Quote:
Originally posted by daoist
thanks for the quick reply.
after losing one of my jobs I pull in about $1000 per month. I'm asking my boss if I can go full-time since I don't have another job anymore. I'm currently renting, and I'm a student.
if i declare bankruptcy, will i ever be able to get student loans again?
As it is right now it's like pulling teeth to get a student loan; i need a parent to cosign for me, even then it's iffy.
I'm afraid that with a bankruptcy i'll have to put off school for 7 years.
and of course, i can't pay for school myself :-/
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Hmm... It probably will be very difficult to obtain a student loan after bankruptcy, however, Bankruptcy does not necessarily eliminate all debt from student loans.
If you do declare bankruptcy, it doesn't mean that you won't qualify for any credit for the next 7 years, in fact, shortly after you declare it you will generally get a ton of offers for credit cards. (Of course, they'll probably have a 98% interest rate, a $12,000.00 annual fee, require you to sign in blood... you get the drift...) The reasoning behind this is because you can't declare it again for at least 7 years. For the credit card companies, that means at least 7 years of payments/and or 7 years of late fees, over the limit fees, etc that they will either collect on or write off as a deduction.
I have seen people that have declared bankruptcy a couple of years ago that have relatively high credit scores. The more time that passes between the present and a poor mark on the bureau, the less it hurts your score.
Anything else? Just ask... Thanks for posting!