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Deciding on Bankrutpcy or Debt Settlement

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1 reply to this topic

#1 freedomkim

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Posted 01 May 2012 - 11:56 AM

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


#2 CoachT

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Posted 16 May 2012 - 03:45 PM

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.
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