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It would be a very easy decision I think. Can you rebuild your credit in less time than it would take you to pay off your loans? If you're still going to be pa

• simplify 6y ago
  What if you need do anything significant with your money in those 7 years? Like rent an apartment? Have a car to get to work? The debt doesn't just magically go away. Chapter 7 requires liquidating assets, and chapter 13 requires paying some loans back anyway. And besides, I don't see why loan companies couldn't require cosigners to reduce risk on these college loans.
  • bobbydroptables 6y ago
    >Like rent an apartment? Have a car to get to work? Then you rent an apartment or buy a car. Are you implying you can't do this after bankruptcy? It's much easier to do these with a bankruptcy on your "record" than with a $1000 monthly payment.
    • simplify 6y ago
      I'm implying that these things are affected by your credit score.
      • deleted 6y ago
        [deleted]
      • lozaning 6y ago
        Cash is King If you've got an 800 score and no money, no one will give you a loan. If you've got a trash credit score, but an extra $1000 that isn't going to loans, then you can 'afford' to get fleeced on 36% 72 month auto loans for 7 years until your credit is rebuilt.
        • bhupy 6y ago
          Depending on the market, I can’t imagine it being easy/straightforward for someone with “trash credit” to find a landlord willing to lease an apartment at the market-rate. That $1000 is likely getting spent no matter what, either in repaying loans, or paying a premium over the market rate to get a landlord to agree to lease you an apartment instead of someone with an 800 score.