Re: Questions on Tx BK
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Posted by Laying Low in Texas
(65.54.98.162) on May 17, 2004 at 15:16:04:
In Reply to: Questions on Tx BK posted by Problems in Texas on May 17, 2004 at 09:42:22:
My two cents: I wouldn't rush into it. Because you live in Texas, the only thing that a creditor can do, typically, is freeze your checking account. Although it's scary, getting sued and having a judgment against you is not any worse than filing bankruptcy. Eventually, if you want to file BK, then the judgments will be tossed out anyway. I am in the same situation, so I know that it is irritating getting all the letters and phone calls. I suppose it's a personal choice. I live in TX, too, and I go through periods of worrying about it. But I'm weighing against having these charge-offs and possible judgments roll off my credit report in 7 years or having a BK for 10 years. Also, you can be asked on applications if you've ever filed BK forever. I'm not filing BK because I don't want to put my whole financial life on a piece of paper for everybody to see when essentially, I'm judgment proof.
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