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 Posted: Mon Sep 17, 2007 3:03 pm Subject: Settlement or Bankruptcy? |
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I have been looking for a settlement company for $69K in cc debt. I have talked to a couple of them that told me that I could be on a 5 year program and get my payment down where I need it to be. I just now got off the phone with one who tells me that three years is the max or I will end up in court anyway. She said if I can't do three years, I should just go talk to an attorney and file the Chapter 7. Can anyone offer any advice?
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lisaawilliamson
Joined: 04 Sep 2007
Posts: 120
Debtcc Points: 2273
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| Posted: Mon Sep 17, 2007 3:13 pm Subject: |
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lisa...I'm afraid this is one of those situations were you have to go by what's best for you. 69K is a large amount of debt..and being on a strict budget for 3-5 years is a difficult thing to do also. You have to take into consideration your future earnings and what if something happens...medical issues, car problems, would you still be able to maintain your budget for the consolidation?? I don't know how old you are either...banruptcy will stay on your report for 10 years...do you plan on trying to buy a house in that time?? Only you can balance off all the things that have to go into your decision...do as much research as you can and then go with what feels best for you and your family.
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If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Mon Sep 17, 2007 6:27 pm Subject: |
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We own a home now so we don't need to buy a home in the near future. But I don't think we can swing payments for three years of over $1000.00 per month. I am just wondering if it is true that stretching this to 5 years would land us in court. I really don't want to be there.
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lisaawilliamson
Joined: 04 Sep 2007
Posts: 120
Debtcc Points: 2273
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| Posted: Mon Sep 17, 2007 6:36 pm Subject: |
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I would agree to that...and that is a large amount of money over the next three years. I know this is a hard decision for you to make and honestly it's hard for me to say what you should do.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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