 Florida bankruptcy law.....? |
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 What is ones credit score after Chapter 7 Bankruptcy Discharge? |
| Hi, my husband & I filed Bankruptcy 11/20/2006 due to a local attorney coming after us for $3,500 in medical bills from 1998-2001. We had our hearing on 1/9/2007 and our bankruptcy is due to be ... |
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 Does this hurt your Credit Score? |
If you make a mortgage payment between your grace period.
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 Is my Credit Score good?? |
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don c | Bankruptcy vs. paying off debt? |
I am debating between filling bankruptcy and paying off my debt I have 12 - 15 delinquent accounts that have not received a payment (all charged off or in collections) in over two years including a repossessed vehicle (being sued for vehicle) my total delinquent debt is just over $15,000 I have another car loan that has only had a few late payment over the last three years. It will take about 3 years to pay off all accounts. In the long run would it be better for me credit wise to claim bankruptcy due to those accounts never being removed from credit report even if paid? I have spoke with a few banks and car dealership loan specialists, a majority have suggested bankruptcy, that I would be able to loan soon after bankruptcy and be able to rebuild credit from there. Wouldn't paying off debt look better on credit report than bankruptcy? I am confused. |
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slimthing
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wow. collection and bankruptcy affect your credit report negatively. try speaking to a bankruptcy attorney. collections are wiped of after 7 years while bankruptcy stays for 10 years.
http://answers.yahoo.com/question/index;_ylt=AhTG7VtOPA5ufviGTTfuOKetxQt.;_ylv=3?qid=20080513165838AA0UysI |
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alpla
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Always better to be noble and try to fulfill your obligations. Pay the debt! |
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bcyouletme
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Paying it off would look better than bankrupcy, but you have so many and you owe so much, it may be moot at this point. You should be thinking about keeping your head above water and the future. File bankrupcy and then start with a secured credit card for $500 or so. After a few months, you will start getting offers for low limits and high rates, but charge and pay them off and the terms will slowly get better. Bankrupcy is 10 years, so know it is an uphill battle, but everything else reports for 7, so it isn't much longer anyway. |
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Just M
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You can take 3 years to pay off Or no credit for 7 years ....
which one would you want ???? Plus your scores will drop and it will take along time for them to rise .
anytime you've bad credit did you know car insurance companies , power companies ,etccc all looks at your credit report , and once they check it out , that's where they figure how much to raise your car insurance or anything else , as far as that goes............... |
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Crazyjester9
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First off I'll say that I'm no expert on bankruptcy, but I'll tell you what I do know.
With all those delinquent accounts, your credit score has to suck right now, so you wouldn't be doing too much damage declaring BK. Plus, you'll get your debts discharged. You may qualify for Ch. 7, which means you do not have to pay back a portion of the debts.
So you basically have 2 choices.
1) Declare BK, your credit will suck for a couple years and you can come out of it.
2) You try to get your head above water, hope it works, and your credit score still sucks.
Seems like an easy choice to me.
If you do your homework, prepare, and know what to do after the BK filing you can have a respectable credit score within 2 years. Visit lifeafterbankruptcy.com where they have some free newsletters that can help you out.
You might want to check out this guy's previous answers. He knows his fairshare about BK and is a great source of info.
http://answers.yahoo.com/my/profile;_ylt=AjEIr6GxGnWwAuIVdWOmRGvsy6IX;_ylv=3?show=AA10423600
Good luck! |
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SlimMick
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If you are REALLY considering filing for BK, you might be able to use this as a negotiation tactic to do a settlement at around 50%...This can be a bit risky so be careful....some creditors might not respond will to such an offer and they might take legal action...at that point, you could always file for BK.... |
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NY PTK
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15K is really not alot. As long as you inform you creditors of your situation, they may be willing to work with you. Some will not, but such is life. You may need to agree to not use your credit cards to catch a small break from those companies...Bankruptcy will absolutely screw you long term. That is not opinion, but fact. Look up what your credit will go through online... You would be able to pay off that debt sooner with a second job...life will suck for awhile, but at the end you will have accomplished what many people only dream of. FREEDOM.
Slimick...I must disagree with your philosophy, though noble. Credit counseling and "settlement" are also bad news on one's credit report...remember we are talking 15K and not 100K.
If you take 15K and amortize it out over a 36 month period @ 24% (Guessing here), the payments are $588.49/month. |
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