Can I apply for Bankruptcy?
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Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2020
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Topic: Can I apply for Bankruptcy?
Posted By: andrewking
Subject: Can I apply for Bankruptcy?
Date Posted: 06/January/2005 at 5:06pm
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Can I file Bankruptcy when I currently have a job and make about 30,000 a year? Will that affect my job in any way, or make me not eligible for filing bankruptcy? I have over $55,000 (plus interest accumulating since 2000) in Student Loans and over $30,000 in consumer debt... Thanks. |
Replies:
Posted By: Islander
Date Posted: 06/January/2005 at 7:07pm
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Trustees will be lined up to take your money, screw you financially for the rest of your productive life and move on to the next one. ------------- What? Me, worry? Alfred E Newman |
Posted By: kwelmm
Date Posted: 06/January/2005 at 7:47pm
| You can try, but I don't believe that will solve your problems. If you could erase the consumer debt, would you be able to control your finances? Develop healthy financial relationships?? I guess what I am trying to say is what good is bankruptcy without change in financial habits?? I'm no expert in financial wellness...although, I do know that to be sucessful in recovering from any "situation" (whatever it may be) one needs to develop new ways of coping, manageing, living, thinking, etc. and this more often than not requires some level of change! You know you best.....bandaid approach?? Or something that brings you back into control??? It's up to you! |
Posted By: SolveStudentDebt
Date Posted: 07/January/2005 at 2:45am
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Amen and Amen. ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: momof2
Date Posted: 07/January/2005 at 3:57am
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if you are working why not approach your bank about consolidating your consumer debts to one payment - and get rid off all your credit cards. bankruptcy will screw you and screw you and screw you some more. try finding a better solution. try this. keep track of absolutely everything you spend for two weeks, and i mean every coffee, every newspaper, everything. examine your spending habits and see where you can make changes. stop using plastic - pay only cash or walk away. dont even use your bank card. talk to someone at the bank about finding an alternative. bankruptcy will affect you for years, do you really want to suffer no credit for that long ? ------------- professionals built the titanic but amateurs built the ark... |
Posted By: hunter
Date Posted: 07/January/2005 at 5:27am
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andrewking
I filed for bk in 2002, I had $ 55000 worth of debt. $ 30,000 of it was student loans that were not discharged due to not being ten years after leaving school. I guess if you are not able to pay the monthly payments, you can try having the debt consolidated and make one payment until it is paid. But if you are not able to do this, due to your credit rating, then you may have no choice but to file. I find tho that most trustees just want you to file bk, and pay them $ 1500. what it cost me, and then they are not the most willing to help you after you have paid them. I was told by my trustee that I would have mandatory debt counselling, but all I had to do was show up and sign a paper. That was of no help to me. I would possibly talk to Johnny, he is the resident expert. 
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Posted By: hunter
Date Posted: 07/January/2005 at 5:30am
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Just to add, the only reason that I filed bk was to stop the harassment from the creditors, that is the only reason that I filed.
I wanted to pay the debts, but due to unemployment, was not able to make any attempt to pay them. |
Posted By: kwelmm
Date Posted: 07/January/2005 at 10:50am
Thought you would like that post, Johnny 
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Posted By: Ferren
Date Posted: 08/January/2005 at 6:39pm
| Sometimes consolidating can help however unless the spending habits change a lot of people end up trying to consolidate the consolidation. With 30K in consumer debt and 55K in student debt, most lenders would require some pretty heavy security. However security doesn't make a bad loan good and unless there were some evidence that a consolidation would be in both you and the lender's interests, ie: that it were to serve a useful purpose, I think it would be unlikely. |