To BK or not....

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    Last post ago about 5 years by genenco
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          Mighty! Member
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        Well, I thought I'd check my credit report. I am fully aware of past mistakes and wondered how they were fairing. I found my total of bad debt is just a bit under 27K. 

        Now back in 1995, I filed CH 7 on over $30K (Most was cash advances/Gambling addiction) and so I found out that even if you do go this route, the pain in not bad unless you have more then 1 car and possibly a house. Since I had neither, the pain was nothing. 

        Now I "Could" wait another year and they'll basically drop out as the statute for my state is 6 years. Not that they can't bug me for repayment, but legally they can't win in court. Or, I could just file and be done with it. That would mean I have to stay renting for a bit longer, I "Might" get hit with having to repay some of the debt (Bankruptcy is not as loose as it was before the legal changes, repayments as low as $50 a month aren't uncommon) 

        So, I am debating doing such. I know some here would say I should repay, I'd like to frankly, but that debt is just a tad much and unless I won a medium lottery prize ($40K or so) I just cannot see this occuring. 

        So, I'll be pondering my options. 8'| 8'|
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          Mighty! Member
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        Well, you also would have to take into consideration the length of time you would be repaying the debts, hopefully most will "make a deal" and lower the total due verses bankruptcy to be done and over?

        If the worse is over as in the abilty to take you to court, sue and collect through garnishments, then if you can deal with the harrasment.. one thing i have noticed is people who hav filed bankruptcy  tend to get credit established quicker.
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        I think it really depends on the person as to the best route to go. If you really have hopes to buy your own house one day then prolly the best way to go is try to clear up your current debt and do a consolidation. You won't be able to use any credit cards at all if you do this. Plus many of these companies can reduce the amount you owe which is helpful.

        It would prolly take a couple years of paying to revive your credit where you can purchase something major. I would consider re-consolidation before bankruptcy if you are considering making payments anyway. It would look better in the long run on your credit rating.

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        Can I ask.....what does To BK or not mean? Just curius and ch7, what is that?

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        csjequ wrote:




        Can I ask.....what does To BK or not mean? Just curius and ch7, what is that?


        BK is short for Bankruptcy. Ch7 is the Chapter 7 which is a total clearing of all debts of the person seeking relief from creditors.

        I'm just debating/pondering if it would be better to wait or to just slash and burn.

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