Re: broke & unemployed, file BK now???

Posted by SillyLilly (216.222.109.109) on April 19, 2004 at 18:45:08:

In Reply to: broke & unemployed, file BK now??? posted by Robert K on April 19, 2004 at 17:44:56:

Like JKelly, I also got sued just a few months before SOL ran. And I live in a 4 year SOL state. In a 6 year state, I'd say it's pretty unlikely you'd make it without getting sued by at least one of those creditors.

The only way I'd recommend you try to wait it out is if you're 99% certain that when you do get sued your financial situation will be such that you will be in a position to settle the suits. i.e. with money. ;-)

If you will be forced to file bk anyway if you get sued, then you will have wasted a bunch of time by trying to wait it out. Your credit will suck till you get sued, then it'll suck a few more years after bk. If I were you, I'd go ahead and file while you don't have anything to lose, and just get it over with. You'll save alot of worrying too, if you're anything like me.

As far as charge-offs vs bankruptcy, I actually think a chapter 7 will look better. With a ch 7 bk and zero debt, you're in a much better financial position than if you are in peril of being sued any day now.

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