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Deep in credit card debt-Is chpt 7 good/bad option


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Posted by DeepDebt (68.61.26.82) on December 07, 2003 at 01:21:58:

I am over 70K in debt with 3 credit card companies. I will be 180+ in a month or so on all three. I have absolutely no assets. No money in the bank, car is leased, and live in an apartment. I am employed but stopped paying the credit cards when i could no longer pay the min. payments.

I have two questions:

1)What are the chances i will be sued considering i have no assets? Is it worth their time to garnish my wages? (It would probably take 20 years to pay them off if they garnished my wages.)

1) I have read in books that chargeoffs are many times better than bankruptcy. However, I would like to buy a house one day and wonder if the chargeoffs will prevent me from doing this. Should I file for bankruptcy or spend the next seven years trying to get the 'chargeoffs' off of my credit report?

BTW, I live in Michigan.

Thanks in advance for reading this and responding!!


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