Bankruptcy?

Are these private or federal loans???

Filing BK on $8k is not a good move.

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Did the bankruptcy attorney you spoke with discuss the option of CH13? If I were you I would consult with more than one bankruptcy attorney.

the problem with even a 13 and student loans is that after the 13 is discharged, the student loan basically reactivates with the interest accrued during the 13 period.

These loans are both private and government. The only thing that we know for sure is that he has to get back into school to stop these loans from hitting. Once he is back in school though, there is no way that I am going to be able to carry the credit card debt and the living expenses while he is in school. He will still be working but obviously not as much as now because he will be in school. I know that filing for bankruptcy on 8K isn't smart, but we have sold pretty much everything that we own, our credit is already bad so we cannot get anymore loans to pay for school. I mean what do you do when you are out of options?

Has he applied for economic deferment for the government loans?? Does he still qualify for fed loans for school?

Also, keep in mind that filing a 13 costs a lot of money....so it would almost take you backwards.

Why not do a debt management plan for your credit cards. Like consumer credit counseling.

A dmp might be an option because a debt management plan will get them lower interest rates and one payment but the problem is that the one monthly payment in a DMP will be around what they were paying before. So basically if your overextended it doesn't fix your problem.

saram221 , if you didn't have the credit card debt would you still be able to afford the payments for the student loans ? Also , what state do you live in ?