I owe about $10k in unpaid bills, mostly chargeoff's, and repo's. I can pay these starting next year, if needed. I want to start to repair my credit again, and get new cards, but with the 1.5 year old chargeoff's (3 of them), and the 5 year old ones, it's really difficult to start the rebuilding process. I am already disputing and validating, but I want to rebuild also. Would a bk help me out by releaving me of the debt, and starting me over. I'm at an embarrasing 470 FICO, and see that many people get loans, mortgages and cards after a year or so post-bk, regardless of their previous situation... I am just starting a new job, and will be changing careers next Spring (going from computers to an electrician). Any suggestions? Thanks!
Oh boy don't file BK for 10grand in debts, espcially mostly old ones. You'll be locked up and forced to pay ridiculous interest rates for a couple of years, not to mention having a BK on your CR's for 10 freaking years. That'll lower your scores about 100 points! Avoid a BK at all costs. Ok, so you have charge-offs. Keep validating. Are the charge-off's with a CA now? If so, hope for violations and use as leverage. If you don't get deletions, you can still get negotiations for lesser priced settlements and then as part of the deal, deletion of the TL. If not deletion that way, a "paid" negative is better than an "unpaid" negative. Just as long as none were reduced to judgment. Believe me, a BK is NOT what you want to do. You will probably regret it. I know I did. Had I known about my rights and things I can do legally to reduce payoff amounts, I'd have let my debts all lapse! Think about it!
