I Went Back to School, Got Student Loans, But No Job. – Edith

“Dear Steve,

I am a single mother of two. I filed bankruptcy back in 2003 after I had lost my job and was unable to pay my credit card bills. I was unable to find a job after that so I went back to school to get my bachelor’s degree. I got my degree in 2008 and during those 4 years racked up student loans and credit card debts just to get by.

Still no job after graduation, I recently lost my child support and am working part time bringing home $430 a month. For the first time in years, I’ve started missing credit card payments cause i just don’t have the money.

My income is low and I can not pay my credit card bills. I owe about $15,000 in credit cards which does not include the student loans I’ve had to defer. I am not a home-owner and my car which is 8 years old is paid off. What are my options?


Dear Edith,

Your options are limited. The problem is the student loans. They can’t be discharged in bankruptcy and as long as they are deferred they will grow and grow.

It sounds like you are left with two choices.

  1. Increase income.
  2. Bankruptcy, again.

While you might not be eligible to file a Chapter 7 bankruptcy again right now, you may be eligible soon. Click here to find a local bankruptcy attorney and talk to them about timing issues to file again.

I’m wondering why you lost your child support since it sounds like you still have a dependent child.

Please update me on your progress by Damon Day - Pro Debt Coach

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