Bankruptcy or ride it out?
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Posted by DJ (63.175.135.134) on August 21, 2002 at 15:28:55:
Two years ago, after many stressful months and struggles, as well as an attempt to consolidate through Ameridebt, I decided to file a Ch. 7. I retained an attorney at that time but have not yet filed. I am just about to finish paying the attorney and begin the filing process. However, I was just informed that those Charge-offs would fall off my Credit Report 7 years from last date of activity. If that is true, I have 5 years left. I was unemployed for over nine months last year due to the fall of the High Tech industry. While unemployed, I borrowed a whole lot of money from family members to survive. Since gaining employment, I have been making faithful payments to them but still have almost $7,000 left to pay. My other debts include 5 credit cards charge-offs totaling $24,300 and a loan from a personal friend with a balance of $7,100. I will pay my family members in full and although I would claim my friend in the bankruptcy, I intend to pay her (no matter how long it takes)........so, in effect, filing will only help me with the credit card charges, yet be on my record for 7-10 years. My question is: Should I file and have the bankruptcy on my record for 7-10 yrs from now?? or ride out the next 5 years and let the Charge-offs fall off my record. Either way, I have to pay the $14,100 in personal loans. That is going to take quite some time, but I'm making every effort to do that and survive. Please give me any advice you may have. Thank you
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