Should I file bankruptcy?

I am a 28 year old high school math teacher that ran up $60,000 in gambling debt on my credit cards. I take home $2200 a month and live in California. I rent an apartment for $675 a month and own a SUV worth $2500; I am single and have no kids. I have no assets and really no way of making the monthly payments on this debt. I have an appointment to see a credit counselor soon but am not all that optimistic that they can do anything to help.

I am current on all my bills right now but I am approaching the cliff. 1 month ago I had a credit rating of 730. In an effort to get more $ to gamble with, I applied for more credit cards; the resulting inquries into my credit caused my score to drop to 650. I want to stop the financial bleeding.

Will bankruptcy threaten my chances of going to law school; besides killing my FICO score, how else will bankruptcy hurt me. Any advice would be appreciated.

P.S. Just so you know, I am addressing my gambling problem.

Should I file bankruptcy?

No you shouldnt, because it wont eliminate the debt, and it will ruin your credit for up to 10 years or more...

Should I file bankruptcy?

Well Bankruptcy laws have changed if your not aware. Basically its more of a debt consolidation now, so i would personally do debt consolidation, maybe call CCC or a local debt consolidation place but make sure they are reputable cause i know some people that have gotten screwed with the wrong place.

Should I file bankruptcy?

You need legal advice, and what you get here is not especially reliable. Bankruptcy will not eliminate your credit card debt. Since you are employed and have an income, you will have to file under Chapter 13. However, bankruptcy can provide some relief, so I would advise you to see a lawyer and discuss everything with him.

I doubt there would be any effect on your going to law school. Bankruptcy has been common for many individuals and will be more so in the next few years due to the sub prime mortgage mess. You will have a harder time borrowing money or getting credit cards, which is probably the best thing that can happen to you. You can build up your credit over time, and if you avoid your gambling problem, live within your means, and meet your obligations on time as determined by the bankruptcy, you will restore your credit rating.

Should I file bankruptcy?

Well I think you recognize that you have racked up a bunch of bad debt. Now it is a matter of finding out how to attack this problem and pay it off. Filing bankruptcy can be beneficial to you and lessen the stress. Your credit score will drop a bit after a bankruptcy but it will begin to rise again after it has been reported for a while.

Actually, people will tell you not to file bankruptcy but maybe you would want to consider this:

If you go to a debt counselor, you will have the same sufferage as you would if you had filed bankruptcy. People won%26#039;t tell you that.

If you try to make payment arrangements with your debtors, they will still be upset and put you as a bad payor on your credit report and your credit score will continue to go down. They will report you late every month which will decrease your score. Even if they accept your payment arrangements, they will still report you as a nonpayer.

if you file bankruptcy, yes most credit card companies and car companies will frown on you but hey? You don%26#039;t want any credit cards and if you can keep your old car running it won%26#039;t make a difference. When I filed bankruptcy, I re-established my credit after a year and I have been able to keep my spending levels at minimum cause I know I can%26#039;t do it again. Some people will file bankruptcy and then go rack up huge amounts of debt again. Bad choice!

Should I file bankruptcy?

I%26#039;m glad you added that PS message in there. Taking care of your gambling is the first and foremost thing you need to do. I understand a little bit of what you%26#039;re going through, I use to live just outside Atlantic City and found it was better if I moved a hundred miles away.

Your credit scores will hurt you and they will hurt you in so many unexpected ways. Anytime someone is looking for a reason to disqualify you from almost anything, they will use your past credit history against you.

Without knowing the details of your financial situation I can only say as a rule of thumb try and avoid declaring bankruptcy. If you know a lawyer you can really trust, speak to him/her. See if there is a way of negotiating down your gambling debt. I would even include a conversation with gambler%26#039;s anonymous. Not only can give you moral support many of their members will be aware of legal remedies the general public won%26#039;t know.

Hey your a math teacher, didn%26#039;t you study probability? You have to know every gambling game is mathematically rigged against the player. Keep that in mind if you fell the urge coming on.

Good luck, feel free to tell us how things work out.