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NEED ADVICE! Negotiate Settlements vs Bankruptcy
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Posted by sara319 (152.163.252.134) on January 25, 2004 at 20:28:42:
My ultimate goal is to purchase a home within the next few years but I am trying to repair my credit first. I want to avoid bankruptcy if at all possible. I have approx. $15,000 in debts including medical bills, 2 credit cards (both charge-offs) and a car reposession. One of the credit cards ($6500 balance) was FIRST delinquent in Nov. 1998, and eventually charged off in 10/2001. I paid minimal payments up until April 2001, yet the account was never brought to "current" status. If I understand correctly, this item is to be removed from my credit report in Nov. 2005. Does that sound sccurate? If so, I am hoping to negotiate the other debts and pay them off in setllements and let the $6500 credit card drop off my report next year. My husband says that I should file the bankruptcy anyway since it will cost me only $1000 out of pocket. I am over-stressed about this and need help or advice in making a decision. Do I file bankruptcy? Any advice or suggestions would be helpful and appreciated.
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