Deciding on Bankrutpcy or Debt Settlement

[freedomkim]

I am looking for support/advice for my given financial situation and having a hard time in making the next step to take:

 

 

I am 30,000 in credit card debt

 

I currently make $40,000 and just covering my expenses not including the credit card debt

 

I stopped paying the credit card debt approximately 1 year and 8 months. Most of my credit cards are charged off.

 

No savings or retirement

 

No assets, I rent an apt.

 

 

 

Options are to file bankruptcty and start with a clean slate and rebuild my credit or settle the debt. I will have to get addiitonal part time job to settle the debt and will put a plan to pay off in 2 yrs and settle the debt. Bottom line what is the best to rebuild your credit? It seems my settlement will stay on for 7 years vs 10 yrs in bankruptcy. Does debt settlement look better on a credit report than a bankruptcy.

 

 

Thank you

 

Kim

[CoachT]

Kim, let me make sure I understand. You have $30K in credit card debt that you haven't paid on in nearly 2 years, and other debts that have been charged off? Why do you need to do anything (is the card company now coming after you)? You are just a little over 5 years from having that debt age off your credit report. If you send them $1 today, it starts the 7 year clock over.

 

It also sounds like you are probably judgment proof (unless you live in a garnishment state). Give us a little more info and I will try to offer some advice.

[crazyhorse2016]

i tried to negotiate with some of my creditors some would negotiate with my situation by offering discounts providing that i pay it in full. well i turned them down because i was flat broke.. and i tried to negotiate with a few others and they acted like loan sharks. calling my friends and family and telling them if they know where i am to call them because i owe them money. i called one creditor blocking my number and tried to strike up a deal with them and no go!!! he started screaming about what a dead beat i was and that he had a warrant to have me arrested and the he was gonna have me put in jail!!! so that night i was out shopping and i got pulled over by the cops they ran my DL and they told me that i was clean . so he calls back and told me the cops are looking for me.. i was like really then i said that's funny i was just pulled over and the cops ran my DL and it came back clean with no warrants . he didn't know what to say after that!!! so then i said that i plan to sue em wich i did and won.. and then to top it all off i told the creditor thanks for the free money and thank you for paying for my chapter 7 BK .. i wonder if this salamander still has his job??? i so can't wait to get my discharge so i can walk out of the courtroom with a smile on my face!!! after all of the harassment and threats that i have been through i have no problem with filing a chapter 7 and screwing em!!! i don't feel that way about all of them but mainly 3 of them who were constantly calling and harassing me my friends and family making threats!!! they told me they know there rights i had to laugh at that one.. i told them i know my rights and that i can screw everyone and file a BK and get a discharge and no one gets anything!!!

Edited May 16, 2016 by crazyhorse2016

[pjmaxwellian]

i tried to negotiate with some of my creditors some would negotiate with my situation by offering discounts providing that i pay it in full. well i turned them down because i was flat broke.. and i tried to negotiate with a few others and they acted like loan sharks. calling my friends and family and telling them if they know where i am to call them because i owe them money. i called one creditor blocking my number and tried to strike up a deal with them and no go!!! he started screaming about what a dead beat i was and that he had a warrant to have me arrested and the he was gonna have me put in jail!!! so that night i was out shopping and i got pulled over by the cops they ran my DL and they told me that i was clean . so he calls back and told me the cops are looking for me.. i was like really then i said that's funny i was just pulled over and the cops ran my DL and it came back clean with no warrants . he didn't know what to say after that!!! so then i said that i plan to sue em wich i did and won.. and then to top it all off i told the creditor thanks for the free money and thank you for paying for my chapter 7 BK .. i wonder if this salamander still has his job??? i so can't wait to get my discharge so i can walk out of the courtroom with a smile on my face!!! after all of the harassment and threats that i have been through i have no problem with filing a chapter 7 and screwing em!!! i don't feel that way about all of them but mainly 3 of them who were constantly calling and harassing me my friends and family making threats!!! they told me they know there rights i had to laugh at that one.. i told them i know my rights and that i can screw everyone and file a BK and get a discharge and no one gets anything!!!

Do you realize this thread is 4 years old?