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To file BK or wait
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Posted by Techie
(12.205.160.202) on December 14, 2003 at 03:13:49:
Here is my story: I have about $180k in debt. $80k of it is from a recent foreclosure short sale. I have about 20 creditors total, mostly credit cards and store cards. I stopped paying on all of them last fall when my wife and I lost our jobs (we worked for the same company). NOW we have both found new jobs and make about 75% more money than we did before. We don't have much savings yet but have about $3,000/month disposable income. I have only been sued by one of the creditors (HFC) so far for $7,500 and plan to offer a settlement after they get a judgement. I was originally planning on filing BK but our financial luck gets better every day and now I think a court would make us pay back all of the debt over a 5 year period unless we got drastic on our expense report. I am now thinking I am going to wait out the 4 years remaining on the SOL (I'm in Iowa) and settle with the creditors as they obtain judgements. Our credit is already screwed. Any thought?
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