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Old 03-09-2011, 05:14 PM
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DavidBibby DavidBibby is offline
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Join Date: Jun 2010
Location: Palm Bay, FL
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Default Re: Should I file bankruptcy, or not?

Originally Posted by Li'l Pluck View Post
emjo: That's true--one never does know what tomorrow will bring. For the past three months, I've been doing what you suggested--wait it out and hope my situation improves--but now I'm headed into 90-day late status, but now I'm wondering how much longer I can wait things out. One thing I wonder about: Is it "better" to have a charge-off in your credit history, or a bankruptcy? And, of course, I don't want to be hassled by collection agencies. I'm already getting calls several times per week from the card issuers; I'd hate to have things ramped up by a collection agency.

Aargh, this is so frustrating!
To answer your question, a charge off is better than a bankruptcy on your credit report. Bad marks on your credit stay on your credit report for 7 years, but a bankruptcy stays on your credit report for 10 years.

Now...a bankruptcy is considered to be one of the most catastrophic life changing events right up there with a death of a loved one or a divorce. It's NOT fun.

Bankruptcy attorneys are really good at making it seems like it's "easy" and that you'll come out "unscathed" and you can start your life over. It RARELY happens that way.

The reality is that once you have a bankruptcy, it NEVER goes away. Sure it disappears of your credit report after 10 years but it's PUBLIC RECORD now and anyone can see it including potential employers.

$23k in credit card debt is not something you should have to file bankruptcy for. You CAN get out of this situation even if you are sued and the collectors obtain judgments against you.

Until they do that they can't do anything except bark at you and make life miserable.
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