Just finished school, and right now i cant pay all my bills, my credit sucks, and not sure what i should do. Is it better to do debt settlement, or bankruptcy, or just like the bills continue to go unpaid until i get a real job and just have the creditor calling me every day?
2006-08-10 23:21:37 · 10 answers · asked by jeffman79 1 in Business & Finance ➔ Credit
Never ever go with a debt consolidation company. If you can set up a payment program with the original creditor, I'd go for it. If it's will a collection agency, ask for validation. Get proof the debt is yours and it's the right amount. If you debt is starting to reach the 7yr mark, I would just wait it out. If it's a really large amount of debt, I would go with bankruptcy. I would rather have bankruptcy on my credit report than have debt consolidation program on it.
2006-08-11 02:40:24 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
At this site you can solve your problem really fast: FINANCE-SOLUTIONS.INFO-
RE Debt settlement or bankruptcy?
Just finished school, and right now i cant pay all my bills, my credit sucks, and not sure what i should do. Is it better to do debt settlement, or bankruptcy, or just like the bills continue to go unpaid until i get a real job and just have the creditor calling me every day?
2014-10-01 01:50:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you hire an attorney and file for bankruptcy, the automatic stay will prohibit creditors from contacting you about the debts or taking action against you. Once the case is discharged, the creditors would be permanently barred from taking action against you.
If you do nothing, the creditors can keep calling you and writing you until the debt is no longer collectible. They can sue you and get a judgment. They can use the judgment to garnish your wages and take your your property.
One more: student loans are nearly impossible to discharge in bankruptcy. You need to consult a local attorney about your situation.
2006-08-13 03:06:34 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
Contact the creditor's and explain to them the situation. Tell them you don't want bad credit and will 'go the mile' to get the debts paid off. Then, live up to the commitment. Once you file bankruptcy, you'll be hounded forever, and will not be able to get credit for things you'll need in the future. Most creditors will work with you. Or, you can consolidate all your debts and have only one monthly payment. Check it out!
2006-08-11 03:35:40 · answer #4 · answered by skyeblue 5 · 0⤊ 0⤋
I'd Say Work Out A Payment Plan, Creditors Will Work With You As Long As You Don't Ignore, And They Get Some Type Of Payment A Month...Well Good Luck...
2006-08-10 23:24:47 · answer #5 · answered by iLL_TeK_NeekZ 4 · 0⤊ 0⤋
Looking For the Debt Settlement Program Thats Right For You
By: Jason Niesen
In this web site you'll find a wealth of information that can help you like this article. Also there are companies you compare different offers for you.
Good Luck!
2006-08-10 23:31:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In my resource box it has two articles that might help you situation. One is about choosing Debt management program to avoid Bankruptcy and the other one is related to student loan.
Hope it helps. Good luck!!
2006-08-11 12:53:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It depends on how old you are. If your bills are over $20K, I would suggest bankruptcy. Since your credit already is bad, bankruptcy can only make it better. Again, it depends on a few factors.
2006-08-10 23:25:57 · answer #8 · answered by temejo1 2 · 0⤊ 0⤋
consolidate your debts.
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
2006-08-11 23:43:55 · answer #9 · answered by curtain r 2 · 0⤊ 0⤋
Online Debt Consolidation would suit you....dont opt for bankruptcy
http://www.complete-debt-info.com/category/Online-Debt-Consolidation.html
2006-08-11 02:14:15 · answer #10 · answered by hen d 2 · 0⤊ 1⤋