Debt consolidation/chapter 7 or 11 bancruptcy

Date: Thu, 09/09/2010 - 12:18

Submitted by anonymous
on Thu, 09/09/2010 - 12:18

Posts: 202330 Credits: [Donate]

Total Replies: 2

My daughter and her husband are in a lot of debt, and are looking for someone to cosolidate their debts or file chapter 7 or 11 bancruptcy. I have cosigned on two loans for her and want to know if it will hurt my credit if she does any of these options.

You mean 7 or 13?? Chapter 11 is primarily used by businesses.

You mean 7 or 13?? Chapter 11 is primarily used by businesses.

It may well affect your credit...you may find "included in bankruptcy" on your report. If it is a debt that is discharged (ie..not a student loan) you will be held responsible for the debt.

lrhall41

Submitted by SOAPLADY on Thu, 09/09/2010 - 18:32

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Depends what a lot means - it's all relative. I tried debt settl

Depends what a lot means - it's all relative. I tried debt settlement and got some 40-50% offers, but in the end with 10 cards and a balance (after 29.9% default rates on half of them) of $289,000, I decided to file ch7. I lost no assets, got a discharge. My FICO is back to where it was before I filed (690). The big negative is the Ch7 stays out there on public record for 10 yrs. No way to get it removed. It was also stressful as I got audited by the US Trustee (naturally enough with that level of debt) but that worked out OK.

lrhall41

Submitted by on Fri, 09/10/2010 - 07:04

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