Can I put my student loans on a credit card and then declare bankruptcy?
I am overwhelmed with debt, but have good credit and lots of it. I thought about putting my student loans on my credit card (the use of these practices, controls interest I get down from the post), then declare bankruptcy to Chapter 7. Does this work? Sounds like a great plan for me. I know it will be on my record for 10 years, but I do not care about that. I prefer to be on the debt completely, then move to another country and start over. Has anyone out of their student debt in this way?
The most popular solutions to the problem of debt burden is to obtain a settlement of the debt or bankruptcy. These two agree debt is preferred because it has relatively less impact on the credit report. In this paper, we evaluate advantages and disadvantages of debt settlement. Debt Settlement is a process in which an organization go to your lenders and negotiate with them about your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good, he can receive your discount debt of almost 50%. This is what a creditor needs and is the most visible benefit of debt settlement. The amount of debt is reduced, the repayment plan is made easy and often the monthly payments are spread over a long period. This makes life much easier for the borrower. However, the debt settlement is not without drawbacks. There are two things to fear. First, the cost of debt settlement. Business Debt settlement will be charged huge amounts for their services. The usual range is between 10-15% of the amount of debt. Payment of the advance amount much can transform your financial situation from bad to worse. Read more: http://www.credit-card-gallery.com/credit_card_debt_consolodation.html
