2006-06-22 01:39:06 · 4 answers · asked by baffled 1 in Business & Finance ➔ Credit
Not really - but you might be able to convince the banks to accept an immediate pay-back of 30% instead of a possible complete loss at bankruptcy.
2006-06-22 01:47:32 · answer #1 · answered by swissnick 7 · 0⤊ 0⤋
Yeah, Rob....so, um....your point? Can I assume you have been a victim of bankruptcy?
Anyway, to answer the question, the only way you could "dump" an unsecured loan is to not pay it and wait for the state's statute of limitations to expire. In most cases that means about 6 years. That assumes that the creditor doesn't sue you first. And it will certainly ruin your credit scores for 7 years.
If you have a lot of debt (over 20K) and no where near enough income, it may be your only way out. You can try to negotiate a payment plan or a reduced budget with them, but it's like pulling teeth any more.
2006-06-22 10:38:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No one wants to go bankrupt. There is no CEO who wakes up one morning and says, "This could be the day that we get to file for Chapter 11." That's not where we are. The Chapter 11 has become an effective tool for reorganizing a business, for transitioning a business from those poky, old-fashioned promises of the 1950s and '60s and '70s into that lean, mean fighting machine of 2006. ... Bankruptcy is less a culture and more a tool. It's more a device. It's more like a knife on the surgeon's table. Bankruptcy is the official, federal, formal way to take legal promises and just slice them off.
2006-06-22 09:01:36 · answer #3 · answered by Rod H 2 · 0⤊ 0⤋
Nope! Just pay them because it will ruin your ife. Credit is a very valuable and once ou ruin you will never get anything again-
2006-06-22 10:54:08 · answer #4 · answered by Utopia 4 · 0⤊ 0⤋