Thanks to the economy I ran out of money last fall and owe two banks for credit card balance transfers. I can only come up with one solution to pay off the banks, a ten year term life insurance policy payable to them for the full balance plus 20% interest upon my demise or should I just file for bankruptcy? Iâ??m now 69yo and longevity doesnâ??t run in my family. Looking for your comments.
The only person you should ask regarding advice about a bankruptsie is a bank ruptsy attorney. If you have smaller cards or revolving accounts pay them down to zero so that you do not have to include them in the BK if you choose to go that way. You will need those solid accounts with length of history after the BK is said and done to help your credit rating and shorten the length of repair time on your credit. Once completed, we can help you remove the BK from your report. Sometimes it takes a while but it can be done.
You need to do this more than 90 days before you file your BK or those creditors might be asked to repay the money. If you file for a BK, you have to default on all your creditors equally. You can't pay a few off completely and then default on some others.
