Bankruptcy vs debt settlement??

3peet · Dec 17, 2009

Guys. I had a little arguement with my fiance last night about her thoughts on how to handle her debt. She approx $20k in the hole and has shit credit. Now I've worked in credit and mortgages for over 7 years now and I kept telling her DO NOT file for BK. It'll be a long term stain on her credit report from which she'll never recover from. I told her, "if you want your future fucked for the next 7-10 years along with it tattooed to your credit then file. But if you want to improve you future and chances for credit in the near future, pay your friggin debt!

I'm I wrong here? Please gimme some feed back and pro / cons to either.

Thanks!
Peet.

Boxer22 · Dec 17, 2009

Shes only $20k in the hole and she is considering bankruptcy? I have never heard of someone in that little debt considering bankruptcy.

MikRetSam · Dec 17, 2009

just put 20k on the jags tomm night

Willie99 · Dec 17, 2009

I think her credit can recover faster if she files, and if you have good credit, the two of you should be just fine

Betallsports · Dec 17, 2009

MikRetSam said:
just put 20k on the jags tomm night

Then She will be in $40K Debt :smoking:

punter · Dec 17, 2009

Willie is right! You will rebound from BK sooner.

The worse thing she can do is go to one of those credit rehabilitation places.

RobFunk · Dec 17, 2009

Can't she just not pay and wait out 7 years for statue of limitations to run out? Or is that a fallacy.

The new BK laws make it totally not worth filing for it.

But what do I know.

badbeat1015 · Dec 17, 2009

Betallsports said:
Then She will be in $40K Debt :smoking:

Correction. 42K. You forgot the vig.

Betallsports · Dec 17, 2009

3peet said:
Guys. I had a little arguement with my fiance last night about her thoughts on how to handle her debt. She approx $20k in the hole and has shit credit. Now I've worked in credit and mortgages for over 7 years now and I kept telling her DO NOT file for BK. It'll be a long term stain on her credit report from which she'll never recover from. I told her, "if you want your future fucked for the next 7-10 years along with it tattooed to your credit then file. But if you want to improve you future and chances for credit in the near future, pay your friggin debt!

I'm I wrong here? Please gimme some feed back and pro / cons to either.

Thanks!
Peet.

You Said in the Header, Bankruptcy vs debt settlement??

If you are talking about debt settlement...as in Making a Deal on the amount of a CC. I believe, doing this....is almost as Bad as a Bankruptcy .
If you are Going to Pay, Pay the FULL amount.
JMO.....I could be wrong.....

I had 9 Credit Cards.....Last Year, I Paid off Every Credit Card, Bill, etc.... In Full !
Kept one Amex and one Visa......and Owe Nothing !

Betallsports · Dec 17, 2009

badbeat1015 said:
Correction. 42K. You forgot the vig.

hno:

@)

Doug · Dec 17, 2009

RobFunk said:
Can't she just not pay and wait out 7 years for statue of limitations to run out? Or is that a fallacy.

The new BK laws make it totally not worth filing for it.

But what do I know.

Seinfeld reference ?

20k K seems too small to burn, to me.

Run it up 1st, if you go that way.

Boxer22 · Dec 17, 2009

Betallsports said:
You Said in the Header, Bankruptcy vs debt settlement??

If you are talking about debt settlement...as in Making a Deal on the amount of a CC. I believe, doing this....is almost as Bad as a Bankruptcy .
If you are Going to Pay, Pay the FULL amount.
JMO.....I could be wrong.....

I had 9 Credit Cards.....Last Year, I Paid off Every Credit Card, Bill, etc.... In Full !
Kept one Amex and one Visa......and Owe Nothing !

Watch business must be booming.

Doug · Dec 17, 2009

RobFunk · Dec 17, 2009

Doug said:
Seinfeld reference ?

20k K seems too small to burn, to me.

Run it up 1st, if you go that way.

:lolBIG:

Yup, should be "statute"

Good catch Doug.

punter · Dec 17, 2009

RobFunk said:
Can't she just wait out 7 years for statue of limitations? Or is that a fallacy.

The new BK laws make it totally not worth filing for it.

gos off you record but they can still call you. Debts keep getting sold to bottom feeders that will call you 20 years after they have been written off.

New bk law could force her into a chapter 13. Pain in the ass will have to make payments, not only on the debt but for the expense of the chapter 13 trustee. Say thank you Dubya.

Betallsports · Dec 17, 2009

Boxer22 said:
Watch business must be booming.

LOL, the money I make on the watches...couldn't even pay for My Going out to Eat , each week.

But it Adds up....:drink:

Boxer22 · Dec 17, 2009

Betallsports said:
LOL, the money I make on the watches...couldn't even pay for My Going out to Eat , each week.

But it Adds up....:drink:

That's because you eat at the Strip House every night.

RobFunk · Dec 17, 2009

Betallsports said:
LOL, the money I make on the watches...couldn't even pay for My Going out to Eat , each week.

But it Adds up....:drink:

I seriously envy your desire to devour lots of restaraunt food.

I have had so many bad expierences with take out lately, I am scared to eat anything not from my own kitchen.

3peet · Dec 17, 2009

punter said:
Willie is right! You will rebound from BK sooner.

The worse thing she can do is go to one of those credit rehabilitation places.

Thanks Wil & Punt. Now instead of credit rehab, what about individually negotiating down w/ each debtor bypassing the credit rehab services? Does that make any difference?

Will, so filing BK may be more benificial?

Betallsports · Dec 17, 2009

RobFunk said:
I seriously envy your desire to devour lots of restaraunt food.

I have had so many bad expierences with take out lately, I am scared to eat anything not from my own kitchen.

Rob,

I stopped going to Fast Food Joints....The Best thing I ever Done !!
We eatout about 4 nights a week, but Being in NY...we have some Very Good Restaraunts here. ( which I'm sure in your area as well )

Bankruptcy vs debt settlement??

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