Bankruptcy...or wait it out...or re-pay????
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Posted by gundy
(65.26.206.166) on September 23, 2003 at 22:55:44:
Bad times got ahold of me (in florida) 6 years ago. At that time, I stopped paying on approx $20,000+ in credit card debt, over 6 different accounts (amex, discover, and several different bank owned visa cards, gas card, as well as a department store card....and one personal loan for about 5k being the remaining balance). I have made no payments since 1996 or 97 on any of the accounts. I am finally back in a financial position to re-establish my credit....and pay off, but only if absolutely necessary. Almost all of the mentioned creditors have charged off my debt (but only after 2 or 3 years of aggressive calling). The only "active" attempts are from a law office representing DISCOVER, but they only mail a letter every 6 months offering a 50% settlement. No judgements. Question: Should I file bankruptcy...or, wait for the history of my bad debt to "drop" from my credit report...or, establish a payment schedule with these creditors that would probably last 5 years or better to pay off....in an effort to re-establish my credit? I don't know if this matters, but I currently reside in Wisconsin, I do not own a house, I have no plans to purchase a house in the next 3 years, and do not "plan" on buying a car soon. Any advice would be greatly appreciated.
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