Please list your opinions on this subject i am dealing with.

mazy · Oct 25, 2008

I was in the same position, with about $1200 in debt monthly, which was increasing all the while I was having to put off paying one bill to pay another. My bank gave me the name of a debt management program and I was able to consolidate my debt. I had to close down my credit cards -- although I think you can keep one open, it was my choice to cut off all my lines of credit.

They spoke with all my creditors and arranged payment plans at greatly reduced interest rates, with fixed monthly payments. I'm paying about $400 less a month than I was and my debt will be paid off in four years, rather than the ten years I was looking at.

Also, I make a payment twice monthly (to the debt management agency that they then disburse to my creditors) instead of in dribs and drabs all over the month, which I could never keep on top of, given that my fixed expenses -- rent, utilities, transportation, etc. all hit me at the beginning of the month and then I ended up scrambling to find the extra money to cover my debt. Always ended up with late fees and finance charges and phone calls from angry creditors.

No more calls!!!!!

It took a couple of months to get things set up, but in the meantime they were speaking with all my creditors and I was able to get a month of not having to pay out anything, which gave me a lot of breathing room and eased the transition to go to a cash only lifestyle.

At the moment I have been living cash only for about six months and it is just a wonderful feeling, and on top of that, I actually do have money in my pocket. I even set up a savings account.

I highly recommend it.

Only thing is to be careful about the agency you choose, make sure it is reputable as there are a lot of scammers out there. First step would be to talk to your bank.

:nuke:

LSRNgrad2008 · Oct 25, 2008

I don't think that filing bankruptcy will necessarily affect your job search per say, but it will affect your life. I would be hesitant to do this. Look at possibilities, you are young, so going part-time to school is an option, can you move in with a family member? Can you get a roommate? Can you sell your car for a cheaper one, or refinance? Can you take out a loan to consolidate your credit cards, loans, and car payment into ONE payment at a lower rate? CHOP up your credit cards. CAREFULLY look at your spending, when I was in school.....I got rid of my cell phone it was $50 bucks a month that I didn't need to spend......we survived FINE before cell phones, and they are a luxury not a necessity unless you are a parent. What are your utilities? Do you have basic cable? If not......get it. You definitely need to look at your budget........ are you an impulsive shopper? Do you spend a ton of money on weekends with friends? These are all avenues you need to look at before you make any decisions about going to school and or filing bankruptcy. As far as jobs looking at that....some do and some do not, it would suck if the job you wanted did.

Baloney Amputation, BSN, LPN, RN · Oct 25, 2008

I have never had a job do a credit check on me, which is a good thing. My ex-husband freaking ruined any semblance of good credit that I had, and we filed bankruptcy at age....get ready for it....21. Yes, I took a 1-month-old baby to bankruptcy court. That was one of the most humiliating experiences of my life. I'm 29 and still couldn't get anything to my name. Anyway, fortunately, he is my EX. I had excellent credit before him, but I was stupid and in love, and he was persuasive and needy, and on and on....

Now, first things first. I would wholeheartedly recommend Dave Ramsey's book The Total Money Makeover. It's at many libraries as well as the audio version. Get it. Even if you are not religious (I'm not!), he has great advice and steps to take. He has some religious overtones, but not enough to water down the extremely important message about debt and getting out of debt. Really, it's good stuff.

I would be afraid that if you filed bankruptcy, and this is just because I've seen it on my end (remember my ex?), that you would go into debt again. It's not that difficult to get credit cards and car loans at mega high interest after a bankruptcy UNLESS you kick the debt behavior first. I hope it doesn't sound judgmental of you--I don't know you and don't want to sound like a buttmunch. I've just been there, you know?

I graduated LPN school two months before my bankruptcy, so I know it is possible to do nursing school, take out more school loans (which you cannot claim on a bankruptcy), and do well in the midst of money insanity, if that is any consolation. I still also highly doubt that a bankruptcy would be held totally against you in a nursing job. You will have coworkers that have filed bankruptcy. Sometimes this happens because of divorce and/or medical bills being out of control.

Debt just is hard, hard, hard on everything. If nothing else, read or listen to that book for some insight. YOU CAN DO IT.

:up:

rwright15 · Oct 26, 2008

I agree 100% with HonestRN. That is the rationale for the credit check. Also, I know this. Some places will not even insure you (automobile, home) if you have filed bankruptcy. When I went for homeowners insurance, that was one of the first questions they asked. They didn't care if it was ch 7 or 13.

litbitblack, ASN, RN · Oct 28, 2008

First of all, you can work and go to school. You need to write down all your bills. The totals not just monthly payments. Look at what you have to have monthly. Utilities, rent and such. Then look at your extra stuff. If you have a car, shop around for lower insurance. I have changed twice in two years due to lower price. Also, look at your phone, alot of companies will combine like internet, phone and cable into a lower price than having them all separate. Then look at stuff your paying off ex furniture, credit cards, personal loans ect. and start paying the lowest one first. when you get that paid off take all that money and move to the next one. You need to set aside a certain amount to pay whether it be minimums or whatever and then the lowest one i would pay extra on. when that one is paid off add that payment to the next one and so on. There are many ways to pay off debt without filing bankruptcy. I accumulated alot of debt as single mo m working parttime and going to school full time. It can be done it just depends on how hard you want it.I wouldn't put it off cause there would always be another reason to not finish school.

HappyPediRN · Oct 28, 2008

ICU123, my monthly bills while in nursing school were exactly $1400/month. I had half the rent, bills, $300-$400/month in credit card payments, my car loan, car payment, plus the expenses of everyday living that weren't factored in. I DID complete nursing school and I worked my butt off to do it. I had to move 60 miles from my family on my own to go to school. I completed a 4 year program in 2 years & 8 months by going to school year-round, and I worked three jobs 40-60 hours a week while taking a minimum of 18 credits each semester until my final semester of nursing school. I had the occasional set-back with financial aid and a few times where I felt like I'd reached serious roadblocks but I always found a way. I had to take out extra in student loans to help me and I still have over $9k in credit card debt because I just made the minimums during school, but I wouldn't trade the experience for anything. It CAN be done if you're determined. I graduated Magna Cum Laude and receiving my diploma was the most special day of my life (next to getting engaged) because of how hard I worked. I REALLY earned that BSN. It was the hardest thing I've ever done...did I have the occasional breakdown? Yes. Did I have every instructor and advisor tell me working so much was impossible and I'd end up failing out? Yes. But guess what? They were the ones who hugged me tightest during pinning and gave me incredible written recommendations when it came time to find a job. You can do ANYTHING if you are determined enough.