financial question...

if i were to declare bankruptcy, would i still be able to get school loans in the next few years? anyone out there?

How about, get a job? Or two.

Declaring personal bankruptcy is the very last of last resorts. I'd sell my kidneys for cash before I filed. One of the problems with major corporate Ch. 11 filings happening so often and being so well publicized is that individuals get the impression that personal bankruptcy is an acceptable course of action. Corporate bankruptcy can be a staggeringly beneficial tool, especially when trying to gain equal footing with the competition. The downsides are possible loss of customer base, higher interest rates on commercial loans and ratings hits on public securities. For you, it might be no student loans. It might mean never getting another credit card again. It might mean never owning a home, a new car, a small business, etc.

I deal with corporate bankruptcies and not personal ones so I'm not an expert. I will say this though: Make sure there is no other possible way to get help. Last of the last resorts.

I'd also suggest finding and reading a book or talking to an estate planner.

I think for stuff like this you should really go and see a lawyer. Ask if they give a free initial consultation.

It sounds like a shitty situation, sorry. I don't know about the US, but in the UK personal bankruptcy should be an absolute last resort. It fucks up your credit history big time.

http://www.uscourts.gov/bankruptcycourts.html
http://www.law.cornell.edu/topics/bankruptcy.html

These two sites have some information, but they might not answer your question.

This link has some more information:
http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,1674,P1486,00.html

How do you know that he hasn't got a job? Or two?
Over a million Americans file for bankruptcy each year. Are you suggesting that all of them are feckless careless layabouts?

He read his profile.

Agreed. Some of them might be. Some may make bad decisions. Sometimes, shit happens to good hardworking people. An unexpected child, inheritence of debt, voluminous medical costs, bad investments, etc.

I'm facing a similar decision. I've worked since I was 17, but, I have $146,000 in medical bills that I can't pay.

Also, if you own a home, check to see whether you live in a homestead state. There are two and I think Florida is one of them. In those two states only, creditors can't take your house. At least up to $1.0M anyway.

really, please talk to a lawer or three before you do this. There are bankruptcy lawyers who basically will tell you it's a great deal because that's their business. I'd check with a few lawyers and a financial advisor. There have to be free resources out there.

Most of all, good luck.

Well, yes, but apart from reading his profile...

D'oh

"Being poor" does not equal "no job."

Plenty of people fire for bankruptcy who have jobs. It's not just that they're all lazy and don't want to work. In fact, one might go so far as to say that almost no one files for bankruptcy because they don't want to work.

I might be wrong, but I think I read somewhere that there are ways of getting the government to help pay for medical bills. Grants or federal programs or something.

I'm sure there is some kind of caveat for the type of surgery. I'm guessing at $146k it isn't cosmetic, but elective might get 'ya.

On a side note, imagine the penis you could get for $146k. I'd wear a saran-wrap sarong for rest of my life. Weather permitting of course.

This is an aspect of America I reagard as terrible. There is so much wealth and yet people can't even afford medical treatment. In England, we have a system that provides medial care for free of charge in many cases.

People here complain about our health care, but, by world standards, we get a good deal. Of western countries, Americans work the longest hours, have the least number of holidays and they don't get a comprehensive system of health care.

The land of opportunites seems like the land of exploitation.

HAHA, im sorry, i never update that thing, ive been working 2 jobs for just under a year now. you people really jump to conclusions fucking fast. its possible to work many jobs, be paying off debt, and still never have any money. it just happens that i got a phone call today, informing me of the loss of my job. which was the reason for my posting. i do intend on seeking a lawyer, but i figured someone out there may have gone through this. i was seeking a little peace of mind for the night. but all i got was jumped on, typical for these boards.


thanks though wolfwood, you rock.

credit is wrecked for 7 years from what i understand. but thats not much of a hit, mine is already a mess. wouldnt make much of a difference

action figure, does that pay well? and do they cover medical costs when the kid rips your head off?

Well put.

It is puzzling in that the majority of voters would have it no other way. It seems like that much of the populace is convinced that fewer hours, more vacation, and free health care would limit the average person's chance to become fantastically wealthy. I suppose there would also be an outcry if lotteries were banned.

The rich much be laughing their collective asses off.

my friend was forced to file for bankruptcy about a year ago.
don`t do it....
don`t.. do.. it..

In the US if you are quite poor, you might be eligible for free health care under Medicaid. If you are old you may be able to get free health care from Medicare. The main problem with medical care is that if you are kind of a middle income working type you are not eligible for the free stuff. Ironically if you were poorer you could probably get for free what you couldn't possibly pay for if you were only marginally poor.

Even worse than that is that by working you pay taxes that cover these programs for the old and poor. So in a sense you are paying for other people's medical bills while you have no money to cover your own. Which especially sucks because old people get medicare regardless of how much money they may have saved. Your payroll taxes may be going to pay for a wealthy retiree's medical expenses, but you can't even pay your own!

[Edited on Feb 10, 2005 by somethin1919]

update, only a week of unemployment, i just got another job, lol