logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Debt Settlement vs Bankruptcy Ch 13 ???

Date: Thu, 03/04/2010 - 07:25

Submitted by tygger
on Thu, 03/04/2010 - 07:25

Posts: 42 Credits: [Donate]

Total Replies: 3


From what I'm reading, I can't really discern the major differences between choosing the settlement route vs bankruptcy chapter 13 route other than in ch. 13, my credit will be damaged more and longer than doing a settlement. Also, in ch 13, I'm protected from getting sued or harrassing calls.

It sounds like in both methods, I will have to work a repayment plan with the creditors at a reduced rate. Are the rates comparable?

I truly can't continue down the path I'm heading and if i don't about my credit getting destroyed, is there any reason NOT to pursue bankruptcy?

Or to look at it from the other side, if I still have to pay back the creditors under ch 13, why should I go for bankruptcy?

I'm so stressed. Please help. Thanks


it depends on how much you owe, who do you owe & how much money you have. some people even have to still pay the debts back when they file bk, if this is going to happen why file?

also keep in mind that if you file bk you cant file again for many years so you will blasted with even more credit card offers right after wanting you to get back into debt.

im not trying to paint a bad picture of bk with this message, just know your options


lrhall41

Submitted by on Thu, 03/04/2010 - 07:56

( Posts: | Credits: )


Well I do know that Chapter 13 is for people who still have income. You end up having to pay back 50% of your credit card debt. You also have to live under strict budgeting rules set by a court in your county.

Yes credit is damaged more by this. I almost did this but decided much less complicated to do settlements on my own. Did not want some Judge telling me what I can and cannot do with my money.

I am glad I chose settlement process. I am doing this on my terms and do not have "big brother" hovering over me.


lrhall41

Submitted by OZZIE69 on Thu, 03/04/2010 - 12:43

( Posts: 555 | Credits: )