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digitalpegasus

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Considering Filing for Bankruptcy
I am 24, disabled and a full time student. I get monthly disability which is $889 a month. But I am $20,000 in debt. At first it was manageable and i made regular payments on all my cards and when my financial aid came in I would pay my creditors back huge chunks. But now the interest is too high for me to pay without making a dent. I have resorted to selling things I don't need and in the last week have made $800 which is nothing compared to how much I owe. I am currently trying to find a job to help pay for my debts but being disabled and being a full time student my options are limited. I realize that it would hurt my credit score severely. But It seems that I have no other option at this point I am receiving my SSI using $400 of it for rent and $100 for cell phone and internet and the rest for paying back creditors which isnt much. I thought it would never get this bad but here I am seriously considering it. Also after talking to a respected Bankruptcy attorney in my area he said its probably the best option that I have available.

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Student loans are not dischargeable in a bankruptcy fyi. Have you tried contacting your credit card companies and asking to close the accounts with a reduced interest rate?  Sometimes they'll drop their rates between 4 and 6 percent. I don' t know if these payments would be too high for you. Bankruptcy may be your best option.

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