Posted on: 11th Feb, 2013 01:47 pm
I have many charges on my credit cards for medical bills that were incurred as a result of a car accident I was involved with 2 years ago. They are ongoing because of the nature of my injuries. We also have a home under water and a buyer but no word from lender yet as to their approval. If I can prove insolvency, can I write off these debts and they will be forgiven? As far as the credit cards, will that cause a negative on my credit report? I know about the short sale and how it reflects my credit.
Please help.
Please help.
Hi Babygirlpage!
Welcome to forums!
If you can prove insolvency and file bankruptcy, then you will be able to get a discharge from all your unsecured debts. As far as your secured debt (mortgage) is concerned, you may surrender the property to the lender who will foreclose it in order to recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you can prove insolvency and file bankruptcy, then you will be able to get a discharge from all your unsecured debts. As far as your secured debt (mortgage) is concerned, you may surrender the property to the lender who will foreclose it in order to recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome Babygirlpage,
If you are delinquent on your credit card debts, then it will definitely have a negative impact on your credit report. It will lower your credit scores. Moreover, if those debts are charged off, then you will have to face harassment from the collection agency's end.
If you are delinquent on your credit card debts, then it will definitely have a negative impact on your credit report. It will lower your credit scores. Moreover, if those debts are charged off, then you will have to face harassment from the collection agency's end.