Struggling with finances... Don't know what to do anymore

[Anonymous]

OP here again. I don't think bankruptcy would be a solution. We only owe $13,000 in credit card debt. Student loans can't be discharged in bankruptcy for the most part. We would have to continue paying the car anyway since we need it for DH's job. I don't think ruining our credit for $13,000 would make sense.

[Anonymous]

Anonymous wrote:We deferred (or rather, went on forbearance) on my federal loans when I lost my job. We went to a mid-first tier law school. The only reason DH is even employed at all is because he graduated with good grades.

I regret going to law school pretty much every second of every day. I scored well on the LSAT and I had good grades in college, so I always assumed I'd get good grades in law school, become a gainfully employed lawyer, etc. I was NOT cut out for law school at all, and I graduated at the bottom of my class.

Our private loans won't allow us to go on forbearance. Our parents live in a part of the country where 65K jobs are unheard of, so moving closer to them would be even worse for our finances.

The good thing is that DH works for a non-profit, so his loans will be forgiven in 10 years.

We appealed already; the insurance company absolutely refuses to pay.

I don't think selling the car would make things significantly better because our rent would go up (pretty much in the same amount as our car payment) if we lived closer to the Metro.

Gah!!!

sorry to hear this. law school is definitely a scam now-a-days. is there a way to get as much credit card debt or other debt now, and use it to pay off the student loans, even if at high interest rates, then wait 6 or so months and THEN file for bankruptcy? i.e., a way to get the student loan debt discharged? the bankruptcy court can claw back a lot of transactions, but I think there is a time limit involved. I'm sure others have tried this, so its probably impossible, but good luck.

as for your and your husband's job prospects, hang in there. I think law school is COMPLETELY WORTHLESS for now law jobs, despite what others will try to tell you, but I wouldn't take if off your resume just yet. Try temping and maybe you will get an in-house position. A friend of mind was in the bottom his law school class at MD, and now he is in-house practicing sophisticated energy law. He hated "law" as you do, but you would be surprised how far away from "law" some in-house positions (or even govt positions in specialized fields) are.

[Anonymous]

I don't want to out my hubby (I'm pretty sure we're the only people in the DC area from our school), but we both went to a law school where tuition was around $40,000 a year. $80,000 x 3 = $240,000. Living expenses added another $60,000 to that, I think. We both went to state schools for undergrad and loaned around $8000/year. That + interest = approximately $370,000 combined.

To make matters worse, I discovered this website called lawschoolnumbers.com, and nearly everyone from our law school with my LSAT score received scholarships of at least $20,000 a year at our school. WTF?

[Anonymous]

Can you move to a much cheaper place, so that you can live near the Metro? I live in Prince George's County and we make do with metro and the occasional zipcar or bus.

How many kids do you have?

[Anonymous]

Move in with your parents. Even if you are making less money, you don't have living expenses.

[Anonymous]

OP again (I forgot to identify myself in the previous post). Thank you for all your responses!

I actually count myself lucky for my DH's job (even though it pays like crap). Our former classmates are completely unemployed (though most don't have kids yet, so that's a relief for them). I read in the Wall Street Journal that a large % of law school grads are working temporary minimum-wage jobs... My classmates aren't even doing that. They're completely, absolutely unemployed.

I am thinking about attempting a new career. Does anyone know of any careers with good employment prospects? I considered nursing, but I'm not good at math or science.

[Anonymous]

Anonymous wrote:
sorry to hear this. law school is definitely a scam now-a-days. is there a way to get as much credit card debt or other debt now, and use it to pay off the student loans, even if at high interest rates, then wait 6 or so months and THEN file for bankruptcy? i.e., a way to get the student loan debt discharged? the bankruptcy court can claw back a lot of transactions, but I think there is a time limit involved. I'm sure others have tried this, so its probably impossible, but good luck.

OP is essentially doing just that by putting living expenses on the credit card because they can't afford to pay the utilities.

I assume though her husband would have a hard time working as a lawyer with bankruptcy on his record -- although that only lasts for what, 7 years? meanwhile he needs to work 10 at the non-profit to reduce his loans. OP would it reduce all his loans?

[Anonymous]

Free job search help: http://www.beltwayjobsearch.org/

[Anonymous]

Anonymous wrote:Can you move to a much cheaper place, so that you can live near the Metro? I live in Prince George's County and we make do with metro and the occasional zipcar or bus.

How many kids do you have?

I agree with this.

I also live in PG county, walking distance to a metro and housing around here is pretty affordable compared to other parts of DC/MD/VA

[Anonymous]

Anonymous wrote:OP again (I forgot to identify myself in the previous post). Thank you for all your responses!

I actually count myself lucky for my DH's job (even though it pays like crap). Our former classmates are completely unemployed (though most don't have kids yet, so that's a relief for them). I read in the Wall Street Journal that a large % of law school grads are working temporary minimum-wage jobs... My classmates aren't even doing that. They're completely, absolutely unemployed.

I am thinking about attempting a new career. Does anyone know of any careers with good employment prospects? I considered nursing, but I'm not good at math or science.

OP, whatever you do, you need to choose a career that does not cost ANY MONEY to enter. You do not have the money to afford any kind of training. So unless you get a complete scholarship, I would stick with earning money by using the degree you have in some way and just building on that.

Or, as you are apparently a stay at home mom at the moment, do what lots of us do who stay at home -- watch other people's children.

[Anonymous]

Anonymous wrote:I am thinking about attempting a new career. Does anyone know of any careers with good employment prospects? I considered nursing, but I'm not good at math or science.

Ummm....You need to find a job and career which DOES NOT require you incurring more student loans. There's no way you're going to get the current paid let alone incurring more.

Try temping. Maybe you can at least get some temp jobs, but honestly, you are really stuck. It's going to be hard paying for childcare.

Try and get a job stocking at night while your husband is home with kids. You will get a premium for working nights. Work weekends while your husband is at home. This way you can at least job hunt during the day, but bring home some additional money at night and on the weekends.

[Anonymous]

I'm the OP. Actually I've been thinking about doing that! How do you do that? Do the kids just stay in your living room? We live in a townhouse so there's not a lot of space... How much do you charge per week to watch other people's kids? Do you just advertise on Craigslist?

[Anonymous]

OP again. I tried to get a night job at the grocery store but the manager lady laughed at me when she saw that I went to law school. I interviewed for a $45,000 job at Georgetown last week but the manager said it would take "two to three weeks" to get back to me. I nearly freaked out and cried, "I can't WAIT another two to three weeks, my bills are due NOW."

[Anonymous]

Anonymous wrote: Our parents live in a part of the country where 65K jobs are unheard of, so moving closer to them would be even worse for our finances.

Do you have supportive family? See if you can move back in with one of your parents as a temporary measure. Live there, hopefully family can help with the kids, and get whatever kind of work you can.

Have your husband rent a room in someone's house for $400/month and stay here. Work his job and work a second job.

Everyone just save as much money as you can for 2 years and get yourself as much out of debt as possible.

I don't see any other option. You owe a LOT of money and none of it is subject to bankruptcy.

[Anonymous]

*I did not really say that; I was just thinking that (though I think the manager could sense my desperation when she said it would take to to three weeks to get back to me)