Bankruptcy VS satisfied judgements / charge offs ?
You must get a financial consultation before deciding on anythin
You must get a financial consultation before deciding on anything. IMO your decision would depend on when you want to buy the house. Ch-7 can be your option as it would wipe the board clean and give you a fresh start. It'd also wipe off the judgement.
However, with Ch 7 on your report, it would take you almost two years time to qualify for a FHA loan and 4 years for a conventional mortgage.
Anyway, you must wait for others' comments too.
Either option will hurt your credit no more than it is at presen
Either option will hurt your credit no more than it is at present. If you choose to settle your debts there are a number of things to keep in mind. First, not all of your creditors may be willing to settle the debt. That is a concern because while you may be able to get a few of your debts reduced significantly, you are still liable for the remaining debts that were not settled. Second, when settling your debts, you must be prepared to be able to pay the settled amount in full. Conversely, if you choose bankruptcy, most of these debts (including the judgment) will be discharged. Whether or not you qualify for a chapter 7 or chapter 13 bankruptcy will be the determination of your bankruptcy attorney.