Should I file Bankruptcy...

[pasha]

The legal profession worships credentials. People assume people from big, fancy law firms are smarter, and they assume people from fancy expensive law schools are better. You're a big liar if you pretend it's not true.

I don't think lower-tier students feel exactly this way, but I am sure their parents, acquaintances, and others do!

[lawpimp]

how hot are accountants about 110 i know 120 is the lowest lsat but they dip down even lower, on a 1-10 skill they are in the negative although they do keep the pocket protector industry alive.

[Ivy_Hopeful]

You can pull through this, I am a living example. In order to help with securing some private loans later on I had to go down the same road of tough choices. I chose to ride it out until everyone one of the several creit card companies and or collecting agencies cut me a deal to shave off huge percentages of the toal principal loans (as much as 70% off) settled out of court and not even charged off on my credit I now owe a total of 351.75 (10 dollars a month) on one credit card and ofcourse these are my loans from college. In total before I owed more than 50,000 in debt and don't think I could even get close to affording to pay most of that. So in a way although the creditor calls every 5 minutes seems scary and annoying, there is a nned of "sucking it up." Afterall if you are on this froum I must assume you are on the road to be coming an attorney, while these poblems get worse before they get better in 5-10 years (barring bankrupcy until 7 years after) you will be in much better position. The best news you can receive is for the long term your credit score is only a snapshot of your life. In five years with no bancrupcy and a successful firm or practice cc companies wil be hounding you for unsecured credit in the thousands (even platinum 100,000 or Amex).
Just my $0.02
-Darrell 

[LawLady]

Just for the record everyone: I was not encouraging the OP to file a BK.  It doesn't make sense in this particular situation. 

The undue harship discharge of student loans in practice is very rare.  We had a client who was mentally ill and could not work at all.  They denied a DC to her.  As a matter of fact, in our district, we have never even heard of a successful harship DC of a student loan.


I myself paid off huge amounts of debt without filing a BK by working with my creditors.  My advice to anyone dealing with debt is to DEAL with it.  Don't put off discussions with creditors because you are worried or scared. The longer you wait, the worse it will become.  Also, don't lie to your creditors.  We see lots of people who get sued b/c they jerked their creditors along for too long and they got tired of it. 

[8]

Student loans are real loans — just as real as car loans or mortgages. You have to pay back your student loans.

[mixinmark]

[happymothers]

What, mixinmark?

[equizzy]

[bbgun]

Under certain circumstances you can discharge your obligation to repay a student loan in bankruptcy. The criteria is set out at 11 U.S.C. 523 (a)(8. Currently your loan may be discharged only if the first payment became due on the debt at least seven years before the bankruptcy was filed.

[nvchick]

I have very old, 1989, defaulted Private Student Loans. I went to school in Colorado, but now live in Nevada. My question is: Does anyone know what the statute of limitations is in Colorado for Private Student Loans? I have had no contact from anyone about these loans, ever! Since school I've had many medical problems and have been living on less than $12,000 per year. They have never shown up on my credit report. Should I be concerned about these loans popping up on me, or just relax and forget about them again. I really have nothing for them to take.