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Considering bankruptcy...

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  • Considering bankruptcy...

    I want to get an idea if you think it would be smart for me to try to file for bankruptcy.* Here is the background:

    I suffer from bipolar disorder.* Social Security declared me disabled in 2011.* My wife hasn't worked in about 2 years.* She last worked in May 2018 when she lost her job with Amazon.com.* We are living on my ~$2000 a month disability income with no money in savings.

    About $15k in credit cards
    $160k in student loans - $50k for her, balance is mine.* All are "Fed Loans" and not private.
    cars are paid off POSs - 07 with 210k miles on it and the other is a 94 SUV with 150k on it.* Both need lots of work

    My wife has tried to find a job without success.* She is very people adverse and has difficulty talking to others.*

    I went back to school after being declared disabled in the attempt to recover enough to return to the workforce; you can be fired from a job but it is quite difficult to be "fired" from a university.* I have done extremely well academically when you give me lots of accommodations but I have been hospitalized 3 times due to bipolar disorder while in school.* Most recently, I was hospitalized because the stress I had at school for not understanding subject matter and how it impacted me; I completely shutdown and couldn't care for myself.* I also failed that class and has resulted in me not being able to continue my education.

    Our total assets:
    $1000 in checking
    $200 in savings
    $5k in clothing and other personal property (a guesstimate)
    $5k in computer equipment such as 2 laptops, a NAS and laser printers
    Vehicles are not worth very much.

    Student loans are in deferment.* We are afraid of what the monthly payments will be once that ends.* We have done the Income-based Repayment Plans to see what our monthly payments would be - $0 is what they would be right now.

    What kind of questions should we be asking ourselves if we should decide to pursue bankruptcy?* Is it possible to get student loans wiped out under bankruptcy?* I have taken out loans since my disability and showed some success BUT I do not believe I will be able to go back to work despite this else I wouldn't have been hospitalized twice since then.* I WANT to pay them back but the question is IF I could work.* I know that they can be forgiven but that means I will take a huge tax hit.* Does that apply with getting them discharged?*

    I guess the real question is what do you think we should think about to determine if we should try to file for bankruptcy or to continue to try to survive like we are now - not that well.
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  • #2
    Sorry to say but you may not get much help as this is a UK site and few would have any knowledge of another country.


    • #3
      Originally posted by ploddertom View Post
      Sorry to say but you may not get much help as this is a UK site and few would have any knowledge of another country.
      I feel stupid now. :P


      • #4
        Easy mistake to make not stupid. Good luck


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