Do you think I should declare bankruptcy

This is only my second post and I am not asking for any money, just your advice.

Here is my situation. That is why I actually found this site since I am looking for another job to supplement my income. I am still a college student, freshman and working on a fast food restaurant. I know you are probably laughing but yeah, I flip burgers and what have you. I don't have a dad anymore, he passed away. Anyway, my mother got sick several months ago and has no insurance. It was of pneumonia complications and they have to evacuate fluids in her body using some kind of thoracentesis. To make the story short, I have been paying her medical bills and maxed out my credit of $17,000.00 already. I don't own anything other than my salary just enough to cover the rent of our apartment and buy some food. I have been living on romein noodle for the past month now to save and just so that I can feed Mom better nutrients, hehehe. She is still recovering and want to go to work, but I told her to recuperate more. I also took out a student loan to help pay my education.

To make matter worse, my girl friend left me because I don't have much money to spend to her anymore. Sucks! Lack of money is really stressfull.

Would you declare bankruptcy in my situation? It seems that the interests of my credit card keeps going up. I have been barely making the minimum payment. What are the pros/cons of declaring bankruptcies?

I appreciate any advice.

If you are a US resident, I actually believe that laws were put in place a few years ago that effectively ended an individual's right to declare bankruptcy. I could be wrong, but if I remember correctly only businesses can file.

EDIT:
My apologies, it appears individuals still can file for bankruptcy, it is just much more complicated.

Why would you file BK when there is a much better way to get the job done and leave no public record to be used against you? A way that can actually pay you thousands of dollars instead of you having to pay off a debt you can't possibly pay off with your current income and outlook?

Does that sound too good to be true? It isn't that way at all. Here you are posting in a black hat forum so let me teach you some black hat methods of dealing with such problems as yours.

First of all why try to do the impossible? The credit card companies have it all stacked against you. They keep piling more and more interest, overlimit fees and more on your accounts until they force you into a corner you can't get out of except by defaulting on your debts or getting a job that will let you pay them off. They win either way in the long run so they really don't care.

The way to win and pay them off at the same time is to let them go into default. They will charge the debt off and sell it to a junk debt buyer who will then attempt to collect the debt and more. If the JDB can't collect then he turns it over to an attorney to collect by filing a lawsuit against you in a local court.

Both the JDB and the attorney are 3rd party debt collectors and as such are regulated by a veritable picket fence of consumer protection laws by which they must abide or they can be sued for their violations. That veritable picket fence is so tightly woven that it is almost impossible for them to collect a debt without violating one or more of them. You can learn all about those laws and use them to sue both the debt collector and the lawyer and make them pay dearly. Damages run into the thousands of dollars very quickly and you get paid for those damages plus court costs and attorney fees plus you can make them pay the debt for you in the process.

The nice part about it is that when you sue them you don't even need a lawyer to do it and you won't ever have to actually go to a federal court hearing. It is all done over the internet, by phone by U.S. mail and sometimes by email too. My creditwrench dot com web site and my consumers creditwrench com web sites will tell you how to do it.

So don't think about bankruptcy and don't try to do the impossible by paying them for the next several years. Those are simply not good business decisions. Do the smart thing and start learning today.

Thanks for your replies guys. I will check the websites recommended. Yeah, I live in the US. At the same, time I want to learn as much as I can here and hopefully make contributions as I progress my skills.

does anyone else feel like this was a spammy reply by creditwrench?

Man, I'm sorry to hear about what you are going through. Don't declare BK though. The best thing to do is just suck it up and get that payed off as fast as you can, even if you need to get an extra job. (Or learn how to make money here) Does your Mom qualify for Medicare? Look into other options to pay for the medical bills instead of racking them up on your credit cards.

Okay... Here's some advice from someone who's been there, done that.

