Personal Bankruptcy Filing bankruptcy and being a college student

My wife and i are getting killed and most likely will have to file for bankruptcy but where both in college and shes about 1 semester away from being done im 4 semesters. Not asking about the student loans but if we filed for our other debt can it effect me going to school next semester or prevent us from going/finishing?
After filing will we have to quit mid semester.

THanks for your time

Originally posted by sandason
My wife and i are getting killed and most likely will have to file for bankruptcy but where both in college and shes about 1 semester away from being done im 4 semesters. Not asking about the student loans but if we filed for our other debt can it effect me going to school next semester or prevent us from going/finishing?
After filing will we have to quit mid semester.

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This is a good question and I don't know the answer. I do know on the current loans you might be able to get a deferment (the loan payment is delayed and does not accruse interest) or a forbearance (loan payment delayed but accrues interest) but these must be applied for. You may need to speak to your university's financial aid office about what happens if you do declare bankruptcy as they might be the best source...

jobs

If I were you, I would also consider that some companies do credit checks on prospective employees. I would try to determine how much of an effect this might have on my future jobs prospects. Perhaps none, perhaps a lot. Been a while since I job searched.........

Just reading this, wanted to add, insurance agencies are also running credit checks, and charging higher rates to insuree's with bad credit, or not providing them coverage at all.

I'm also considering bankruptcy, but if I could just get a workable budget, and a wife to follow, I think I can keep from it.


Is it worse on your credit to file bankruptcy, or have late payments every month, or no payment one month, two the next???