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Ratings. Guidance. The Right Lawyer.
Bankruptcy or negotiation time for debts that are 3 to 5 years old and haven't been paid for? Help!
Seattle, WA
Viewed 467 times.
Posted about 1 year ago in Bankruptcy / Debt
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I am 34 years old and I have about $25,000 in regular CC, medical, other debt. I also have about $39,000 in Student Loan debt. As of right now, my student loan debt is in Forbearance until about August of 2009.
My question is this, I'm extremely behind in CC and other mscl. debt. We're talking 3 years or more on some things. I've just stopped paying them and now the collection agencies are calling and mailing. I was in school for much of this and it just piled up and I didn't know what to do. Now I'm in a job where I make enough to 'pay the bills' but I have no idea where to start. It's overwhelming. Should I file bankruptcy (7 or 13 I don't know what the diff. is) or should I try to start pulling up my credit report and see what I actually owe and start trying to negotiate. I know that Student Loans are bankruptcy exempt, and that's fine, they are in Forbearance right now. It's just there are literally dozens of 'little' things that are all piling up and I have no idea at all where to start. Budget wise, I could spend 500.00 or so a month trying to get things payed off, but that doesn't do much when you've got 18-22 different places that money has to go to. Help! I'm in Seattle, Wa. I never thought at 34 I'd be a college educated professional with a decent career and thoughts of bankruptcy. I also don't own, I'm a renter, have no car or other assets to speak of. I pared it all down when I continued my education. - Is this your question? Add additional information Answers (3)
Dainen N Penta
This attorney is licensed in Washington.
Posted about 1 year ago.
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Your situation is all too common, I'm afraid. The rising cost of college education puts even public university graduates in a tight financial spot. You probably qualify to file for bankruptcy, given what you've said here. The type of bankruptcy that is best for you depends on your situation, and you should definitely contact an attorney to discuss your options. My own policy is to spend some time on the phone getting to know you and your situation before scheduling an office visit, and most bankruptcy attorneys are happy to evaluate your situation.
Oftentimes, the situation seems "OK" but then when your student loans come out of forbearance, your finances seem unmanageable. If the interest on your loans is capitalized then your student loan debt will be much larger when the forbearance ends in August 2009. I hope you'll call someone right away who can give you solid recommendations about where to go from here. 
Brett D Weiss
This attorney is licensed in Dist. of Columbia and 1 other state.
Posted about 1 year ago.
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Chapter 7 may be a good option for you.
I suggest speaking with a local bankruptcy attorney. In Seattle, I strongly recommend: Sheila O'Sullivan, Esq. Leen & OSullivan, PLLC 520 E Denny Way Seattle, WA Phone: 206-325-6022 Fax: 206-325-1424 Brett Weiss brett@BankruptcyLawMaryland.com www.BankruptcyLawMaryland.com ***************************************************************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ***************************************************************** 
Gregory J. Jalbert
This attorney is licensed in Washington.
Posted about 1 year ago.
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There might be help for you in regards to two new student loan programs which go into effect July 09. I have attached a link for you.
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