Re: To Settle or Not to Settle....

Posted by J Kelly (141.152.248.252) on March 15, 2004 at 18:19:28:

In Reply to: Re: To Settle or Not to Settle.... posted by SilverSurfer2007 on March 15, 2004 at 17:24:45:

Bk stays on your credit report for 10 years, far as I know. I filed a year ago, so I am familiar with the procedure. I don't know how much debt you have, but taking into consideration all of the interest and penalties you will pay a CA, it is probably a lot more than you think. They just keep adding more and more to the account balance, it does not stop. Everybody and their uncle is trying to sell me a car since I filed bk. I did a trial FICO just for fun, expecting my FICO to be low low low, I was surprised when the site gave me a 680 to 730 based on my answers which I answered honestly. I have no debt, and can not file bk for another 5 years, so maybe creditors see me as a better risk. When you file bk, you are proving to the court that you can not pay the debts. Income debt ratio. If you want to pay a CA that paid pennies on the dollar for your account, the full balance plus interest, then you must do what you think is best for you. Everyone here has given you their best advice, and you keep coming back. It's your life to live. It is your decision. We are all different. For me, bk was absolutely the right thing to do. AND I mentioned bk, only IF you do get sued. Good chance that you will not get sued. I had 13 credit cards and only 1 sued and that was close to the SOL (4 years).

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