I have lousy credit, from things when I was 18, I was offered a few credit cards and thought I could handle it well needless to say I'm in debt up to my ears but I haven't bothered to file bankruptcy, although I have considered it even the new laws don't effect me so I could still file. Do bills just go away and or "fall off" your record or will they haunt me until I take care of them or file bankruptcy?? Thanks for all your adivce.
2006-12-11 14:00:30 · 12 answers · asked by kasey 2 in Business & Finance ➔ Credit
Have you considered trying to settle the accounts? This is where you agree to pay a percentage of the balance. They agree to not pursue any non-paid balance, list the account with a zero balance and settled on your credit bureau.
If you do this, get organized, do everything in writing, pull your bureau at the ftc.gov web site, annualcreditreport.com, keep records of all your payments, again do everything in writing and try to deal with the original creditor if possible.
After you settle you will need to pull your credit report to make sure they keep to the agreement, if not you send copies of your agreement and proof of payment to the credit buruea and request they correct the record. Since you say a few credit cards, I do not think you want to file BK.
2006-12-11 14:23:47 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
you bills will haunt you and turn into collections and court cases. Bankruptcy is an option, but i would make it a last option. go to www.mytotalmoneymakeover.com . It really helped me work out of debt and pay everything off. and now I own my own home. It's worth it because even if you file for bankruptcy, the credit offers will come in all the faster because your credit will be clear but it will still have a big stain for 10 years. I'd rather have a stain for 7 years and know that I did everything in my power to do what was right by paying off my debt. Being in debt is a trend anyway. Everyone does is because they see everyone else doing it. Dare to be different.
2006-12-11 14:29:45 · answer #2 · answered by a_nurse2b 2 · 0⤊ 0⤋
Bankruptcy will be on your record for 10 yrs under the new law. Your creditors will go away with this filing. You can immediately get credit if you have a decent job since creditors know you can't file for another 10 yrs they got you by the short hairs..So if you do file..you better walk the straight and narrow or your screwed. If you file and don't get credit say for 10 yrs..then credit will come rather easy and when asked say I didn't believe in it and paid cash..If asked if you ever files BK say no..it drops off your records after 10 yrs and credit agencies are forbidden to disclose it..after 10 yrs get a credit report from all 4 agencies see what they report to you then go for it..Good Luck
2006-12-11 14:13:22 · answer #3 · answered by flashrtp 4 · 0⤊ 0⤋
You only want to file bankruptcy as a last resort. You may contact them and see if something can be worked out with them. Negative information will eventually come off of your credit report. They could continue to come after you, but most will give up after several years pass. If they get a judgment against you, then it will stay on your credit for 7 years from the date of the judgment.
2006-12-11 14:31:27 · answer #4 · answered by Flyby 6 · 0⤊ 0⤋
My friend filled for bankruptcy. She had over 10,000 in credit cards, a new 20,000 car and some hospital bills. She filled everything in it and only had to pay a little over $150 a month for 5 years. She got to keep the car. (The initial car payment was $300 something a month) Now the 5 years have past and she and her hubby has just bought a new house and another car. I would contact someone and see if they could help you out or not.
2006-12-11 15:53:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes. Credit is like sex, some get it, some don't. It also can get better or worse. Hold off on BK unless it keeps a roof over your head. The records fall off your credit report after 7 years if you just quit paying on them. Pay what cards you do have current and stay current. This will improve your credit score over time.
2006-12-11 14:07:53 · answer #6 · answered by smiley0_1_1999 5 · 0⤊ 0⤋
They will haunt you for awhile, but not forever. They will show on your report for 7 years. Depending on the state you live in, they can sue you until the statute of limitations has expired. In some states, they can take you to court even after the item has fallen off the report and in some cases, the item will show up on your report after the limitation has expired. See the link below for your state's statute of limitations length.
2006-12-11 14:07:37 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
it truly is larger purely to stay the route. No retaliation, that's virtually no longer achievable to that end. I hardly ever attraction a contravention, yet I did for the answer to the question reported. i do not assume a restore, yet i'm giving it a attempt. If i do not favourite individual many questions, the reason being self renovation. we are meant to be having some relaxing alongside with suggestion presented from others.
2016-11-25 21:54:35 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Supposed to but it is rare for it to happen.
There are junk debt buyers and zombie collection agencies now.
About junk debt buyers:http://www.expert-credit-advice.com/junk_debt.htm
About Bankruptcy Read: http://www.expert-credit-advice.com/bankruptcy_facts.htm
Good luck
2006-12-11 14:14:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You may wish to consider meeting with a credit counselor. This could help you fix your financial situation. It could also help you rebuild your credit and avoid bankruptcy.
Make sure you find a credit counselor that has a satisfactory rating with the Better Business Bureau.
2006-12-11 14:34:39 · answer #10 · answered by Anonymous · 0⤊ 1⤋