Re: over my head

Posted by Grace (172.166.198.77) on July 24, 2003 at 16:58:51:

In Reply to: Re: over my head posted by buffy on July 24, 2003 at 08:46:00:

Whoa, you should go ahead and file anyway Buffy because all the charge offs and stuff look worse. Plus - after your bk is discharged and you get a couple of secured cards and pay those on time for 2 years you could even qualify for a house (FHA Loan) If you have showed that you have put away money for savings. I work with mortgage loans and people have filed bankruptcy (within the 10 years) and have mortgages after that - and are refinancing. One customer a co-worker had filed in 98.

The charge-offs etc etc are the same as a "fresh bankruptcy" and sometimes worse. That's why the report should read "included in bk" afterwards and not "charged off". Charged off implies you still owe someone a debt.

There is no way you can find someone to give you a mortgage, loan, (or probably even a credit card) with debt out of control.

I've been there. I think mine was around 40K too and when I got sick I let them go since I couldn't pay.

What even happens is those collection agencies keep selling the accounts and there is no way it would be off in 7 years. It would come back to haunt you.

With 40K in debt - no doubt about it - file (think of every last creditor you may have - past due/collection doctor bill, cell phone, whatever it is) and file soon.

BK is a fresh start.

They may not have sued (mine didn't either) but there was no way in HELL i'd ever be able to pay all that debt after missing almost a year of payments. No way. Bankruptcy was my only way out. Those accounts would not disappear in 7 years. (They are 'supposed' to - but I've read too many posts on boards like these to know that doesn't happen)

And then, what if one did sue you like 2 years from now? Capital One I heard sues people if they owe them $50. They will get their money.

Bankruptcy bankruptcy bankruptcy :)

Good luck to you too Buffy.

(File Bk!)

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