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Additional Details
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khellsee yo | Go bankrupt or not pay? |
im not sure what bankrupsy is everyone tells me don't do it. bc i will still have to pay it back. but right now im not paying on my credit card debt. so do it or just let it keep racking up? |
 |
 
Tori
 |
Why aren't you paying? It's hard to give advice without knowing more about your actual situation, but this is pretty general.
Don't declare bankruptcy if you can avoid it. It pretty much ensures that you won't be able to get any credit for several years. If you are able to get it, you'll be paying outrageous interest rates.
Depending on how far past due your accounts are and how much debt you actually have, you have a couple of options. Most companies won't negotiate any payment arrangements until you are a certain amount of months past due. The ones I worked for required that accounts be a minimum of 4 months behind. You can call each creditor yourself and try to negotiate a payment plan or settlement amount. Most will want a settlement upfront though, so if you don't have the money to pay it off immediately, stick to payment arrangements.
You can also go through credit counseling, which will contact all of your creditors to negotiate smaller payments, and often a much lower or suspended interest rate. You will then pay them a set monthly amount and they will pay each creditor. However, if you fail to pay the counseling service, they will notify your creditors and all the agreements will be canceled. Bad idea because they won't want to work with you again. Also, make sure the agency is non profit. You should never be paying more than a small fee for the service (I usually heard around $10-20) If they try to charge too much, leave it because you could be putting that extra money toward your actual debt.
Either way, delinquencies will be on your credit for 7 years, but accounts that are brought current rather than written off look much better. |
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David R
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Try to negotiate with your creditors. You can probably get a much lower price to pay off the cards. Maybe you can set up a cheaper payment plan. Also you can just not pay for now. They will call you and say all kinds of threatening things, but if what you owe on an account is lower than about $10,000 they are not likely to take you to court, because it would probably cost almost that much with no guarantee you wouldn't go bankrupt to avoid paying the judgement.
The people who are calling you are not really the ones you owe the money to. They will call and make a lot of noise, but if they don't get anything from you, they will give up, and the creditor will try someone else.
The right thing to do is to pay what you owe, but if you can't do it right away, don't sweat it. It will hurt your credit, but once you pay off everything, you will start getting offers of credit again in pretty short time. After seven years, your record will clear up. A bankruptcy stays on the record for 10 years. |
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Gem
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With such little info we can't help you.
How much do you owe? How many companies? How behind are you? How much do you make? Where (what state) do you live in?
Depending on the state you live in, the debt is going to stay with you for at least 7 1/2 years (average) after your last payment to the creditor. AND the creditor can sue you at any time up to the statute of limitations for your state.
You are killing your credit and this will make EVERYTHING harder in your future. You may get turned down for some jobs (many bosses run credit checks), your car, house & health insurance can go up and even your credit payments can be increased with OTHER companies for not paying your bills.
Good luck. Maybe taking a second (or third) job for a few months would be the easiest way to "fix" this. |
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danesgirl74
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Avoid bankruptcy at all costs. You might want to get a debt consolidation loan from you banking institution to pay off your debt and have a lump sum payment that would be lower than what you are paying now. |
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Galvan
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Depending on how long its been since you've last attempted to pay on the debt, Debt consolidation loan might not be an option anymore. Bankruptcy is not as easy to file for either. I would seek a reputable credit counseling firm and see what they can do for you. Credit in the near future might be out of the question but if you can get your payments down and keep up on them you should be in decent shape within a year or two. Trust me when I say two years will fly by and someday you can look back and say c-ya credit card debt. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my loans and avoid bankruptcy.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://yatuc.com/bid |
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SheilaB
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You can get a consolidation loan to lower all your bills into one monthly payment. If you still have things that are not charge offs then you need to try to get them paid. You can call the collectors and sometimes get them to work with you. |
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Emanon
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There a two types of personal bankruptcy. Chapter 7 eliminates all your debt, Chapter 13 you pay back the creditors all or some of what is owed. Some monies cannot be filed under Chapter 7, i.e., back taxes, student loans, those would be required to go through Chapter 13. Personally, I feel Chapter 7 should be outlawed totally and everyone should be required to file Chapter 13. If one gets into debt, one should work to get out of it and learn a life lesson. If Chapter 7 lets everyone not pay, no lessons are learned. |
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zipper
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Honey: the new laws will make you pay every thing back, and it takes longer as well. Contact your credit cards and ask if they will give you a lower rate of interest, agree to stop using the cards until paid down, pay off the lowest card first then after that card is paid off divide that payment between the other cards or apply it to the next lowest amount card you have. MOST credit companies will work with you. As you pay off a card get rid of it!
It is hard, but if "U" go bank rupsy: you have to pay the court up front, the lawyer up front and then a set rate to each creditor: It makes it harder to get out from under your problem, You would be better off using that money for the court and lawyer to pay down what you owe. |
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Eye of Sauron
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Bankruptcy laws have changed. You will be required to go to credit counseling so you may explore that first.
You could not pay and risk being sued. However the statute of limitations on being sued is four years from the time you last paid good. They can send collection agents after you for a long time but after 7 years it has to go off your credit report.
Federal law says you can not owe a bad debt past seven years. This does not include student loans or taxes. |
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