Please help me with your opinions on this..

mama2_3 · Nov 22, 2008

You will need money for your nursing school. Will you be able to get a student loan after you claim bankruptcy? Think about it. Best wishes to you. Hang in there.

missjennmb · Nov 22, 2008

I am far from a financial expert, but I would not think so much of your future job prospects when considering this as its effect on you and your goals for yourself (want to own a home/finance a car/etc). Sometimes filing bankruptcy is better than letting things go unaddressed forever. It shows that you want to address the problem.

This is a tough spot to be in and I'm very sorry that you are faced with it. Just know that you are not alone and I'm sure that prospective employers will take that into consideration in the future, especially as it is happening now, when there are so many unemployed and the economy is so bad.

49*1 · Nov 22, 2008

You will need money for your nursing school. Will you be able to get a student loan after you claim bankruptcy? Think about it. Best wishes to you. Hang in there.

yes i will be able to recieve student loans, stafford loans are need based. they do not base it on your credit rating. thankfully.

MrsBradyMom · Nov 22, 2008

I would not do it. Try to go the route of consolidation or through a credit counseling service first. I don't know what kind of debt you have but most creditors are willing to work with partial payments, especially if it's things like medical bills. Credit card companies are usually willing to work with you as well.

Yes, most jobs are now checking credit history to determine if you are a risk for theft.

One other thing, it's not just buying a house. What about a car? What if Stafford loans are not enough and you need supplemental loans? Your 24. How do you know you won't be purchasing a house in the next 10 years? Life can take many twisty turns. Please consider ALL your options before filing bankruptcy. 10 years is an awfully long time.

matilda123 · Nov 22, 2008

get a full time job and pay your bills. you made them you pay them. you can take your pre reqs and co reqs in the mean time, either on line or in the evenings. you will gain so much more from taking care of your self, like self esteem and pride in knowing that you did it yourself.

best of luck, you can do it!

justme1972 · Nov 22, 2008

hey everyone. i asked this question a few months ago and still cant make up my mind what i should do, but its come to a point that i need to do something. i am 24 yrs old and possibly claiming bankruptcy. i have decided that i am going to become a nurse and entered college, i am pre-nursing student right now, even working part time i will not be able to afford my bills. i thought of everything to avoid it. i have heard from others that it might discourage employers from hiring me if they run a credit check on me. i dont know if hospitals are doing this since im not a nurse yet. i would apperciate everyones feedback on this.
im so determined to finish school and get my RN, im just afraid this milstone ive encountered is going to hurt me in the future. i realize bankruptcy is terrible to have, but you can recover with time, it is a real lesson learned. i dont plan on buying a home or anything for atleast 10 years, and i know it takes that long to be removed.

The problem is, you may not be able to file for bankruptcy...at all.

Bankruptcy laws were changed about 3 years ago, and things that fall under the legal catagory of "financial mismanagement" is not a legal reason that is accepted any longer in bankruptcy courts to my knowledge. Bankruptcy attorney's were working overtime before the new laws took place for people to file b/c so many would no longer qualify.

See a bankruptcy attorney, but going part time or quitting work to attend school is a choice and not considered a hardship. Bankruptcy courts have a set criteria of what is considered a hardship.

I'm not saying I agree with it...just letting you know what you'll probably hear.

You can buy a home at good rates with a bankruptcy on your credit. Something appearing on your credit report and being "counted" is not the same thing. Once you have went about 4 years post-bankruptcy, and have re-established lines of credit, you'll be able to buy a home without going through legal loan sharks aka subprime lending.

Kevin RN08 · Nov 22, 2008

i'm not a fan of using credit agencies or bankruptcy, instead use the "power payment" method of paying debt, lower your expenses, and live within your means. getting a cheaper car will lower your payments and probably your insurance, cut the cable-nursing students don't have time for it, if you're living alone take in a responsible roommate.

power payments work like this: say you have 3 revolving credit accounts with minimum payments and balances of $35 /$1500 mastercard, $75/750 visa, and $15 / $2500 loan. so you have $125/month for revolving credit and an extra $150/month. take half of the extra 150 and add it to the $125, continue making the minimum payments plus the extra $75 goes to the lowest balance so instead of $75 for 10 months you send visa $150 for 5 months, then put the whole $150 toward the mastercard paying $185/month until it is paid then roll the $185 toward the loan making $200 payments until it is paid. here is a link to better explain

http://learningstore.uwex.edu/pdf/b3709_4.pdf

https://powerpay.org/ is a site from utah state university

additionally you had good advice on your previous thread. https://allnurses.com/forums/f8/please-list-your-opinions-subject-i-am-dealing-343450.html

kcochrane · Nov 22, 2008

We are in the process of filing for bankruptcy due to my husband being out of work for months with heart failure.

Yes the laws have changed, but it all depends on your debt ratio and income in whether or not you will pay something back. If your income is low enough, you may not pay anything back. Best bet is to talk to a lawyer - the initial meeting should be free - and go from there. It costs anywhere from $800-1600 depending on who you use, and they will expect that money before they file for you.

It will not effect you getting a federal student loan, but it willl probably effect you getting private loans. They say it takes 10 years before you get a mortgage or credit, but it won't be that long before you get offers, of course I'm not sure if this is still true with the current market.

As far as jobs, I ditto the poster that stated that to me it looks better to have filed and started again, then to continue with a bad debt load that you can't pay.

You do need to really look at your situation and see if this is your only alternative. Try debt counseling first, pick one that is non profit. They will tell you if you can work with the debt you have or it you have to consider bankruptcy.

Good luck whatever you do.

Daytonite, BSN, RN · Nov 22, 2008

in my 30+ years of working i never had an employer run a credit check on me that i know of and i had a federal tax lien on me for many, many years and a bankruptcy thanks to my ex-husband which killed my credit rating. and, i worked for the federal government at the time and went through an fbi investigation without a hitch. i have no idea where you got your information. who did you hear would not hire you because of a bad credit rating? that is just crazy. i did have one employer who, in addition to a criminal check (they all do that these days), had me do a psychological test to see if i had a tendency to steal. i thought that was laughable. like, what is a nurse going to steal? rolls of tape? what do i need paper tape for?

inspire · Nov 23, 2008

Look at all of your options and if possible don't file. I know so many people that have ruined their credit and with the economic slump, it is hard for people with good credit to borrow money. The financial world is changing and who knows what the future brings. Good luck!

Maybe you could borrow money from a family member and set up a payment plan with some interest to get you by until you are done with school.

TheCommuter, BSN, RN · Nov 23, 2008

Some of the more reputable employers perform credit checks as part of the pre-employment hiring process. When I was hired by Procter & Gamble many years ago, the human resource managers examined my credit reports, driving record, criminal background, and other reports.