Bankruptcy Vs. Credit Counseling: What Should I Do?
Date: Wed, 11/25/2009 - 09:23
Hey Guys and Gals. I recently went for advice and i know basically have 2 options Bankruptcy or Credit Counseling. They told me that i could pay back my debt in 5 years with a monthly payment of $350 (my debt is 21 000). Then i would still be on file for another 3 years. So that's 8 years total. But with Bankruptcy i would only be 7 years or less. I was just wondering if there are any benefits to going with a Credit counseling. I currently have no assets.
I think the decision would depend upon your short and long term
I think the decision would depend upon your short and long term financial goals. Bankruptcy would cause more damage to your score than credit counselling. Another thing to take into consideration is the cost of both the programs. If you end up paying more on attorney fees and etc. for bk you might wish to consider the other option. Also, I don't know which bk you would qualify for but a ch-7 would stay on your report for 10 years.
I thought both types of bankruptcy stay on your credit report fo
I thought both types of bankruptcy stay on your credit report for 10 years? And also, don't you have to try credit counseling before you can apply for bankruptcy?