Bad Credit Consolidation Loan

Posts Tagged ‘File For Bankruptcy’

R P asked:


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?

bankruptcy

credit casualty asked:


I’m trying to not file for bankruptcy. Overdraft protection is the only thing keeping me from making late or no payments at all on my bills and that’s nearly maxed out. I’m in huge cc debt, apppr 35k, and bankruptcy seems like the easiest way out and to feel like a person again. I want to try and fight my way out of this mess if I can. I would like to see if a service can help me but know there’s a lot of scams out there. Is CCCS a debt consolidation service like Debtco or are they two different things? How do I go about finding a fair and reputable service? What types of questions should I ask? I’m near Portland, OR. Anyone have a suggestion of where to find a good service or lawyer (if bnkrp is in the future)?

Also, is a charge off really that much better or different than filing for bankruptcy? What’s the difference when it comes to your credit report and how it is viewed by potential lenders?

TIA

debt consolidation