Hi to all.....I'm a 29yo with ruined credit trying to decide whether to rebuild (from a FICO of 503, alas...) or file BK. So glad I found this site- hoping the more I learn the more I'll be able to help others. Any good advice about where to start reading?
Welcome aboard the folks here are real helpful. I have learned a whole bunch but I am still very confused at times...just ask alot and do use the search feature.
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Read the intro threads at the top of the page, several times if necessary. You may also want to search for info on your specific problems. Then post specific questions and we'll try to help you. In the end, whether to file BK is a personal decision. But if you search you'll find quite a few threads with the pros and cons of filing. Welcome to the board!!
Thanks for all of your kind words of support....most of my debts are medical bills from a 3 year period when I didn't have health benefits (working as a per diem nurse for better pay, which ultimately benefitted zilch), a surgery an insurance didn't cover, and I have a (paid) repossession, 2 years old. Give or take a couple chargeoffs- that's my mess. I'm gonna get started asap, and again thanks for your "where to start" pointers.
Depends on where you live, the SOL, how collectable you are (sounds like you're uncollectable - no assets, little income) and how old/new the debts are. If they're 2 years and older and you've got a short SOL, you're better off waiting it out for SOL and negotiating to get TLs dropped. If they're new, or you've made payments recently, you could consider a BK more seriously. The main problem is the BK resets the clock to about six months from now and you may already have some time you can leverage.
I live in WV, have absolutely no assets. Income is a problem.....have a good job now (3 years) and gross over 6K a month. Most of the debts (with the exception of the repossession) are 3 to 6 years old. I have mixed feelings about a bankruptcy....feel a moral responsibilty to pay the debts I'm responsible for.....but I've found NO ONE that will even talk to me (except here.....which is wonderful) about having bad credit. SO tired of being treated like dirt by people that make less money than me........sorry, had to vent a little! Time does heal wounds, though....I just recently got approved for a car loan (with a scandalous interest, of course)...chose not to buy the vehicle, but I felt a little elation at SOME progress.....thanks for your help.
