I have unpaid Medicals bills that are in collections (about 11, in the amount of 7,000 $$) With 2 positive current loans on credit report. Should I file for bankruptcy? Please offer Pro & Cons. Keep this in Mind I would like to purchase a home within a year or two.
2006-11-07 15:52:40 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
My wife is a bank manager. You can't buy a home with a conventional loan in a year or two if you file bankruptcy. Fight against it for as long as you can. I believe it stays on your record for seven years. Look for help from family and friends or private or public agencies who provide financial advice( They will work with your creditors in establishing a payment schedule.) Bankruptcy is your last resort. The government has made it much more difficult to do so in recent years.
2006-11-09 12:16:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
NO!! you will not be able to buy a house for about 7 yrs when the bankruptcy comes off your report and even then you will have to show your payment record has improved.. 7k is not horrible just make payments w/ the collection agency.
2006-11-07 15:57:56 · answer #2 · answered by uknowme 6 · 1⤊ 0⤋
NO.
Try some other way to overcome your problems.
2006-11-07 17:31:35 · answer #3 · answered by ju 2 · 0⤊ 0⤋
read this one so you will be enlightened
http://www.newhorizon.org/Info/before-you-file-bankruptcy.htm
2006-11-08 01:55:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