Yousif (Joe) R asked:
I am about to have bad credit - a woman I once loved maxed out my credit cards (due to my stupidity), and I am pretty deep in debt…
I’m a student, and I don’t think there is any possible way to pay them off at the moment… considering that I am going to have bad credit and file bankruptcy, I might as well hit hard right? And then live with 7 years bad luck…
What do you think?
JANESSA
Comments
You already made one big mistake (loving the wrong woman), please don’t make another!
a) Society doesn’t owe you anything, you have to work to make something of yourself.
b) The rest of us don’t want to subsidize your debt through raised interest rates on credit cards.
c) You said it yourself, you’re a student! Learn from your past mistakes and don’t repeat them.
Good luck to you.
If you have no morals or conscience, sure go ahead. Make others pay for your mistake.
Well, if get beyonds a limit, you could end up in jail. It’s not worth. If you are already in a whole, stop digging./
No that would be like trying to put a fire out with gasoline. Plus you would have to live with this action. Plus if you have kids or will have kids in the future would you want this to be the example you set.
Wish you the best. Get a debt counselor. Google Clark Howard he has a lot of good advice.
you don’t say the amount you owe but you could probably try to negotiate something with your creditors. an account freeze and payment plan.
try it. explain the circumstances, they might do it.
you don’t want to file bankruptcy if you can help it.
The credit card issuers would successfully argue that you intended to defraud them and the debts should not be discharged in bankruptcy.
Talk to a credit specialist in your area before filing, and talk to your creditors before/after problem persist. I wouldn’t pursue the bankruptcy without seeking legal advice to further educate yourself about the laws that pertain to your state/area. It may not be as helpful as your hoping!
Taking it out of context, you have a bumpy road ahead, but all you need to do is take one step after another, and learn from your mistake. I also recommend establishing a debt free management of your future. Trust me the pasture is greener.
It’s tough being a student also, but been there done that, keep your head up, and don’t fail to learn from mistakes
If you do run up charges then file for bankruptcy, what guarantee the Courts will accept it? They also run a credit report before and after you file. There’s an old saying in the collection business, ” If you’re gonna be a thief, make sure you can retire from it”.
Creditors have the right to object to the discharge of certain unsecured debts, such as large purchases for luxuries of $500 or more or cash advances made within 90 days of filing. And any cash advance of $750 or more taken within 70 days before filing is also considered non-dischargeable.
That’s like saying “I think my house is on fire. Should I douse myself with gasoline?” Forget, for a moment, what she was in your life. If ANYONE else maxed out your credit cards and headed for the door would you not sue? Time for payback son.