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Additional Details
ok ... |
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lizzybh84 | Bankruptcy vs. Paying it off? |
My husband and I make about $32,000 a year, and not including my car, have about $10,000 worth of credit card and medical debt. All of these accounts are closed, charged off, and in the hands of collections agencies; most have been past due for more than a year. Our question is whether or not it would be wiser from a credit standpoint to pay off the debt little by little as we are able, or to simply declare bankruptsy on these accounts and start over. Would my credit look better after actually paying off these accounts, or if they were to simply not exist and be replaced with a bankruptsy? It has been suggested to me that I should make payments to these companies of $20 a month until they are paid off, but I have better than two dozen creditors and it would take an eternity to pay off some of the accounts that have a balance over $1000. Any suggestions would be appreciated. |
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All Natural Honey
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My hubby and I just filed bankruptcy, but we were about to loose our house. He made 100,000 a year, then lost his job due to company closing. He had no job for a year. Now he has a job, but only making half as much as he did before. We had over a 100,000 just on credit cards, and 3 months due on house pymts of 1,600.00 a month. Filing bankruptcy took away the credit card debt, and caught us up on house pymts,
There are two kinds you can do. One you don't pay any money back to the creditors, but they can take your stuff and sell it. That is chapter 7. The other you make a pymt to the bankruptcy court, and you don't lose any of your stuff. Chapter 13. We did the 13, and have to make a pymt of 300.00 per month for 3 years. It really has helped us out. If you can't pay the creditors more than 20 a month, you would probally be better off, filing for bkrptcy. It cost us about 700.00 to get it filed and you will need check stubs for the last 6 months, and bank statements for the last 6 months, also copies of all your bills. Or you could try consolidating all your debt, and maybe make one pymt to creditors. Good Luck |
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*****
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If you are lucky enough to get a bankruptsy, your credit will be shot, and you better be able to get everything you need in the future by paying cash. No one would extend you credit for a piece of bubble gum. |
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Studly
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I don't reallhy care for any of these answers...they are either too preachy (pay your bills) or don't understand your situation.
What jumps out at me right away is you have 20 creditors. Are all of these accounts overdue or in collections or late? If so, let me assure you that a bankruptcy will not do any more harm then 20 negative items on your report. It's already trashed.
OC's advice is fine if these are just slightly late accounts that haven't damaged your credit yet. You can work on fixing that. but not of they are all delinquent already.
But is bankruptcy the answer? I don't know your income or current financial situation. But I hate to see anyone file BK for just $10k in debt....it's going to cost you a lot just to file and go through credit counseling.
I'd be happy to give you some advice if you want to send me some specifics on your situation. |
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Randysgirl
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Pay it off, when you are all done you will glad that you did, believe it or not when you pay all of this off this will make your credit a ton better, try finding something that you might be able to do to earn an extra $50.00 a month and pay it towards something on top of making your regualr payment, I was told by loan officer a long time ago that bad credit is better than no credit meaning as of now you might have bad credit but when this is all paid and things are taken care of this will help you in the long run, 10,000 is way below the average household debt so filing bankrupcy would not be a good choice for you, call all of the creditors and see what they can help you with in making payments as long as you comunicate with them you will be fine, I have been in your shoes and things will get better. If you have anything of value such as a car that is paid off then you could try to get a loan from the bank to pay off some of the debt but remember if you use your car as collateral than you can't miss any payments or then you won't have a car either. Best of Luck! |
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Kent
|
Hi,
I used "Credit Solutions" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://www.tkqlhce.com/click-1813149-10467845 |
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Max
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If your having trouble now youll have more in the future declare and you can start rebuilding in 8 months to a year from the declare date buy a use car from a buy here pay here lot first then youll have not trouble in getting cards after that but even if you can efford to pay it all at once make payments on it so that its considered credit |
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OC1999
 |
Bankruptcy is the last resort as it has a long term effect on your credit. There is no minimum debt to file bankruptcy, what determines it is your ability to pay your debts. You say you have $10,000 in debt and about 24 creditors. That seems like you would have a lot of low balance debts. Since they are already in collections your credit is down anyways, so you should try to tackle them one at a time.
Instead of paying $20 a month on each of them. Make arrangements to pay as much as you can on the lowest balance one. So instead of paying the $20 to the 24 creditors you can pay $480 to one creditor. The collection agencies want payments as quick as possible. So if you can make 1 or 2 bulk payments they will be much more willing to work with you. Once that account is paid do the same thing for the next lowest.
However, do NOT send any money for any of the debts until you have a payment arrangement in writting. If you just send what you want in that may not even cover any interest or fees that they are charging you. |
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rebecca m
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Hun,chip chip chip away.its far better to pay off than declare bankruptcy.although it only stays on your file for a couple of years,in the future it will make it so difficult to obtain credit,companies always ask,have you ever been bankrupt,and if you say no and get found out you get done for fraud. |
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doxzor
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Bankruptcy will destroy your credit. Some places will allow you to work a deal out while paying off your debt, look for other ways to get around bankruptcy...it's not the only thing you can do. |
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iceman
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I know it probably doesnt seem like it, but 10k in debt is not all that much. I have been alot worse then you and manged to work my way out.
If you file now, you are screwed for 7 years. Dont do it. |
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