Posted on: 16th Jun, 2006 11:14 am
I am in the process of repairing my credit. No I have an outstanding debt in collection. Not is a very good financial position. :( Should I try to settle it or file a bankruptcy?
I shall suggest you to try and settle the debt if the amount is not too high. If it is beyond control then think of bankruptcy.
hi pete,
i won't recommend you to file for bankruptcy until you have checked all your possibilities to get the money required to settle the amount.
a bankruptcy should be your last option when you find that you can't save your house any more and fail to collect the necessary amount.
if there is any chance available try to pay off the debt. as you have told that you are in a process of credit repair, filing bankruptcy can ruin your efforts. so try to settle the debt if there is even minimum possibility.
god bless you.
for mortgagefit,
samantha
i won't recommend you to file for bankruptcy until you have checked all your possibilities to get the money required to settle the amount.
a bankruptcy should be your last option when you find that you can't save your house any more and fail to collect the necessary amount.
if there is any chance available try to pay off the debt. as you have told that you are in a process of credit repair, filing bankruptcy can ruin your efforts. so try to settle the debt if there is even minimum possibility.
god bless you.
for mortgagefit,
samantha
Hi,
I can understand your state of mind but do not take immediate decision. If the debt amount is not so high then do not go for bankruptcy now. Bankruptcy should be your last option. Try for a good consolidation company who will provide an easy re-payment plan and it will be comfortable for you. Basically they negotiate with the creditors and try to give you a good settlement offer. However, if you think that bankruptcy would be a better option for you then consult with a good bankruptcy attorney before filing chapter 7/13.
I can understand your state of mind but do not take immediate decision. If the debt amount is not so high then do not go for bankruptcy now. Bankruptcy should be your last option. Try for a good consolidation company who will provide an easy re-payment plan and it will be comfortable for you. Basically they negotiate with the creditors and try to give you a good settlement offer. However, if you think that bankruptcy would be a better option for you then consult with a good bankruptcy attorney before filing chapter 7/13.