Bankrupcy or just paying the creditors back (which is what im doing now). It seems like if i pay all the credit card companies back i still have all my delinquencies listed on my credit report and my score still sucks big time. Or...I file for bankrupcy and then at least im not paying back $18880 in credit card debt and my credit is still bad. But i mean i cant get anything now anyway as far as credit goes so thats why im thinking well how could it get worse if i filed for Bankrupcy? Could anyone who maybe filed tell me?
Where are you likely to be in 1 year, or 2 years from now? Are you aiming at, say, buying a house, and if so, within what timeframe is that practical, both for credit reasons, and saved down payment reasons?
Well Im wanting to buy a house in about three years. Im getting married in July so im planning on taking any cash gifts i get and putting it in my ing account to collect interest until we are ready to buy. Also at some point in the next 4-6 years i will want to get another car probably. I know once i get everything paid down and start normal payments again i'll be able to handle it, but its just nuts how much it all is. I did do some research though and thought maybe it would improve my credit to get my blances down?
File BK now "Before" you get married and clear your debt - providing your new husband also doesn't have bad credit/debt. Your husband may qualify for a house on his own creditworthyness. Don't go into a marriage with that much debt. Clear the slate clean as you start your new life together. You'll eventually 'recover' from BK and in a year or two after, you'll get credit offers, etc. My $.02
Well I've had the cards building up for about 8 years now. I put a surgery on one which was like $3500. work clothes for my job gas, bought our wedding rings on store credit etc... the list goes on. Had some tough times financially and would buy groceries clothes for my son and sometimes even take cash advances to pay for daycare. I think i could pay them off in 5 years if i buckle down and just pay 3x the minimum payments every month.
