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Additional Details
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stripes546 | Is it better to file for bankruptcy or just not pay a debt and have it 'written off'? |
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sandy
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Depending on how much the debt is, you could go either way. Bankruptcy does NOT eliminate your chances for obtaining a mortgage like others here have said. If you are going to file bankruptcy, continue to pay your bills on time while the bk is pending. I have seen people file bk and their credit scores have stayed above 600's after their discharge b/c they paid on time until their bk was finalized. If the company decided to write you off, it will report on your credit report as a "Profit and Loss" This is a negative rating just as bk is. The Profit and Loss will stay on your report for at least 7 years. What may also happen is the creditor will sell the debt to Collection companies who will also report to your Credit. Then that collector might sell your debt to another Collection co. and so on and so forth. Now that 1 debt could result in multiply collections on your report. When they sell in to another collector the 7 years starts all over. Bankruptcy attorneys charge around $1000. If it makes sense to file the bankruptcy then go for it. |
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Frank Castle
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When a bank "writes off" a debt it means your debt has been sold to a ruthless company that is very skilled in the arts of collecting debt from people refusing to pay.
First, they will break into your house and will steal (legally) everything you own (Including your bed), then they will steal (legally) your car and later they will garnish your money (This means they will get a Court Order to send your paycheck to them until the debt is paid in full)
I strongly suggest you not to file for bankruptcy.
A word of advice:
YOU DO NOT WANT TO MESS WITH THOSE COMPANIES. |
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Vancouver
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I am wondering about the same thing.But I think the second option won't work. |
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Studly
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You don't give us enough information to give a fair answer.
Without knowing how much you owe, what your income is, or other financial information it's foolish to even consider advising bankruptcy, as thylawyer did (and he's a bankruptcy lawyer too! Shame on you!)
Bankruptcy is always the last resort.
Your first task is to sit down and take a serious look at your budget. Then figure out how much you can afford to set asside for your creditors.
Now contact each creditor and negotiate a settlement.
For example, you call the Evil Credit Card Company. You owe them $10,000. Tell them you are considering bankruptcy, but if they will work with you it can be avoided. Offer them $6000, at $170 for 36 months (if your budget can handle it).
Respond back with more information about your situation and we will give some better advice.
Good Luck |
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Kat
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Neither, both will be on your credit history. This bad history will have an affect on future car and home loans. Also, your credit score is now order to rate your insurance. Bad credit makes you a higher risks and equals higher premiums. |
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thylawyer
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If a debt is "written off," the creditor gets a tax benefit, but the debt does not go away. It will be sold at a discount to someone who will try to collect it, suing you before the statute of limitations is up, then you will owe the debt, accumulated interest and late fees, legal filing and service charges and legal fees. It will get a default judgment, most likely, and then can levy on your house, car, bank accounts or garnish your wages. If you own nothing that is not exempt from execution and don't work, it can haul you into court periodically to make sure you can't pay. The judgment is good for 10 or 20 years, and in 10-year states can be renewed for another 10 years.
Bankruptcy is by far the better route. |
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Keri
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It depends, filing for bankruptcy can be a good thing if you can try not to incur anymore debt after you have filed, because then you'll be stuck in the same situation you started in. However, if you do file, your credit is doomed for the next 7-10 years. However, in that time you can attempt to obtain a credit card and work on building your credit back up again. If you have a bankruptcy on your record, it is very hard to apply for anything though. If you go to rent an apartment, they'll do a credit check and deny you immediately. Same if you go buy a car. However, if you don't file for bankruptcy and just let your debt build up, it can be extremely stressful. But, you never know..something may happen that would give you the opportunity to eliminate your debt. You should talk to a debt consolidator and see what they have to say. |
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old school
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Contact an attorney. |
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jhchang
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just because the debt is "written off" doesn't erase it from your credit history. "written off" means that the creditor has given up trying to collect the debt and has removed it from THEIR accounts. but you're still on the hook to pay the debt to whomever the creditor has sold the debt to, whether it be a collection agency or repo agency or whatever. and they will most certainly not give up so easily.
either option is not a good option, so buckle down, pay it back, and stop getting into debt. |
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alison_little5
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It depends how much you owe. If you go bankrupt you will have very little change of getting any credit or a morgage or anything for at least 8 years. If the debt under £600 you may be persuid to pay it, but its unlikely to go to court, you may occur ccj's. Another option is to transfere debt to a credit card which offers interest free for 9 months then transfer debt to another one. Yours bank may be able to help even if its them your in debt to by given you a new loan over a longer period. |
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bkrboyz
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IF YOU SIMPLY DO NOT PAY YOU CAN BE SUED,HAVE WAGES GARNISHED,HAVE POSSESSION REPOED ,ECT. IF YOU CAN NOT PAY EVER ! SEEK LEGAL COUNCIL. |
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Tabbycat
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That is a loaded question, and more information is really needed. Bankruptcy is for those who had honest debts, but something happened in their life that prevents them from paying back their debts.
If you have a lot of debt, and can't get out from under it, then see a bankruptcy lawyer first.
If you have one debt, such as a credit card - it probably isn't in your best interest to file bankruptcy. |
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mattderby11
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Do you own property (a house)? The easiest way to rid yourself of debt without filing bankruptcy or handling large debt payments is re-financing. This essentially wraps debt into your mortgage and consolidates your debts into one (mortgage) payment. I will let you know Chapter 7 is almost impossible these days and under Chapter 13, you're essentially going to court to work out a method to handle all outstanding debt. As previously mentioned, either one will damage your credit for years, taking away an opportunity to establish new trade lines (apply for credit or make any large purchases). If re-financing is something you want to look into, call me at 1-800-823-6095. Ask for Matthew Derby. I specialize in situations just like yours! |
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RocketMan
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Sometimes they don't just "write it off" they sell it to a collection agency that makes their money by hounding you until they get it back.
You may be able to negotiate to pay off part of it and have them forgive the rest. But if you don't pay off something they'll keep after you, and mess up your credit rating.
Next time don't spend more than you make. |
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mikeec79
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Debts are only written off in rare circumstances where a creditor cannot see any benefit in pursuing you through county court (ie you are receiving benefits and are incapable of work). If the debt is below £750 then the creditor can't petition for your bankruptcy (although court costs may increase the debt). However the creditor has other options available in any event, they can obtain a CCJ and then they can apply for an Attachment of Earnings (deducting money direct from your wages) or a Warrant of Execution (court bailiffs come to your house to remove goods).
If your debts are too big for you to repay within a reasonable amount of time and you can afford the £325 bankruptcy deposit and £150 court fee then bankruptcy may be the best option (as long as you don't have any property or other substantial assets). Go and see your local Citizens Advice Bureau first. |
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nesters2003
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Its best to work hard and pay the debt off. |
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