bankruptcy credit counseling
Bankruptcy, credit counseling, or settlement?
I have about $15,000 worth of debt and have taken the first step to file bankruptcy. I’m not 100% certain it’s the best decision though. My debt is not current. It’s either in collections with the lender or transferred to a collection agency. Is settlement an option once the collection agency has it? Are there any other options? I personally know people that have been able to get credit soon after a bankruptcy being discharged as opposed to those who work on their credit for years and don’t get consideration. As of now, not looking to apply for credit in the next 2 years but soon after that I will. What is the best option at this point?
Of course settlement is an option. If the original creditor still has it, offer 50%…if it’s with a debt collector, offer 25%.
If you can get 50% settlements…that takes the debt down to $7,500…then apply the $2,000 or so that you’d spend to file for BK and you’d have a very manageable amount of debt in the $5K range.
FYI:
- You can never predict how any creditor will respond to your settlement offer. They have the right to take legal action on any debt that is within the statute of limitations.
- Settling debt is still a huge negative on your credit…and even after paying back $7K+ you’re still going to have horrible credit.
- forgiven debt must be added to your next years income and you will have to paying higher taxes.
Tough decision to make about what is the best option. If you file for Chapter 7, make sure it’s REALLY a financial emergency. Once you file, you can’t file again for EIGHT more years.
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