we are trying to buy a home, but have open collection accounts. We are trying to get our credit back on track. what is the best way. Filing bankruptcy and/or paying off the collectioins accounts and settling the judgements???
2007-01-21 05:54:16 · 3 answers · asked by Gary W 1 in Business & Finance ➔ Personal Finance
If you file bankruptcy your credit will be destroyed for seven years. Chapter thirteen can help you with making payments to collections, but it still looks bad on a credit report. If there's any way you can settle the collections accounts It would be in your best Interest.
2007-01-21 06:05:22 · answer #1 · answered by Cherokee Billie 7 · 0⤊ 0⤋
Do your best to settle your credit situation now, even though you have items in collections. Contact your creditors directly and see what other repayment arrangements can be made. You will be surprised at some of the deals that can be made! Whatever you can do to improve your credit score is important in securing a low rate and low closing costs when applying for a mortgage. Good Luck!
2007-01-21 07:00:41 · answer #2 · answered by Mike 1 · 0⤊ 0⤋
sure you are able to document and get an instantaneous order battling the garnishment. The judgment has no longer something to do with the underlying debt. The question is what the debt is for and, contained while it comes to a automobile loan, it extremely is an unsecured debt which could be discharged in case you meet the talents for a ch. 7 financial disaster. in case you do no longer, you will document a ch. 13 financial disaster and the creditor will oftentimes get basically pennies on the greenback. you additionally can tell them you will document, and have a look into to artwork out a settlement settlement. superb of success to you.
2016-12-16 09:56:52 · answer #3 · answered by mundell 4 · 0⤊ 0⤋