Monkspider's girlfriend: Questions about declaring bankruptcy

[monkspider]

Hi! This is monkspider's girlfriend. My boyfriend said that there were a lot of smart guys here, so I have just a couple of quick questions.
Basically, I have been in a lot of debt since I graduated from college and it seems to only keep on increasing. I am overwhelmed with bills and under a lot of stress. I am seriously considering declaring bankruptcy but I need to know a few things.
1. Will bankruptcy completely screw me over?
2. What type of bankruptcy should I declare? (Chapter 12, etc)
3. What is the cheapest and best way to declare it?

Thanks in advance for any help.

[aaglo]

Why don't you start looking for work instead of spending your time here?



I hope you can solve your problems...

BTW, Here where I live, a personal bankcruptcy is not possible (or atleast wasn't possible a couple of years ago... I don't know the current situation).

[Shi Huangdi]

I wouldn't know nearly as much as most guys here, but IIRC from business law class in high school student loans taken for education cannot be eliminated by bureaucracy.

[Dinner]

Bankruptcy absolutely does screw you over for seven years. If you end up marrying a man the it ends up screwing his credit as well. My suggestion is to make a budget, find out how much you make, and how much your bills are then live with in your budget. It sounds harsh but it is the only way to live with in your means.

[monkspider]

Shi Huangdi:
I have some student loan debt, but the main debt that is killing me is my old credit cards.

Oerdin:
I did not know that it would hurt monkspider's credit too when we get married. I'm sure he will be happy to hear that. Thanks for the advice, but I am just totally stressing from not being able to make ends meet anymore. So if I do have to declare bankruptcy do you know the best way to do it? Thanks.

[aaglo]

Can your ask your parents or friends to help you financially? I would suggest that.

[monkspider]

Aaglo:
My parents and friends don't have any money either, or else I would.

[Urban Ranger]

Maybe you want to try loan consolidation?

[Dis]

DL!!!!!! . sorry couldn't resist.

[Dis]

what kind of degree do you have? Please don't say liberal arts.

[Dinner]

First I would try debt consolidation. If that didn't work then I would try to renegotiate the terms with my crediters because if I declare bankruptcy then they get nothing while if we renegotiate they get less then planned but more then bankruptcy.

If that didn't work then bankruptcy is the anwser. Last I checked there were 15 different types of bankruptcy and even with in those 15 the exact laws vary from state to state so I could tell you which would be best in Kansas give you circomstances. My advice is to find a bankruptcy lawyer, tell him what types of debts you have, and then to follow his advice. Or better yet find some why, any way, to reach some sort of agreement whith you crediters. Other wise you will be screwed financially as will monk spyder (if you get married).

My girlfriend has been devorced and before she got devorced she was legally seporated for one year. During that one year her (soon to be ) exhusband declared bankruptcy and guess who's credit got screwed for the next seven years? It sucks when you want to buy a new car and everyone turns you down.

Luckily for Christine and I my credit is still good so we've been able to buy a car and not worry to much about her exhiuband's mistakes.

[monkspider]

Urban Ranger:
I have tried it, but even with consolidation it has still been too much for me since monkspider and I moved in.

Dissident:
I have a master's degree in Spanish.

Oerdin:
That is *very* helpful, thanks a lot! I will be sure to tell Dustin to be extra nice to you from now on.

Thanks for all the help guys!

[Dis]

I still don't think bankruptcy is worth it unless you own a home or some other asset you really don't want to lose.

[Dinner]

Bankrputcy is bad news but if you are truly unrecoverably in debt then it may be the anwser. Just make sure you've tried absolutely everything first.

[catullus]

How bad is it? How much would you need just to pay back old debt? Or the most expensive debt (credit card is worst)?

I know how you feel. I've been so overwhelmed by bills and so depressed by my personal economy that I saw no way out.
I was in a very bad situation some years ago. Several loans unpaid, bills unpaid, life a mess. Luckily, I came to my senses (in fact, my girlfriend kicked me into shape), and asked my parents for help. They don't have extra money, but they took a bank loan and gave me the money as a loan between us. We made a contract with monthly dues and so on.
So, they arranged the consolidation of my short-term (and expensive) debt for me. Would that be possible for you? Or Monkspider?

Then, I made a budget. It added up in negative. Then I made a new one. No vacations, no car, No late-night parties in town. Still in the red. Then I added a moonlightning job. And came out positive. Can you do that? Make a budget? Is it possible for you to work extra? My extra work earns me peanuts, really, compared to my real day job, but hey, it's money. Night and/or weekend shifts should be possible to find. Either at 7-11, a cafe, a nursery home. Can you wash floors?

I've paid back to my dad. My credit rating is fine, in fact my SO and me bought a flat two years ago, with loans from the bank. I still can't afford vacations, but we have a car, at least. I still work extra, enough to keep my liquor cabinet more than well-stocked, enough to invite friends over for dinner. Even enough to put a little bit aside.

Don't lose hope.
Bankruptcy is really not an option.

C.