Talk to me about personal bankruptcy

[Anonymous]

I have 200k in at loans. A toddler (no support). Car note 300 or 400 (Hyundai fucked interest rate).
198k of st loans are fed. 40k in private student loans at adjustable rate
I'm ok with the fed loans.the private loans have been unwilling to talk. I'm pursuing CS now but at its height it might cover child care.
Salary is 130k. Should I look at bankruptcy or is this doable?
TIA

[Anonymous]

I don't think student loans are dischargeable in bankruptcy.

[Anonymous]

You will get out of this. What is your credit rating?

[Anonymous]

You can't get rid of student loans in bankruptcy anymore. (The law changed in the late 90s, I believe.) So it sounds like negative ramifications of declaring bankruptcy would not be worth whatever benefits you might get. Sorry, OP.

[Anonymous]

Anonymous wrote:You will get out of this. What is your credit rating?

553

[Anonymous]

Can you find a cheaper childcare solution, or cheaper housing?

[Anonymous]

Start with the car payment - try secumd.org (credit union) or something similar - see if you can refi the car into a lower rate, perhaps a longer term (if you are sure you can keep driving it- and I would) to give you a little more breathing room.

[Anonymous]

Tell us a little more about your monthly expenses and maybe we can brainstorm some ideas on how to approach.

[Anonymous]

OP is not refinancing a car loan with her credit score where it is right now.

[Anonymous]

I'm not sure what an "at" loan is, and is it added to your fed student loans of $198k + 40k of private student loans + $200k of at loans = $438k of debt? Or is the total $200k? It's not adding up. Please calm down and give us better numbers, and we can help you more. $130k should be a good salary.

[Anonymous]

Anonymous wrote:Can you find a cheaper childcare solution, or cheaper housing?

Im looking for cheaper housing. But, my cheaper (and in one stance more expensive) childcare was not as safe. Dangerous, actually.

[Anonymous]

Anonymous wrote:I'm not sure what an "at" loan is, and is it added to your fed student loans of $198k + 40k of private student loans + $200k of at loans = $438k of debt? Or is the total $200k? It's not adding up. Please calm down and give us better numbers, and we can help you more. $130k should be a good salary.

About 200K (at= was typo for student loans) . 168 Fed direct/ rest private adjustable.

[Anonymous]

OP, I've done an estimate of your budget, and you should be able to pay off the student loans. I looked them up and $200k of loans at 6.8 percent interest over 10 years would be a $2300 per month payment. If over 30 years, payment would be $1300 per month

I've made up a modest budget for you, based on what you've said, and you should still have plenty of $ left over (for retirement savings or extra loan payments). Where does the rest of your money go?

Budget Per Month

Gross Salary $10,833
Net $8,125

Expenses
Student Loans $2,300
Housing $1,500
Child Care $1,200
Food $750
Utilities $150
Car Note $350
Clothes $100
Gas $100
car insurance $83
Phone $60
MIsc $1,000


Total Expenses $7,593
Net $532

[Anonymous]

There's a section on the types of bankruptcy in Elizabeth Warren's book, "All your Worth." I'd recommend borrowing it from the library before you consider bankruptcy.

[Anonymous]

Anonymous wrote:OP, I've done an estimate of your budget, and you should be able to pay off the student loans. I looked them up and $200k of loans at 6.8 percent interest over 10 years would be a $2300 per month payment. If over 30 years, payment would be $1300 per month

I've made up a modest budget for you, based on what you've said, and you should still have plenty of $ left over (for retirement savings or extra loan payments). Where does the rest of your money go?

Budget Per Month

Gross Salary $10,833
Net $8,125

Expenses
Student Loans $2,300
Housing $1,500
Child Care $1,200
Food $750
Utilities $150
Car Note $350
Clothes $100
Gas $100
car insurance $83
Phone $60
MIsc $1,000


Total Expenses $7,593
Net $532

I think she would be taking home around $6000 after taxes and not 8125