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bankruptcy vs settleing HELP!!!!!
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Posted by pixie
(205.188.209.12) on January 04, 2003 at 19:16:58:
My boyfriend and I would like to purchase a house but we have some credit concerns. My credit is ok (2 Paid collections for doctor bills). His is not he has about 12,000.00 in collection debt and 20,000.00 in student loans (not in repayment). I have about 25,000.00 for a down payment on this house. We considered just purchaseing in my name but I am still a full time student and we need his income to secure the loan. We are not married yet and have been together for 8 yrs and have 2 boys I won't get married until his credit problems are resolved. We live in Illinois a community property state and i dont want them coming after me for these debts. So is it better for him to try to get his creditors to settle or file bankruptcy? If settle hoe do you get them to settle and what do they typically settle on a third of half? All input is greatly appreciated.
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