Re: Debt Negotiations

Posted by J Kelly (151.197.39.196) on December 27, 2003 at 20:14:57:

In Reply to: Re: Debt Negotiations posted by WoodWorker on December 27, 2003 at 19:59:05:

I also had about 10 credit cards, all charged off. I did sit it out. Just before the SOL I was sued and filed chapter 7. But, only one in 10 or so sued. Talking to collection agents only gives them fuel to continue the process. Being quiet and giving no information is ultimately your best bet. No guarantees, but in my opinion your chances of not being sued are very good. The collector who did sue me(First Resolution) from what I have come to understand, after the fact did not have the legal right to sue. I have not applied for credit since bankrupcy, but my understanding is that bankrupcy on your credit report is better than charge offs. In bankrupcy you have proved that you do not have the ability to pay. Charge offs only show that you did not pay. I think that's the psychology. It has been said that after about two years you can restart to build credit.

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