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

Posted by Will (68.106.21.79) on December 07, 2003 at 18:22:32:

In Reply to: Deep in credit card debt-Is chpt 7 good/bad option posted by DeepDebt on December 07, 2003 at 01:21:58:

You may not be sued, but bankruptcy is the quickest, easiest, and cheapest way to get rid of huge debts for good. Michigan has a long SOL 6 years, and it would be difficult to make all those charge offs disappear from three credit reports while still within SOL. You can purchase a home with FHA loans 2 years after bankruptcy and 4 years with conventional mortgages. Anyone willing to put up with creditor harassment and risk of lawsuits for 6 years would need a very strong reason not to do a bankruptcy. Even out of SOL you have to remain prepared to deal with lawsuits and collection calls. For most people it just isn’t worth the hassle unless you have some specific reason why you wouldn’t want to do a bankruptcy.

If the banks were giddy enough to extend $70k in unsecured dischargeable debt to someone with no assets, they deserve to have you extend them the courtesy of blowing them the BK kiss in the mail. By the way, the average US consumer bankruptcy now is just under $30k.

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