Posted on: 03rd Oct, 2012 03:50 am
Around 5-6 years ago, I screwed up my credit and haven't taking any steps to improve it. Rather, 3 years back, I stopped paying my cards, which has affected my scores even badly. Now that I'm getting notices for judgments and lawsuits, I want things to get better. I don't want to deal with the collection agencies so I was just thinking of filing Chapter 7. Will it be a good idea?
Hi Jan,
Filing Chapter 7 should be your last step to get rid of your credit problems. Bankruptcy filing will have a negative impact on your credit report and will make it quite difficult to qualify for any kind of credit in the near future. It will be better if you could contact your lenders and check out if you can get a repayment plan to pay off the debts. If you get a repayment plan to pay off the debts and if you pay it off as per that plan, then it will have a positive impact on your credit with time.
Take care.
Filing Chapter 7 should be your last step to get rid of your credit problems. Bankruptcy filing will have a negative impact on your credit report and will make it quite difficult to qualify for any kind of credit in the near future. It will be better if you could contact your lenders and check out if you can get a repayment plan to pay off the debts. If you get a repayment plan to pay off the debts and if you pay it off as per that plan, then it will have a positive impact on your credit with time.
Take care.
Hi Jan!
Welcome to forums!
I agree with what Sara has said. In case your creditors are not ready to stop the lawsuit or provide you with any kind of repayment plan, then you can contact a bankruptcy attorney and take his help in filing Chapter 7.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Sara has said. In case your creditors are not ready to stop the lawsuit or provide you with any kind of repayment plan, then you can contact a bankruptcy attorney and take his help in filing Chapter 7.
Feel free to ask if you've further queries.
Sussane