1) Call the CC Company - they will stop all interest and go for a structured payment plan.
2) Don't pay your Mothers Medical Bills!. Get a sit down meeting with the hospital administrators office and go through all the bills line by line. They'll say they're gonna do lots of bad stuff to you. No they won't. They know they can't win if you file BK and it's her debt not yours. Make a deal. You'd be supriised just how low they'll go.
3) Get your Mom on Medicaid, etc. RIGHT NOW. If anybody gives you any guff call your Congressman and both your US Senators offices. They have people in "Constituant Services" that do nothing but help voters like you get Medicare/Medicaid/SSI, etc.
4) Burger flipping isn't a bad job. I paid for college with it. Keep working, and look for jobs you can do that will make more money. Waiter at a resturant that has Tips on top of Min Wage maybe? Use your online stuff to build extra money on top.

Check out daveramsey.com Debt is Evil, Banks are Evil, CC Companies are Evil. Get yourself worked through this and then just don't go into debt again.

I've been there, done that, and have zero debt now and make a decent living. You can do this.

Make sure you have some things in place before you default on your cards. IE: have a paypal account in place, and make sure you are with a bank you want to continue using for a while with no credit cards attached (just your debt cards). If you have a cell phone, you will want to stay in good standing there as well.

If you are really struggling to make the minimum payments and will not be able to continue then definitely stop. You will have some time to think about the bankruptcy thing - and for under 2g you can get a bankruptcy attorney and have the whole thing over with in just a couple of months.

There are some things that are not true about bankruptcy anymore - like you will be able to get a car within just a few months, and even will get offers to start the credit back up again within a year. These things may vary slightly from state to state.

If you start getting calls, you don't have to return them and you don't even have to answer the phone.

Glad to hear your mom is feeling better. If it makes you feel any better I would have done the same thing - meaning max it out to keep her well.

sippick said:

does anyone else feel like this was a spammy reply by creditwrench?

Click to expand...

Agreed.
If anyone is really in a credit pinch, research "FCRA" (fair credit reporting act), "how to dispute a dept" and "one two punch".

You can find free tricks to clean up your credit (all legal) and even make some extra coin if you decide to sue your creditors in small claims court.

sorry to hear this, john. The replys here are great. You should also post and read over at creditboards.com That place is perfect for your question. there are lots of templates (to send to creditors) over there as well. Good luck.

man if your girl left you because you don't have MONEY TO SPEND ON HER, then GOOD. She showed her true colors now while you're young, you're lucky! I know it sucks, but you're better off without her, and you'll eventually realize that. Once you turn this thing around, don't look back at her, because she proved that she doesn't care about you. Good luck man

I don't get it. Why do you have to pay for medicine in US? What, poor people will be denied cancer treatment because they lack money, and left to die? Is that how it is in US? I can't believe it!

PS
That girl is a bitch, beat her up.

sippick said:

does anyone else feel like this was a spammy reply by creditwrench?

Click to expand...

Yeah, it's a horribly "canned" and spammy response. Especially when you see the site he silently links to is also his username and isn't exactly a "corporate" site.

dont you guys see the first post was a setup for creditwrench.
wake up guys!
funny the are both newbies
and creditwrench had just the right answers....LOL
You guys are blackhatters and fell for that shit? LOL

not a good way to get on in this forum is it, still time will tell we are also good at windups and setups have fun

cheaplaser said:

dont you guys see the first post was a setup for creditwrench.
wake up guys!
funny the are both newbies
and creditwrench had just the right answers....LOL
You guys are blackhatters and fell for that shit? LOL

Click to expand...

idk i think the first guy seems legit

It's not only the replies that are spammy, it's the op. The whole thing looks like an xrumer-type setup.

Yup obviously spam, and davejug1 I couldn't say it better.

I would never declare bk for $17,000. You are going to ruin your credit for 10 years for a very small sum of money. Give it some thought. You can knock off the debt pretty quickly with some IM money.

I believe this was a great method to use Xrumer!

Q & A kind of but with a great story behind it!

Guess you do the same with Students forums or similar niche.

You will get great results and you will not get banned because it seems an helpful post!

Ads for free, isn't it nice?

Chicco