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I know of a person who fell on some very hard times and now has let 8 months go by without paying on his credit cards. It appears that now some of the cards have written off his loan as bad debt, or have turned the delinquent accounts over to collection agencies. This person is unfortunately still so pennyless (and so in debt- close to $80,000 between a handful of credit cards) and he still cannot afford the legal fees to file for bankruptcy. At this point, since he is so delinquent on his credit cards, and his credit is already turned bad after being delinquent for 8 months, is there any reason to file for bankruptcy? He has heard that the bad debt will drop off his credit record after about 7 years, just as one's record of going bankrupt would. Can anyone validate that this is true? Could there be any advantages for him to go through the bankruptcy process at this point? In other words, what would be the difference in his credit ultimately?
To my knowledge they passed laws now where you cannot get out of credit card debt even if you file bankruptcy. You still have to make arrangements to pay off the credit card companies. Although after 8 months they no longer should be charging interest.
You should visit FINANCE-SOLUTIONS.INFO- I am sure here you can find the best option for you RE What would the disadvantages be for one instead of filing bankruptcy, wait 7 yrs until bad credit clears off? I know of a person who fell on some very hard times and now has let 8 months go by without paying on his credit cards. It appears that now some of the cards have written off his loan as bad debt, or have turned the delinquent accounts over to collection agencies. This person is unfortunately still so pennyless (and so in debt- close to $80,000 between a handful of credit cards) and he still cannot afford the legal fees to file for bankruptcy. At this point, since he is so delinquent on his credit cards, and his credit is already turned bad after being delinquent for 8 months, is there any reason to file for bankruptcy? He has heard that the bad debt will drop off his credit record after about 7 years, just as one's record of going bankrupt would. Can anyone validate that this is true? Could there be any advantages for him to go through the bankruptcy process at this point? In other words, what would be the difference in his credit ultimately?
Actually if you file for bankruptcy now you can still rebuild your credit right away. Many credit card companies that specialize in damaged/bankrupt credit will give you a credit card. These companies such as Orchard bank and Providian are the most popular. My one question is why haven't you made an attempt to pay back the 5K debt. You really don't have enough debt to declare a bk. My suggestion is one that I recommend and counsel all my clients is simple. My clients love me because it builds up their credit scores and never have to declare bankruptcy or go to Credit Counseling Services. Pay your bills on a bi-weekly basis. Split the payment into 2 payments and do that every 2 weeks. You are reducing the term of the cycle and at the same time your balance will drop dramatically. Keep doing it until your bills are paid off. In some cases your creditors may owe you money.
It is true that the bad credit only remains on the report for 7 year, but the Creditors can sue you up until the Statute of Limitations expire. This is usually 3-10 years depending on the state and type of debt. However, they won't attempt to sue until it is about to expire so he won't have to worry about that for a few years. But when they sue him they can get a judegment to basically freeze any accounts he has or garnish his wages until it is paid off. If he is truly this pennyless he can get a waiver from the Bankruptcy Court to waive the fees, or at least put them on a payment plan until he can pay them. Also, when he contacts them they might be able to direct him to an an organization who does cases for the needy for free. Once he files the bankruptcy will remain on the record for 10 years, but if he does get back on his feet and has good credit management after several years it will have a minimal impact.
It's just not that simple. With amounts that size, he's likely to get sued in court. That means he'll have judgments. Those judgments, in most areas, can be renewed every 10 years. Plus, he'd have 7 years of absolute living hell with all the creditors harassing him every day, all day, at work and at home and by mail. It's enough to drive most people to madness. It's relentless, sometimes 30-40 calls a day (assuming you don't answer them). He's probably already dealing with some of this. And just wait until people start showing up at work or at home to serve him with lawsuits. A smile on their face and a giant FU in their hands. It's brutal. The day he files for BK though, he can start answering his phone again, and telling everyone to call his lawyer, and to NEVER, EVER call him again. The feeling of oppression begins to wash away quickly after that. You'll actually start feeling better about just about everything, once you know they're done being able to harass you. He needs to find a way to afford to file. Can he get help from friends or family? Church? A few people with $1-200 each and he could get this done. Can he find an attorney that will allow him to go on a payment plan? That feeling of liberation he'll feel once he has created a light at the end of the tunnel is worth it. If he has no real prospects of repaying those debts, just get it done, and as quickly as possible. In 2 years, he'll be eligible for a good mortgage, vs. 7-10 years or more if he just lets this keep getting worse.
Yes it is true, but there are many avenues besides bankruptcy that may be able to help in a situation like this. Either a credit counselor or a financial planner could probably be of great help to someone like this. I was in a situation and needed help. I had a friend who referred me to platinum financial services. I think they are in Acworth and they helped. If you want more info go online or contact me through email. I know what it is like to be in that situation I would be willing to help where i can.
Go ahead and file. And unless he's unemployed, he can afford the legal fees. They should only be around $1000. Unless he files, the companies can sue him and garnish his wages.