Bankuptcy vs Ignore Debt & question about Renting apartment
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Posted by Tabitha
on December 10, 2001 at 18:47:45:
I was disabled for almost a year and couldn’t pay my bills (wasn’t working). I have an amount of around $38,000 in cc debt. I have 2 zero balance cards that are open and 2 more that are current (out of about 13 or 14) I am in my lower 20’s right now. A lawyer I contacted said it would be best to file bankruptcy (of course he would say that so I don’t know what to think). I know I cannot afford the backpayments and even the $1000/mo setup (for 5 years) with a debt management company. (I have student loan payments so this is one reason it would be impossible for me to make $1000/mo payment to cc companies/debt management). So I’m stuck wondering if I should try to negotiate (with debt mngmt) a lower payment of $300/mo *or a one that starts out low and increases steadily as the 5 or 6 years pass by. (if that is possible??) Also, keeping in mind that if something happens and I can’t make just one payment to debt management then I’m right back where I started from.. and then the debt stays on the report from *that date. I’m thinking of the 7 year SOL and wondering if I should ignore the debt but I just don’t know what the chances are of getting sued. The 2 highest balance cards I have are over $6000. I have a lot of accounts. (including one personal loan which is a written contract and the SOL is 10 years in my state I believe. 10 or 15 yrs) Another reason I’m going back and forth about what I should do is because if I file for bankruptcy now, everything is wiped out (fresh start) and it’s on my report for 10 years. If I don’t file, many entries will be on there for 7 years and some maybe 8 because I’ve only seen 1 collection reported on all 3 reports and I know there are about 5 as of now. So would it be better (and less hassle and risk) to file bk now (10 year bad credit) than to wait for all the collections to appear (and I guess it’s 7 years from the date the collections appear? so maybe 8 yrs bad credit) *and also risk getting sued by one of the several creditors I have? One more question: How hard is it to get an apartment with bankruptcy on one’s report? Is it a lot harder to get an apartment with bankruptcy than with 7,8, or 9 collections and 60/90/120 day lates on one’s report? I’ve been thinking about that too. Is it wrong for me to figure that if someone can get an appt with the latter (collections) than they can get one with bankruptcy? Thanks. I hope all that wasn’t too confusing. I’m confused myself.
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