i have a 468 credit score 7000 in debt should i pay it off or file for bankruptcy?
79765
Bankrupcy is a LAST resort and too many people are taking that step as an easy way out.  \n\nWe owed over $57,000 dollars in CREDIT CARD DEBT.  This did NOT include any house mortgage.  It was purely CC debt.  We made a plan and stuck to our guns.  Here I am 10 years later with credit scores in the 780 range and $0 Debt.  We just paid the last of it off and we never went bankrupt - just kept chipping away at that mountain and slowly it came down.  \n\nDon't live outside your means.  Stop charging things.  If you don't have the money to pay for your debt - you should't be buying new stuff.  it's just a way of life that you will have to adopt - but you can do it.  I know we did - you could.  comepared to us -  $7,000 is NOTHING!! \n\nGood luck
113813
No that is not much debt just try to make payment arrangements and pay monthly payments to ensure your credit is not ruined.  Bankruptcy stays on your credit for 7-10 years that is a long time
715391
Go to the credit bureau in your town and they can help you.If a creditor sees that you paid the bill then it won,t be used as a write off...Alot of people are afraid of the local credit bureau but don,t be they are fair and are there to help you build your credit........everyone makes mistakes sometimes,gets in a bind and messes up,don,t dispair...You do know that after 7 years you can get bad debts removed from your credit...Also everytime someone checks your credit it scores against you,did u know that? good luck
324823
Establish a history of making payments on time and in full.  If you can demonstrate that you can pay off your debt in FULL each month, your credit will rise very quickly.\n\nThat is something that you want to work on asap, too, because the alternative (bankruptcy) is not a great experience!
646454
I have been working in the mortgage industry for about 4 years now. Let me tell you up front, in all honesty, it's MUCH more difficult to work with someone who has a previous bankruptcy than someone who doesn't, even if both customers have the same credit score! From a lenders point of view, when you have a bankruptcy we automatically downgrade your credit grade even if you're credit is restored and you have a 700 score. Normally a 700+ score would place you in an "A+", "A", or "A-" credit grade depending on a few things such as mortgage payment history. However, when we see a bankruptcy less than 7 years out, we will bump you down to a "C" credit grade or less. Which means you won't be able to obtain maximum financing. Most lenders max out at 80% or 85% LTV (loan to value) with "C" credit grade / bankruptcy. That means if you wish to purchase a $100K house, you would only be able to finance $80K or $85K of it. There are lenders out there that will still lend to customers who may be even one day out of discharge, but you're going to get raped on the rate. It's always best to avoid bankruptcy at all cost! If you have to do it, look into filing a chapter 13. Filing a chapter 7 is basically like throwing up a big middle finger and saying I'm not paying anyone any money. That's why it has a 7 year period. In all reality though, I still have customers come to me that had a bankruptcy more than 7 years ago and I STILL see it on their credit report. Chapter 13's typically last anywhere from 2-4 years, and in a C13BK you work to pay back negotiated amounts. This will always look better than paying back nothing at all.
556179
Well consider this when you settle an account it is shown as a "settlement" on your credit.  So this will affect your score.  Certainly better than a default, but not as good as "paid in full".\n\nI would call the companies and negotiate.  Come in low... let them come in with a higher $ amount.... then agree to their $ amount under the condition that it is reported as paid in full vs. settlement to your creditors.\n\nGET IT IN WRITING!!!! \n\nThen pay it.\n\nWe did this with one card, paid a settlement and then they still tried to collect the balance!  It was a HUGE mess to show that we did our part.\n\nSo make sure you get it in writing and make sure you pay it ASAP!  The faster you can pay it the better.
702046
I doubt if you will be able to file bankruptcy on line. You can file on your own, but will probably need to talk with an attorney. Bankruptcy laws changed about a year ago. You cannot automatically get a Chapter 7 discharge. There is a means test you must pass before you will be allowed to receive a discharge. You may be required to file Chapter 13 to repay all or part of your debts. That is the new law. There are Consumer Credit Counseling companies that help those with credit problems to work something out and repay their debts without having to file for bankruptcy. They can often work out a reduced settlement out with your creditors. If it has been 10 years and you are working, perhaps it would be best to try and work out a settlement on your debt. Frankly, after 10 years, I am not sure that they could legally collect from you anyway. If you file bankruptcy your credit will suffer for many years. A bankruptcy can stay on your credit for as long as 10 years, depending on the section of the bankruptcy law you use. You really need to talk to a lawyer or credit counseling service.
434783
You need to study the file very carefully.  It may say paid, but if it also says "Charge-off," "Repossession," "late notations", or "Collection", (just to name a few), it's still a negative item on your report, and will effect your credit score.\n\nItems on your report will stay for 7 years from the date of first default.  \n\nThe bad part is that once the creditor has your money, they generally won't give you the time of day.  That's why it's recommended you get an agreement that they remove any negative information, in writing, before you pay off the debt.  \n\nNow that you have lost all leverage to do that, all you can do is politely ask them to remove the listing.  Not likely im most cases I have counseled.
