Bankruptcy - Is it my only choice?

It might be hard but sell what you can even if you lose money on it. You are on the right track going to school...maybe a school loan to keep current would be okay. You wouldn't have to pay that back right away. But it does seem bad to borrow from here to pay there. I would say call up your CC companies and tell them what you are doing and that you want to pay and could they lower your paymants or interest rate. I have heard that works with some companies. Good Luck

Don't file bankruptcy at such a young age. Life is just to begin and you don't want to start with a negative patch on your credit. I feel sorry that you are going through a rough time. Take the advice of Gill. Sell off your vehicles because they are the cause of your debts and perhaps, your filing for bankruptcy.

You do what you have to do. Take the advice of your attorney. There is life after bankruptcy. I have experienced it myself with no other option available. And I did not experience anything horrible, and my credit scores are not as bad as people might say they would be.You can recover after bankruptcy. And it was the right thing for me to do given my circumstances. I suggest that you follow your attorney's advice.

I fully agree with Steeler's advice. There is a life after bankruptcy, but it needs time and hard work. At a given circumstance, if no other option works, probably bankruptcy is the only option. Not everyone after filing bankruptcy has a ruined credit. Probably, steeler's proves that point.

bschindle, you only have to make a decision regarding your future. If you can find other alternatives, study it carefully. Even in bankruptcy, you need to take the credit counseling for a certain period of time and qualify in the means test. If you can pay the debts through credit counseling, you won't qualify for bankruptcy.

One more thing, bankruptcy discharges all your existing debts by liquidating your assets. So, you will have to lose something for getting your debts discharged. If you are ready to do this, I think you may sell your car and truck now and gather some money from here and there.

Thanks guys, I guess I have only one other question no one has been able to answer for me. Will it effect my future job search??? I am going to fork out $50,000 for a MBA from a good school in the next 20 months and don't want to get out and find out that me filinng makes it hard to get a job. I am not going into finance and will probably end up back in middle management where I started....but is there a chance this will make it impossible for me to find work?

Thanks for the responses so far.

Some employers do a credit check as part of their background screening. So yes, there is the potential of it hurting your employment chances. But that all depends upon the employer and the company policies.

Take it from me, if you have an another alternative than filing for bankruptcy, I would recommend that you try that first. Have you tried to contact your creditors and request payment options? Have you tried to call a debt consolidation company to see what their alternatives are? Have you tried to get help from family and friends?

I was young when I filed for bankruptcy (see my story at the link below). Chapter 7 will be on my credit report for ten years, but I was able to get credit cards, loans etc a few years after I had filed because I was trying to rebuild my credit. If you have no other alternatives, then you must file Chapter 7. The benefits to it is that you can start your life over. Sure, there are employers that look into your credit report but there are many who don't. And don't trust in the student loan to get you out of this mess. Believe me, I have tried that when I was in college.

Think long and hard about what your options are. And remember, we are here for you. Like I said, I understand what you are going through.

A lot of employers nowdays do credit checks when you apply for a job . . . . Regardless of the field. But I don't think that bankruptcy alone would keep you from getting a job. In order for them to do a credit check, you have to sign a release. At that time I would just tell them that you filed for bankruptcy years back because you had no other choice, and ask if that will be a problem. I think that most employers are looking for recent collections and such that makes one look as though they are unresponsible. While that may not be the truth, I'm very responsible at my job, but am in the process of filing bk.