hello; i am trying to get my credit straightened out after a bad divorce with some big items from hsbc and ca. can anyone who has done this recommend a good plan to get this done?
Since you are now divorced and presuambly still single look into Chapter 7 bankruptcy. If your pay is below your state's median income and have little or no assetts you might qualify for a Chapter 7 - a complete wipeout of debts
i would suggest chapter 7 as well. it is so much easier and less stressfull. it might take you a year to regain some credit but you wont have to worry about being able to pay something and needing to pay it off......
If your that far into debt than 7 is the option,before you file see if you can get a secure card that reports to cra's.6 months after we filed i got a wama for 1500 with 0.0% and a juniper 600 with 7.99% so you could recover fairly quickly.Then you just have to stay under control.
Depending on your career, make sure that a bankruptcy is not going to hurt you in the future. If you're in any kind of financial position (or you ever want to work there), as well as positions requiring a security clearance, you should think twice about a bankruptcy. It will show forever on a full factual. Just some food for thought.
