would bankruptcy be a good solution?

What is the name of your state? Washington.
I have credit card debt, most of which have now been in collections for about 1 year. I am a graduate student with a grant that pays my tuition and stipend. I do also have federal school loans from my undergraduate years. I have no asset. I have been trying to come up with means for settlement or payment plans, but too difficult to deal with them all. Would I be better off with a backruptcy? What happens after 7 years, if I don't do anything about this?
Thank you.

[Ladynred]

First of all, student loans are not dischargable in a bankrupty except under some very stringent conditions. So, bankruptcy won't help you there.

The credit cards would be wiped out permanently. A bankruptcy stays on your credit report for 10 years.

IF the accounts are charged off and no one sues you for 7 years and the accounts drop off your report, that doesn't mean they can't still try and collect, they can. If you're lucky by then, the statute of limitations will have run out.

Thank you for the explanation.
Do you suggest I file for bankruptcy in my situation? (I do plan to pay the federal loans anyway. ) Would the bankruptcy affect my graduate education and my eligibility to stay on the training grant?

[Ladynred]

I honestly do not know how a bankruptcy might affect those programs, so perhaps someone else here knows and will chime in.

As for whether or not banktrupcy is a good solution, that really depends on the amount of debt you're talking about, their status, and your anticipated income levels for the next few years.