dishmal
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Bankruptcy is far worse than charge off. A charge off is a creditor who has decided that you are never going to pay them so they 'give up' on attempting to collect the debt from you. In most cases, charge offs are sold to other creditors who will then add on fees and pursue the debt.
Bankruptcy is one or more debts that you have said "I am never paying this, I can't ever afford to pay this, make the debt go away". You CAN file bankruptcy more than 1 time so long as you haven't filed for chapter 13 and haven't filed for chapter 7 in the past 6 years. |
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tonalc1
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Bankruptcy. A chargeoff means you didn't pay one bill. A bankruptcy means you were unable to pay all your bills. |
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Sandi A
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I believe a bankruptsy is worse. A charge off doesn't necessarily mean anything, its possible you cleared the matter up but they never reported that you did, however, with bankruptsy, it just means you can't manager your money and needed help to start over again. |
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jooker
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Neither are good. A charge off can be a disputed amount, though. No disputing a BK. |
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Wendy Jean
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Neither of them look good on your credit report, but a bankruptcy is most definitely the worst one. It stays on your report for 7 years and when you file for it, your credit score goes way way down. |
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londonhawk
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bankruptcy |
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Amanda H
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A single charge off isn't so bad-- if you've kept up wtih everything else, you can still be well within the 600's or so....but multiple charge offs, not neccessarily good.
Bankrupcies stay on for 10 years, charge-offs for 7. ... so take that into consideration. |
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Indie
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Bankruptcy,cause it is on your record for 10 years. |
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STEVEN F
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A bankruptcy is a court ordered charge off of all (or at least most) of your debt. That alone makes it worse than a single charge off. In addition, bankruptcies can remain on your credit report for up to 10 years. Other negative information such, as charge offs, must be removed after 7 years. While both are bad, neither permanently destroys your credit. |
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anvilsandinkstudios
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both are really the same thing, except one comes with the blessing of the courts. |
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sammie
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charge off is the worst.
bankruptcies are only allowed once, which is why it is easier to rebuild credit after a bankruptcy. |
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