I’m a 26 year old male who is a third year law student. I have a significant amount of debt. I have 26K in personal unsecured debt, and $211K in student loan debt. The student loan debt was amassed from attending a private university for five years and three years of law school. While in undergrad, I freely admit that I made horrible decisions when borrowing money. I financed my entire education instead of working to pay part of it off, and I borrowed way more than I needed to pay for school. This excess money went to pay for various things like an apartment, tv’s, stuff that a stupid 19 year kid thought he needed.
Along the way I began to pile up credit card debt, and while in law school I found myself borrowing excess student loan money to keep up with my bills. As I look back on it, I was just trading dischargeable debt for non-dischargeable debt.
After two years of law school I am pretty convinced I don’t want to be a lawyer. However, I feel like I don’t really have a choice due to my financial obligations. I find myself in a hole that I don’t really ever see myself crawling out of. I’m considering bankruptcy to get rid of the credit card debt because I will need that payment money to go towards my student loan payments. My student loans are a mix of gov’t and private loans. I currently have a part time job but can only work about 20 hours a week with my school schedule.
This is not the first time I’ve heard the exact same situation. And I can honestly say that I don’t think that perusing a career you don’t like is going to bring you happiness or success in life. How many successful people do you hear about that hate their job?
Before bailing on law school do you think it is worth contacting some practicing lawyers and asking them for feedback about the field? Maybe what you are going through is just a tight and stressful part of your life but you still have a passion for law.
If you decide that you’ve made a mistake and law isn’t for you then you should look at other options in life. You are still young and you have many years ahead of you. I’f rather see you overcome the debt but look forward to a life worth living.
So you could go bankrupt on the credit card debt, enter an IBR (Income Based Repayment) on the government debt to reduce payments and the private stuff, you’re screwed. You’ll have to make the minimum payments.
Do you think this approach makes sense for you?
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.