Is it a good idea to file for bankruptcy for the following:?
You have about 8 small bill accounts each totalling around 350 started out at like a 100 dollar debt but companies added late fees etc…
your paying for a car that was 3,000 on the lot, after loan it comes to 8,000 , 5,000 of which is still due, the transmission was replaced and needs to be replaced again, and the car cannot drive on the freeway due to this.
a scam organization took out student loans in your name totaling around 4,000 ….got nothing but a few pamphlets and books out of this ordeal and the loans are in default, so u can’t get anymore financial aid due to this for now.
also about 3 credit cards , each with a balnce due of around 1,000
is it a good idea to file for bankruptcy?
no! you need to get very serious about paying off these legitimate debts asap. the answer to your problem is work. list all the legit bills smallest to largest. pay the minimums on all but the smallest. pay as much extra as possible on it and get it paid asap. then take all that amount next month and pay on the next largest debt. do this and the “snowball” effect will give you the momentum to get debt free. if you didnt actually apply for the student loans, then you need to dispute them and challenge the debt as fraud.
