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Re: BANKRUPCY OR SETTLEMENT
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Posted by Why Chat (209.240.222.130) on April 16, 2002 at 17:09:12:
In Reply to: BANKRUPCY OR SETTLEMENT posted by VERY CONFUSED on April 16, 2002 at 09:50:51:
Ohio does not have very good consumer protection laws.As to your choices-- Your credit is shot, to get back to excellent credit you will have to make some choices.The first thing is to forget about any "quick fix" for your credit, NOTHING is going to do that. If you continue paying the "debt settlement company" you will be a VERY long time-2-3 years and a lot of $$$ to hopefully get everything paid + the fees and interest and the cc companies who turn you over for collection to the sharks. Then-the bad credit stays on your reports for 7 years after settlement. If you take ch7 (assuming you qualify) you will be out of pocket the $600.-$1,000 for a GOOD BK lawyer. Have no debts, and the BK will stay on your credit report for 10 years.
The underlying written off debts will come off in 7 years from the time you were FIRST late. You can keep the future $$ you earn -put them in a money mkt account or cd's and use it to buy for cash what you used to buy on credit.Plus you won't have to worry about judgments and garnishment.
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