Should I file for bankruptcy?

Answers:3   |   LastUpdateAt:2012-11-01 19:45:02  

Asked at 2012-08-15 07:25:03
I'm thinking of filing for bankruptcy to clear all my debts and start over. I think I owe approx. $ 40,000 in student loans and car and credit cards and only earn around $ 1600 per month in net income . It was very difficult to meet because my total payments each month for repayment of these loans and credit cards are about $ 750. On the other hand, my dad is a co -signer on one of my student loans , so I'm worried that will be affected.

What I know is :

1 . Do I have and what type should I apply?
2 . Will my credit be affected if I file father and am approved ?
3 . Will you take my car away if I am approved ?
Answer1LesliamAnswered at 2012-08-19 14:52:03
In 99.9 % of cases of bankruptcy student loans are not eliminated . You will have to pay these back . You can consolidate your payment which will reduce as it spread over more years. Yes that repo your car . Any loan that your father signed by him will be affected if they leave without pay and also wont end up in bankruptcy court because her father can probably afford to pay . Moreover, given the limited information you gave on well . The court says it has enough money to pay their debt . (unless you rent, insurance, food , etc. . ) Finally , as they have student loans suppose it's a college graduate . His salary will increase over time and you will be able to afford this. Do not kill your credit by filing . It will take a long time to rebuild your score is going to pay this
Answer2 my mother. -Answered at 2012-09-08 02:24:03
Think hard and long , because if your father is a co -signer on a loan and then goes bankrupt will suffer just contact a lawyer or just pay what you can on loans. The bankruptcy damage your credit for 10 years which can make it difficult to be approved for items. Just think of it and contact a lawyer. ~ ~ GOOD LUCK
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