new member. need advice
Date: Sat, 03/24/2012 - 19:01
Chase 5400
Chase 4200
Am Express 4500
Citi 7100
Bank of America 4500
Visa 5500
I was thinking BK was the best for me since my income does not cover our monthly debts. Didnt know if i should try to refi my mortgage, then try to settle with my the credit cards on my own. Just stop paying on vehicle and let them reposses it. I dont trust using any type of debt services with all the horror stories. Should I consider different avenues? Can I file BK in PA as a homeowner and keep my home? Any advice is greatly appreciated. What affects your credit the worse, BK, repossession, late payments, charge offs, etc? Is being sued the worst case scenario? Sorry for all the ?s this is all so new to me.
IMO, you need to forget what will affect your credit more. Your
IMO, you need to forget what will affect your credit more. Your priority should be to decide what you want/need to keep, house and or car etc. Then figure out if you can keep those with a BK. Otherwise you will probably need to settle.
You say you cant meet your expenses now, I dont know if you will qualify for a refi if things are that tight. A 700 score is not that great these days as far as mortgages go.
My point is, don't get stuck on what will affect credit more, your goal should be to support yourself/family first, unsecured creditors IMHO are last on the list.
Bankruptcy will have the greatest impact on your credit score. I
Bankruptcy will have the greatest impact on your credit score. I don't think refinancing your mortgage is a good idea. As ioalot says, you need to prioritize your assets before you file bankruptcy. Have you taken a shot at negotiating with those credit card companies?
Is there anywhere else you can trim expenses to get the credit c
Is there anywhere else you can trim expenses to get the credit cards settled? Cell phones, cable tv, dining out, trimming the monthly grocery and utility bills, etc.?