does not stay on your record for life, either- that's hogwash from a bitter soul that was probably denied a discharge for some reason or is just trying to be nasty instead of helpful, like the rest of us~)

[BassBoy]

Your not in too deep

Thanks! You're right, I should quit. I find myself depressed with this job and I'm better off without it.


I have $24k in credit cards.
$34k in student loans deferred till '09.

More often than not, student loans are NOT dischargeable. However, if there were special circumstances that caused financial hardships, then it is possible to discharge them.

That aside, $24K is not outrageous, so could you possibly work on repaying this debt without BK. Once you are discharged and you move with your life, you may need the BK later in life. Let's say you settle down, buy a home, have a car and a few CC's, but a life altering event happens and you can not repay those debts. Having filed on your debt today and not being to file Ch.7 for another 7 years (it may be 6 years), you could be in a world of hurt. Understand?

[BKTango]

In some employment areas, a record of BK will keep you out. It will stay with you for the rest of your life.

File only if it an last resort and not just an easy way out.
best wishes,
emoney

This is true in a sense of if you plan on working in the financial field, however to say to someone that a bankruptcy will follow them around for life....well that's not entirely true. True to the fact that you as a person will live with this decision for life, but it does fall off of your credit reports after ten years so unless you go around with a giant flag letting everyone one, at that point it will be part of your past, not attached to you at the hip.

[bige1030]

More often than not, student loans are NOT dischargeable. However, if there were special circumstances that caused financial hardships, then it is possible to discharge them.

That aside, $24K is not outrageous, so could you possibly work on repaying this debt without BK. Once you are discharged and you move with your life, you may need the BK later in life. Let's say you settle down, buy a home, have a car and a few CC's, but a life altering event happens and you can not repay those debts. Having filed on your debt today and not being to file Ch.7 for another 7 years (it may be 6 years), you could be in a world of hurt. Understand?

It's actually 8 years for another Chapter 7 and 6 years for a Chapter 13 after a Chapter 7.

[BassBoy]

It's actually 8 years for another Chapter 7 and 6 years for a Chapter 13 after a Chapter 7.

Thanks for the clarification.

[emoney]

For your information Chapter 7 BK will be reported on your credit report for ten years. Chapter 11 & 13 for seven years.
Some employers such as banks will not hire you. Try running for office with a BK and see how far you get.
Do not do it unless there in no way of repaying the debt.
It is a very serious matter. I urge you to proceed with caution.
emoney

[HenriettaHen]

"Try running for office with a BK and see how far you get."


Why you can get as far as pResident! GWB has at least TWO corporate bankruptcies to his credit, you know. And he was (s)elected twice!

It's good advice to try and pay off the 24K, however - you're WAY too young to go this route unless you absolutely have to....

[Minnymouth]

Question????

If you have student loans to live on and go to school...... plus you work a job bringing home $600 a month..... how did you get in credit card debt for $24,000 at age 21????

Did you not pay on the cards???

If you bought expensive items recently, you can't discharge the debt anyways - credit card or not..... creditors will object....

Tell us more about your situation.....