Debt consolidation/chapter 7 or 11 bancruptcy
Date: Thu, 09/09/2010 - 12:18
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.
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.