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I have no idea where to turn
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Posted by tazmin (205.246.6.66) on August 01, 2003 at 16:24:15:
Heres my story.
I went through a divorce. We all know what that can do to your credit. Well my divorce took 3 1/2 years. Leaving me financially devistated. I couldnt pay my bills and even had to voluntarily repo my vehicle. At this point I was planning on going bankrupt. Then I saw my credit report and decided that it wasnt that bad so maybe I should try to pay it off. Here are my problems now. #1 I want to buy a house. I recently went to get pre-approved. I knew that my credit was pretty bad. But what I didnt know is that my credit was horrible. My beacon score is below a 500. I have a feeling that something else has shown up on my credit (probably another gift from my ex-wife).
But here is the bigger problem. I have been given the oppertunity of a life time. I am taking over a successfull business from a relative who wants to retire. Things are going well. I am finally making some decent money. The problem is that although I am being given a small percentage, I have to buy out the remaining shares of the company within 1 to 2 years. There is no way that I can get financed with my credit the way it is. So what will be better and help me out quicker?? Do I go bankrupt and concentrate really hard on establishing new credit? Or do I try to pay everything off which could take a couple of years and then my credit will still be bad for several more years to come, even after all that hard work and money. Ive been looking all day online and calling advisers but no one seems to be able to point me in the right direction. I think that I need to sit down with someone have them look at my financial situation and give me some sound advice. Any ideas where I should turn for advice??
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