When I sent out my announcement to my friends, I included a paragraph about how my parents were going to save me from my debt to avoid traditional bankruptcy. So some people have been surprised to learn that I met with a bankruptcy lawyer yesterday. I took my friend with me, because (a) she is the most non-judgmental person I know (2) her family has been in similar situations and (3) she went to law school. It took some convincing, but I managed to keep my parents from driving all the way down here, which made it more of "a meeting" instead of "a weekend spent obsessing over this."
The main reason I'm choosing bankruptcy over my parents bailing me out is that it gives me a true fresh start. If I were to borrow from my parents, I would owe them almost $800/month for the next 15 years. That's a lot like having credit card debt hanging over your head, even with a lower interest rate.
Plus they were going to take a home equity loan out to bail me out, and while they assure me that if I defaulted they'd still be fine, they also strongly encouraged me to consider bankruptcy. While I originally was adamantly against it, now it seems perfectly logical. It takes some of the personal sting out of it.
Besides, unlike my parents, once I'm done with the case, the state isn't going to analyze every dollar I spend until I'm 50. I'm glad they want to help, but my dad jokingly mentioned "the one night a quarter you'll be allowed to go out," and I did not find that funny.
The lawyer gave me a checklist, which really warmed my little project manager heart. He said he tells people who ask him what the next step is "consult the green checklist." Which reminds me of when I am a bridesmaid: "Consult the Run of Show!"
I'm sure there will be more emotional times ahead, but right now, I feel pretty good.
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