K
kuret
Guest
I am 26 years old in the USA. I have been out of school for several years. I am at a point where I am paying the max amount I can a month for debt (see below). I desperately need $1500 to fix my car and also really need to pay off the IRS. I will get tax returns back but not $1800 to cover the IRS balance in full. I am waiting on a request at a small credit union for a $1500 loan to cover the car but am 90% sure they will want a co-signer. This is why I didn't request more. (I have no resources or options for a co-signer). My income is equivalent to my monthly debt payments, so I have been unable to bank any $. Even though it won't relieve my student loans, should I file bankruptcy? I really don't to but I feel like I have no options. I would appreciate any advice. As you read below, keep in mind I don't to file a dispute my parents as they are elderly, and I doubt that would get me anywhere, if even possible.
Here are more details on my situation:
1. total student loan debt = $45,000 / monthly payment = $300 (minimum amt I can pay at this point)
2. total credit card/consumer loan debt = $2,500 / monthly payment = $94
3. IRS debt = $1800 / monthly payments = $50
4. student loan in collections = $7700 / monthly payment = $100
*in addition I pay around $600 in rent, bills and car insurance, and this does not include any expenses (i.e., gas, clothing, food etc). My monthly income is barely $1500.
NOTES (in referencing the above)
1. my parents get a small social security check as they are retired, so I did not receive good financial aid when I was in school and had to take out a lot of loans.
2. Money Management International (MMI) manages this giving me low interest rates. This covers a consumer loan that went to bankruptcy (when my parents filed and they were paying it for me) and showed up on my credit. MMI tells me I can't aquire any more debt (i.e. take out another loan) if I'm ont heir plan even though i told them I need to fix my car. Is this accurate?!
3. (IRS) - this is from FY2005 where I was a 1099 contractor for my full time job. the balance keeps going up on my $50 payment plan because of penalties and fees, and I was late twice on a payment (by a few days) and now they are threatening to take my state and federal tax returns (levy). This is why i want to pay them off.
4. my parents failed to inform me about a loan bill that went to their address and by the time I handled it, it was very past due and they demanded a payment of $500 or it would go to collections. I could not pay this amount so it went to collections. The woman who worked for the state (loan admin) said it would still go to collections even if I paid what i could afford. They are also threatening to take my tax returns.
Here are more details on my situation:
1. total student loan debt = $45,000 / monthly payment = $300 (minimum amt I can pay at this point)
2. total credit card/consumer loan debt = $2,500 / monthly payment = $94
3. IRS debt = $1800 / monthly payments = $50
4. student loan in collections = $7700 / monthly payment = $100
*in addition I pay around $600 in rent, bills and car insurance, and this does not include any expenses (i.e., gas, clothing, food etc). My monthly income is barely $1500.
NOTES (in referencing the above)
1. my parents get a small social security check as they are retired, so I did not receive good financial aid when I was in school and had to take out a lot of loans.
2. Money Management International (MMI) manages this giving me low interest rates. This covers a consumer loan that went to bankruptcy (when my parents filed and they were paying it for me) and showed up on my credit. MMI tells me I can't aquire any more debt (i.e. take out another loan) if I'm ont heir plan even though i told them I need to fix my car. Is this accurate?!
3. (IRS) - this is from FY2005 where I was a 1099 contractor for my full time job. the balance keeps going up on my $50 payment plan because of penalties and fees, and I was late twice on a payment (by a few days) and now they are threatening to take my state and federal tax returns (levy). This is why i want to pay them off.
4. my parents failed to inform me about a loan bill that went to their address and by the time I handled it, it was very past due and they demanded a payment of $500 or it would go to collections. I could not pay this amount so it went to collections. The woman who worked for the state (loan admin) said it would still go to collections even if I paid what i could afford. They are also threatening to take my tax returns.