Up to my ears in debt. what is bankruptcy?

Answers:2   |   LastUpdateAt:2012-09-12 07:45:08  

Asked at 2012-08-26 04:33:03
What is bankruptcy ? MedlinePlus I have 20 years old with some debt in my opinion . MedlinePlus I have a credit card $ 5,000.00 has not been paid in about 6 months. MedlinePlus I have a contract for Bell Mobility Turbo Memory , thought it was good at first until my second bill was over $ 600.00 that was a year ago and now is in collections . MedlinePlus I had a contract with two cell phones in my name , the other person screwed me and my bill was 1100.00 for both accounts the phones were disconnected and I put $ 50.00 in the account every two weeks, but it was not good enough , you're now in collections ... I know it was not the minimum payment , but I did what I could ... I have a student loan $ 5000.00 for a course that I can not get a job for ... payments were made on December 31 and I did make the payment and there are arrangements for the total amount of 80.00 out each month . I'm working full time making minimum wage .. I'd go back to school , but I can not just now , I even had to move back in with my parents and they are charging me 300.00 rent every month. I rented a car and could not afford and my parents took over the lease and pay for the two months I was late .. I rented a car , because when I graduated I did find a decent temporary work , but after 3 months they let me go ... Just do not know what to do .. the step I 'll never be able to own anything ...
Answer1ColeAnswered at 2012-09-02 18:27:03
You should not declare bankruptcy ur debt is very small . Comes out to like $ 12,000 or so you could easily pay for three years . The bankruptcy will remain on your account for 10 years. Not worth it. You are very young and I hope you're learning something from this. Anything U want to buy you must pay cash from now . Make a plan on how to pay everything off starting with the smallest things . I was also in s debt of about 20,000 and I paid off in three years . Doing the right pay .
Answer2IcyAnswered at 2012-09-12 07:45:08
Bankruptcy may seem like an easy way out of debt , but it destroys your credit for seven years . This means that if you want to buy a house , a car , etc. may not be able to get a loan for those purchases . No bankruptcy if there is absolutely no other option . MedlinePlus MedlinePlus The good news for you is that you really do not have that much debt. The average college student graduates with $ 23,000 in student loan debt . In addition , any credit card debt and auto loans they have. It seems they only have about $ 12,000. So you're not as deep in debt as it may seem . MedlinePlus MedlinePlus If you work 40 hours at minimum wage, you should make around $ 800 a month . The first thing to do is to plan where that money is going to go instead of wondering where it went after you realize it's all been spent. To begin , you will need $ 300 for rent. That means you have $ 500 left . Say you need $ 150 for insurance and $ 250 for gas each month . You are down to $ 400 to the left of your paycheck. Do you buy your own food or eat food from his father ? MedlinePlus MedlinePlus With that remaining $ 400 ( or whatever after taking the money for food ) , save at least $ 10 every month . You will not succeed if you just pay the debts and Don
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