Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » What does filing bankruptcy do to your credit report?

What does filing bankruptcy do to your credit report?

A non professional gave me the advice of filing bankruptcy for debt i have totaling $5000. His argument was that with these debts that i have are obliterating my credit score anyway and that bankruptcy wouldnt be any worse. Is this true? What does filing bankruptcy do to your credit report and would it damage it more or less than leaving these debts sit as i do not have the money to pay them off at the moment. Thank you for reading and any help.

RELATED POSTS:

  1. Credit Card Bankruptcy Help – The Best Debt Relief Alternatives To Filing Bankruptcy Credit card bankruptcy is certainly a fearsome aspect for many consumers today. It is because it holds the key of...

  2. How long does a chapter 7 bankruptcy last on your credit report in Connecticut? I filed for a chapter 7 bankruptcy on December of 2001 and it has since been discharged. I would like...

  3. Guide To Filing Bankruptcy Atlanta Not everyone is well aware of the legal proceedings of filing bankruptcy (Atlanta). The situation of filling bankruptcy is a...

  4. Free Yourself of Dent by Filing Chapter 13 Bankruptcy Filing bankruptcy is the last option one can resort to if one wants to get rid of debt that is...

  5. Important Tips To Avoid Filing Bankruptcy Bankruptcy is a legal issue where an individual or a company is unable to pay the debts. Now a days...

Written by

Filed under: Bankruptcy Help · Tags: , , ,

One Response to "What does filing bankruptcy do to your credit report?"

  1. Deb says:
    Ok, I know your going to think I’m crazy when I tell you this, but $5,000 isn’t a lot of money to owe. Now, before you call me crazy…lets explore a couple of options.

    Who’s asking you to pay $5k TODAY? The answer is probably “nobody”. Continue making your payments if you can. If you’re having trouble with the payments contact a reputable credit counselor in your community. I would deal with a local company over one that’s on the internet. This way you can go to their office to make payments or ask questions.

    You should also know that under the newer bankruptcy laws, you may have to pay off your debt anyway. Depending on your income and other circumstances, a judge may decide that you have to pay all or part of the debt. Credit counselors can usually get your interest rates down, and may even be able to negotiate late payment fees, etc. So, when it’s all said and done, it might be just as cost effective to deal with the counselor.

    I don’t know how old you are or what assets you have; but if you ever want to buy a car or a house you should do everything in your power to avoid bankruptcy.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player