Need advise for file a bankruptcy...

[phucvandinh]

Hello everyone, as I posting this thread I couldn't find a way to pay for my debt... The debt collector has sued me and I really don't know what to do!

My story...
About over a year ago, my credit is pretty good, I decided to invest some but things don't go well. I loose all the money I used to invest... At that time I still able to pay small amount every month as I'm a student and I have financial aid. I keep it for several month, but later on, my sister have baby (my parents don't drive and even don't know English, my brother in-law is oversea) so I'm the one has to take my parents go to the hospital and stay there to communicate, one week later, she has to go to emergency in hospital, samething happens... I left school for a few weeks... Some teacher dropped me out of class, some don't but my grade is down alot and Financial aid has "shutdown" for me and ask the payment for that semester back... I just a job for 3 months, part time cause I'm still a student, not a lot, after paying for monthly bills, I don't have much left... I can't pay for my debt!!!

[GMAN100]

check with an Attorney... get solid advice from a PROFESSIONAL... there might be attorneys that can advise you for free... check the local bar association... a small mistake now could haunt you the rest of your life... Good Luck.

[Lumos]

Since you say you are a student - then perhaps you are young too ??
If so, the shadow of a bankruptcy tends to stick around for ~10 years, which may be a very long amount of time for you to endure.

I can speak to this from experience just because I was forced to file it myself once, but it was many years ago and here in the US those laws have changed.

Here is what happened to me:
There was a co-signed, shared loan and the other person bailed out, leaving me with 100% of the bills - which I could not pay alone.
I did go to a lawyer who basically did nothing for the $500 I had to pay him - which I did because the 1st step in the process is to quit paying the bills getting discharged.
The collector calls also stopped once it was filed.
The hearing was painless and took a huge load off of me - and I recovered my credit pretty quickly after that too.

Altogether it was one of the best moves I ever made instead of killing myself to pay for something that I could not even keep afterwards - it took a huge load off of me.

But - given the legal changes and differences in age groups - YMMV - so use care.

How I see things now=>
Sometimes it is better to just let the bills mount up and concentrate on living the best one is able to for a while - until the problems and solutions become a bit clearer.

Best Wishes to you, OP.