248176
You could be.  You're credit rating will be screwed.. a lot of bad things will happen to you. How about paying them off?
519554
Wages can be attached ("garnished") for credit card debt in some states, but not others; still its a fair amount of hassle for a company to do this, but it can be done in some states.  You can't go to jail, debtors prison went away hundreds of years ago.\n\nSuggest you work out a plan (call the credit card company if you want - its in their best interest for you to pay off this debt) to pay off the debt slowly over time, and stop accumulating more debt.  Maybe you could get the high interest debt transferred somewhere else, depends on your situation.\n\nIf its hopeless and you can't pay off the debt, you can declare bankruptcy, but don't take this step lightly.  The bankruptcy will follow you around for 7 years, making it very hard to get other credit, get a place to stay, and causing all sorts of other problems.\n\nGood luck.
297451
first you have to go through credit correction.   Get your F.I.C.O. score back up and then worry about getting loans.  The fact that you filed for bankruptcy will have no affect on wether or not you can start a business.  Forget about the bankruptcy and get your credit back in order.
628859
Depends on 1) how long ago the bankruptcy was 2) where you credit stands now 3) where you are financially now and 4) how much the loan is for.\n\nEasiest way is hit the bank and ask.
945
First: the ads that say "we'll fix your credit!" are LYING. You are the one who's going to have to do the job.\n\nFirst: get your credit report. Most states now have a law on the books that requires all of the credit reporting agencies to give you a credit report once a year. Check it over. Make sure that there are no *mistakes* on it - late payments that were not late, disputed accounts, etc. \n\nLate payments and charged-off accounts stay on for 7 years, bankruptcies for 10. Generally, lenders are looking for patterns of behavior rather than once-in-a-way problems. If you find something wrong (and it's likely, unfortunately), write a letter to the credit bureau, providing documentation that you're right. They have to respond in 30 days; if the creditor can't prove that the negative item is indeed true, it comes off your report.\n\nNow you're down to real debt. If you can't afford the payments, contact the lenders and negotiate reduced payments. They will prefer to be getting something rather than having to write off the debt. Once you can afford to pay everything, commit to paying off the worst (i.e., highest-interest) items first. They cost you the most money that isn't going toward paying off the debt. Once you've killed one, the money you were spending on that one can be applied to the next-worst debt, and so on. The amount you can pay any given creditor snowballs rapidly when you follow this pattern. You have to remember, though, that when the first one is paid off, you don't have "more money". You still need to be committing that to killing your debt.\n\nIf you're out of debt, but your credit is lousy, get a secured card, use it, and pay it off every month. This will do a lot for your credit rating. In addition, open a savings account, and make regular deposits. This shows you are saving money and have a resource to pay your bills.
1114349
Bankruptcy can, and will, hurt your credit for 7-10 years (generally 10).  That being said, for some people, it does nothing at all, due to their FICO score being in the low 400's.  If you didn't get rid of any secured debt (car or home), the effect won't be felt "as" much.  You will be able to get a couple of higher interest credit cards rather quickly, which may be a good idea.  Get those check marks on your credit report.  Banks will not look at you for loans or credit cards, generally, for at least 2 years after discharge.\n\nIf you need a credit card to  help rebuild your credit, try www.householdbank.com, and www.orchardbank.com.  Also, try store charge cards, like walmart, or circuit city.  Don't go crazy with them, but use them with some wisdom, and MAKE your payments each month ON TIME.  After about 6 months, you WILL see a rise in your credit score.
205963
I'm in the same boat as you. Each time you payoff or remove a negative debt from your credit report your score increases. it may however take a while before you notice the difference. Every on time, early, late, or non-payment makes a difference. Shoot for the first two since they have the best outcome. Good luck!
849535
A chapter 7 bankruptcy stays on your credit file for 10 years. Most other negative information will come off after 7 years from the last activity. If a debt is written off, it should come off 7 years from the date of write off. You can contact the three credit bureaus and they can tell you when specific items will come off of your report.
985459
First, before filing Chapter 7, ask you attorney to work with your creditors to see if they can reduce the debt owed by paying a certain percent of the debt owed (i.e. $.25 on the dollar) with a monthly payment plan in place.  If it is in your budget to do so, this is your best avenue.\n\nIf this is not an option and you do have to file, it will take a little while to rebuild your credit.  BE PATIENT.  You will not be able to buy a house or car (without paying outrageous interest rates or exorbitant fees) right out of the gate and will more than likely end up in the same position once again.\n\nYou will be bombarded by credit card companies to "help re-establish your credit".  It would not hurt to get ONE credit card with a very low line of credit ($500).  Use this only in case of emergencies and pay off as quickly as possible.  \n\nMost important is to be patient and not get yourself into the same boat again.  Within a few years (3 or so), you should be able to pursue home ownership or car purchases.