I have good credit with the exception of a couple of 30 day lates earlier this year. I am going through a divorce, and can forsee finances changing greatly. I'd like to salvage my good credit rateing if at all possible. I am considering a chpt. 13, or just trying to stay strong eventhough I will endure many 30 day lates. What route should I take? Please help.
2007-09-20 08:02:51 · 8 answers · asked by sunshine 3 in Business & Finance ➔ Personal Finance
If you can avoid filing, do so.
But that doesn't mean you should just pay late. Talk to your creditors. Explain your circumstances, and tell them that you're in a temporary pinch. Ask them if they would consider changing the terms of repayment.
Explain that you're not asking for a reduction in interest rates, and you're not asking them to eat any of the loan, but you'd like a 60 day "vacation" from making payments, so that you can get your affairs in order and then resume making payments in a timely fashion.
Most credit managers will agree to that.
2007-09-20 08:12:05 · answer #1 · answered by Anonymous · 3⤊ 0⤋
I went through the same thing after I got divorced, starting seeing someone else and he pretty much RUINED my credit (he was using it w/o my knowledge) I don't recommend bankruptcy at all. I had perfect credit! I bought a brand new Volvo in Dec. 05 by myself, by the time the guy I was seeing was done with my credit (6 months later) I couldn't even get approval for a Home Depot card. SUX! Anyway, I have recently remarried and we bought a house but it was so hard to get me on the loan and we had to take a huge interest rate. It's really not worth it unless you are really bad off. Plus, it is harder now to file then it was 2 years ago for me. Good Luck!
2007-09-20 15:13:24 · answer #2 · answered by Brandy R 1 · 1⤊ 0⤋
Don't file bankruptcy just because you foresee the possibility of your finances changing.
30 day lates are NOTHING compared to 90+ lates and your accounts being charged off, so if you're worried about 30 day lates...don't be.
Take this time to plan in advance and eliminate extras you don't need...bankruptcy should ALWAYS be the last option, and it is never best until you're WAY down in the well.
2007-09-20 15:19:19 · answer #3 · answered by Anonymous · 2⤊ 0⤋
if I was you personally I would see it through because a few 30 day lates is nothing like a chapter 13 on your credit stay Strong and good luck!
2007-09-20 15:09:12 · answer #4 · answered by Rick K 3 · 1⤊ 0⤋
I would suggest riding out the tough times. Bankruptcy will defeat all your previous efforts to maintain good credit.
2007-09-20 15:13:11 · answer #5 · answered by Alan F 2 · 0⤊ 0⤋
Hi,
I used "Credit Solutions" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://creditsolution.easyurl.net
2007-09-20 16:53:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Bankruptcy will trash your credit for 10 years .
Why would you plan bankruptcy for some late payments ?
The court probably won't even consider it for just late payments .
But check with nolo
http://www.nolo.com/article.cfm/catId/462A9501-9B21-4E09-A08C5A7B8AF51A79/objectId/B0B66870-4C52-4303-919B10B9611D3EF9/213/161/ART/
>
2007-09-20 15:52:42 · answer #7 · answered by kate 7 · 1⤊ 0⤋
I would suggest you read the article "New Bankruptcy Law – Where’s The Consumer Protection?" you can view it at:
http://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm
http://www.new-jersey-lawyers-directory.com
http://www.las-vegas-nevada-lawyer-attorney-legal-injury-defense-directory.com/las-vegas-bankruptcy-lawyers.htm
http://www.san-francisco-oakland-bay-area-lawyers-attorneys-directory.com
http://www.san-jose-ca-lawyers-attorneys-directory.com
http://www.sacramento-ca-lawyers-attorneys-directory.com
http://www.la-orange-county-lawyers-attorney-directory.com
2007-09-20 16:37:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