What does CC stand for?
Quote from: Mr. Cookie on May 25, 2007, 10:16:43 AMWhat does CC stand for?i'm guessing credit card
How did you go from a job that paid $5K a month to a job that pays $2K a month? Can you defer law school for a year and go back to the $5K job?Sell your car. Carmax is great for giving you cash on the spot.Consolidating your car loan and credit card debt into a another loan DOES NOT mean that you'll owe less each month because you won't have a credit card or car loan payment when you graduate. You can get student loans over and above your student budget through sites like this: www.educationone.com. However, you will need a cosigner and the APR is based off of your credit-worthiness, which you have shown that you are not credit worthy. Do not expect a low "student loan" APR. I would heavily suggest against declaring bankrupcty. I have no experience with the Bar exam and C&F, but I do work with governtment security clearances in my job. If you have a bankruptcy in your past, you're pretty much not going to get a clearance for a decade, and possibly not get one if you have bad credit. Basically, organizations fear that you might sell secrets or personal information to get your debts under control. You need to get this under control before graduating law school. Defering entry to work and pay down debts is probably your best bet.Seriously look at your current lifestyle. Obviously you got into debt by spending more than you make. Odds are you are still doing it. There are probably plenty of places you can cut things out of your current spending habits -- subscriptions (read for free online), gym membership (take up running), daily coffee runs (make your own), expensive lunches (brown bag it).
Either way he's got a car he can't afford. He needs to get rid of it. If he's upside down it'll probably just become more so as he goes along. Dump it.
I never said it was a stupid idea. I just said he wouldn't be walking away with cash.