My fiancé took out a 5k loan to go to school, then flunked out his first year. Now it's five years later, loan is about 8500, defaulted. His mother wants to go ahead and declare bankruptcy, since this will be on his record for 7 years anyways, but I definitely don't know what to expect in such a case. His wages are to low technically to be garnished but they take his tax refund every year. We are renting a house and each own a car, but neither vehicle is in his name.) we are planning to wed in October 2018. I have a very small credit card debt I've been paying steadily, and my credit score is decent.
I grew up in a very low income household and have a couple horrifying memories of having vehicles repossessed, once they even took the playhouse my father built. I would really like to avoid ever experiencing that again. I don't feel like I understand enough about the debt or loan legalities to make a smart decision.
Submitted August 19, 2017 at 06:06PM by peaches_mcgeee http://ift.tt/2uThBSG
