Virgil Said:

Considering Filing for Bankruptcy in Virginia?

We Answered:

Doing nothing is a really bad idea. If you get sued anyway. Do not ignore court papers if a creditor sues you, that is what will get you in trouble.

1 - the only other disadvantage i can think of is that it can adversely effect your ability to get certain types of jobs. You will be able to secure undesirable credit right away though. (reall high interest rates.

2 - Whether you have to file a chapter 13 and pay a percentage of debt depends on the means test, not real expenses, but I'm guessing you probably won't need a chapter 13.

3 - It depends on the job in the government you're looking into. In some positions I don't think it matters, in others it may make the difference because of security clearances.

4 - I don't know what the going rate for bankruptcies is in your neck of the woods, you have to ask the attorneys that do bankruptcy to find that out.

5 - Like I said, doing nothing is a bad idea. It's one thing if they haven't sued you, but once they do (and they do more often than that article makes you think) ignoring the problem doesn't make it go away.

Alfred Said:

I need finacial help. need to pay loans.please help?

We Answered:

Consolidate your loans. It won't hurt your credit rating or anything. You will end up saving a lot of money on interest.

Good luck.

Renee Said:

I owe $80,000 in student loans. Who should I consolidate with?

We Answered:

Your federal loans can not be consolidated with private loans (any that required you to have a cosigner) and about the only loan company doing consolidation loans now are Sallie Mae and MAYBE Wells Fargo. Those are your options.

Often times consolidation isn't a very good option. These companies don't do it because they are saving you money, they are doing it because they are getting MORE money from you. Often times the interest is higher than what you have, or if it is a tad less, the extended terms of the loan (you are going from a 10 year payment plan to a 25 year payment plan) actually makes you pay MUCH MUCH MUCH more money over the length of the loan regardless of the slightly lower interest rate.

And for what? Your payments are a few bucks less per month, but you pay on it until you retire. Not good!!

My advise, don't consolidate. Pay that loan off in ten years as the original loan stated and don't look back!!