Originally Posted by
flyman304
Does anyone know how to bankrupt these loans?
I know hindsight is 20/20 and we all make mistakes, but since I am a taxpayer I will go ahead and share my thoughts.
You are asking how to bankrupt your loans. By doing so you are essentially saying "how can I throw this burden on the taxpayer?"
My advice? Pay what you can until it's paid off. Negotiate with the bank, take multiple jobs if you have too, but PAY FOR IT yourself. Yeah, life may be tough for a while but YOU chose to accept this risk.
I am 26 and I have a 90k Key Alternative Loan from Key Bank. The loan is in default. Last year my W-2 was 24,000. I have been also paying for some high balances on my credit card.
One advantage that you have is your age. With the right coaching, motivation and support, you could have this cleaned up in 10 years or less - and learn some valuable financial lessons in the process.
A couple of guys have already recommended Dave Ramsey's
Total Money Makeover. Get it, read it, and live it!! You are probably going to have to make some radical changes in your life, but you are in a very unique and challenging situation. You are not the first person to face something like this, and you will not be the last. Many before you have conquered larger financial giants so it can be done. It is not in the least bit easy, but it is possible.