Re: anyone know of Superior Debt Services?
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Posted by UT Diver
(198.81.26.74) on December 25, 2003 at 02:46:40:
In Reply to: anyone know of Superior Debt Services? posted by Shellbell on December 25, 2003 at 00:44:48:
Only $1,600?! RUN LIKE HELL! Chapter 7 is a liquidation bankruptcy. You have to have a job in order to file a chapter 13. On a chapter 13, you repay your debt at current fair market value. On a chapter 7, you can "reaffirm" on anything you want. You should be able to keep your van, as long as you reaffirm with your financial institution. You have to work that out with them at your BK hearing. If you don't know what reaffirm is... you resign on the loan at current market value and keep the item you are reaffirming on. You may have to prove income in order to reaffirm. If I were you, I would tell Superior Debt Services to "kiss off". YOU can settle by yourself at around 50% and pay NO fee to anyone whatsoever. Just call the creditor and talk to them about it. Make an offer, but get everything in writing before sending them any money. I too am a single mother of 2 and know how hard it is. Don't give them a dime. Consumer Credit Counseling will also help settle on your debts; however, it will also hurt your credit. I'm not suggesting CCC. There are some great people on here with great advice. I filed Chapter 7 (liquidation) 4 years ago and it was the best thing I could have done at the time. If you have bad credit now, the worst it will ever be is when you do your BK. From there, all you can do is move FORWARD. It may make it difficult to find housing. However, weigh your odds here. They can pull your credit and see that your debt to income is off the charts and you can't possibly pay them, or they can see that you were down on your luck for a while, but don't really have much debt anymore. Like I said, my BK was 4 years ago and I have since been able to obtain credit cards (which I have a LOW limit on by my choice), and I plan on building a house on my own this spring. Other than a few collections (medical, etc), which I am taking care of right now, I have been successfully rebuilding my credit. Good luck. And any constructive criticism from someone more debt/credit savvy than I, is very much welcome. I am not a legal or credit expert, so this is not legal advice. I am speaking strictly from personal experience. Merry Christmas!
Trish
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