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Question: Im 18 and in debt should i file bankruptcy?

(Posted by: jake on 2009-07-01 20:19:37)

2 hospital visits from anxiety/ panic attacks, i took the ambulence the first time. i am managing that better now but i make 400 a month and i owe like 3k and on top of that im helping my dad pay a 2.5k loan

Posted by: Maggie G on 2009-07-01, 20:27:57

You are not bankrupt with only $3000 in debt. Besides, it would cost you a minimun of $1200 to file. Do you live at home? Are you in school ( I know its summer, but you know what I mean)? If you are not in school, what about getting a second job and putting everything you earn toward your debt? You should speak with the hospital about your situation. They might be able to lower the bill based on your ability to pay.

Posted by: Juan Carlos on 2009-07-01, 20:30:03

Firstly, calm down a bit. There's no reason to panic and get yourself worked up about this. You should definitely not file for bankruptcy. I know it might seem like a lot to you, but $3k is not a lot of money. Bankruptcy is for people who owe hundreds of thousands of dollars. Who do you owe the money to? Is it a bank, credit card, loan sharks? How much interest are you paying on it? Is it one loan or a few loans all together. Work out a payment plan, put aside a certain amount of money each month that you can afford to pay off and do that. If you have a few different loans then you should approach a bank or finance company to lend up the whole amount you owe. You can then pay everyone else off and then you just have one payment to make to the bank every month. Whatever you do, don't get so stressed about it. It might seem a silly thing to say, but it's only money.

Posted by: path less travelled on 2009-07-01, 20:39:53

Nope...don't file bankruptcy. Since you are better at managing this now, you have only to know that you will continue to do so. One very important force and energy that will assist you like an invisible ally is to simply focus your attentions on assisting your father; put your intentions on that, which action mysteriously begins to conjure constructive energies in both your and your father's favor. Here's why: by proceeding in this manner, you are 'outflowing'; you are projecting something very constructive into the outside Fabric and Ethers: you are not indulging and fixating upon yourself, which habit of fixations ironically though yet not ironically, is the very seed and cause of your anxiety and panic attacks. When these said assaults arise and come upon you, find some means to outflow, have some 'genuine' and active device -- creative -- to displace the attacks. Coming up with new ideas and turns to assist your father at once buffers the fuel that drives these said attacks. Or simply go and do something that allows you to focus energy -- this may be something physical, emotional, or whatever is fit for that moment. You will know what that is the moment it begins arising: a mere well-intended walk for the sake of walking does abide miracles outright. Filing bankruptcy only addresses the symptoms, treating only the needs of the symptoms of something deeper, yet does nothing for the underlying causes itself. Thus go and do something for someone else, not yourself; and by doing so, you will have done the greatest thing for yourself indeed. And so that is a chief feature to the remediations of the nature to such attacks -- and, to the notion of filing for bankruptcies. Such filing would be only folly.