| If your loans are federally-backed, you will not lose them and bad credit will not prevent you from getting other loans. You cannot discharge student loans in bankruptcy, and they KNOW they can collect from you until you're in your grave.
If you haven't paid any of your cc's for over a year, you won't be able to deal with the original creditors. All of the accounts will have been charged-off (written off as bad debts) and they likely have been sold to collection agencies and junk debt buyers. Negotiating with a collection agency will NOT be pleasant. If you don't have enough money to pay off your debts in 2-3 payments, you might as well hang it up. You could offer settlements of reduced amounts, but, again, you'll have to have the lump sum to pay them.
There's no reason you can't file for bankruptcy. If you don't have a full-time job that pays enough for you to pay the debts, and won't have one for a while, then bankruptcy may be what you need.
Most BK lawyers give free initial consultations, talk to 2 or 3 !
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"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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02-19-2005, 07:51 AM
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