I had bad credit card debts (around $100k) for a couple of years since "last missed payment". I've changed my tel number and address and NO collection agents are bothering me. Now, should I apply for bancrypcy? or hold tight for 5 more years or so untill they go away from my Credit report (Transunion and Equifax)? In another words: would these bad debts and collection agency calls and Inquiries stay for ever (if i didn't apply for Bancrypcy)? By The Way, I live in Ontario, Canada. P.S. Paying or negotiating or go in any sort of payment plan is NOT an Option. Bankruptcy, Or No Bankruptcy ... That is the QUESTION.
Debts don't go away just because they fall off your credit reports. I'm not sure about Canada, but my guess is it's the same as in the US. $100K is a lot of credit card debt. Based upon the information you've given here, I think it would be wise to chat with a good bankruptcy attorney about your options.
Thanks Joshua, Actually, Ive visited an attorney (an attorney and a "debt relife" guy). Naturally they told me to file for bankruptcy (thats how they make money of clients, so i didnt 100% trust their advice). I wonder if there is someone who had a bad credit for a while (several years) and didn't file; is he sorry that he didn't (or he did file, and sorry he didn't file sooner)?
I filed and was discharged in 3.2011 in the USA, while I was nowhere near the total $$ amount you are at; I can tell you this to file means you NEED/WANT to stop the pattern that got you where you are today. Everyone files for a reason: job lost, medical bills, business losses, becoming over extended, foreclosure, etc. there are websites created for just for the BK process (I know the best one if anyone needs to know). The bottom line is â?? sometimes it is the last resort. THE LAST RESORT. To file means you NEED/WANT to stop the pattern, you and only you know how and why you got to this point, to file means you realize that something needs to change. If you NEED/WANT to change then file, period. Now I step down from my BK soap box â?¦ 5 years is a VERRRRRY LOOOONG time to hold tight. My credit score increases every month, I have purchased a new car, I have an unsurced credit card (which I keep under 20% B2CL) all within 45 days of discharge and in 18 months I can purchase a house. If I did not fileâ?¦. Lawsuits which = garnishments, liens, Google VM for the next 7-years of my life, fear of my mailbox, e-mail, social networking, job promotion, new job (??), explaining to my mother, bother, anyone who happens to have my last name in the same town I live in, EX-husband, EX-In-Laws why collection agencies are calling them. Hello itâ??s called my life dot com; need I say more. Itâ??s hard, itâ??s a rude awaking, and it could cost you up to a year of your life, but if you do not have means to pay off the debt and at 100K IMHO I doubt it, file.
I agree with Desdemona, if you don' t have the means to pay back the $100K then file bankruptcy. Waiting years for all of the collection calls to stop would be difficult. You wouldn't be able to answer your door in fear of being served with papers for a lawsuit or judgment. You will have a faster recovery if you file bankruptcy. Once discharged you focus on rebuilding your credit and living within your means. Good Luck! Heather with BoostMyScore.NET
