What should I do?

Guest 0.10 Dollars($)

I am 127,000 in debt with unsecured loans and have been borrowing for the last 3 years to meet payments. I am out of places to turn. I am 38 and have a 685 credit score and am current on every payment. My wife is tired of it and I have no place to turn. I have a meeting with an Attorney in another county this week as far as Bankrupcy. I will move and go BK. Has anyone had any success with Debt management or Debt Settlements. I feel if I am going to ruin my credit I mideswell go BK and go Ch 7? Any thoughts or Advice? I will continue to pay on house and cars. Thanks, Gino

jameshogg

Hi Gino,

Welcome to forums.

Your credit score seems to be good enough but unfortunately it might go down as because you'll have to choose from debt management, settlement and bankruptcy. What I suggest is that, you go for debt management as that would help you repay your debts and at the same time it won't affect your credit rating unlike debt settlement and bankruptcy Chapter 7. Moreover, if you file Chapter 7 (provided you qualify), you might lose your home depending upon the state where you live.

Thanks

Guest 0.10 Dollars($)

It seems I can only afford Debt Settlement. Is this risky and is it a bad move or is it better than Ch. 7 or 13

larry · Joined: 27 Jun 2007 Posts: 3074 431.95 Dollars($)

Hi Gino,

Welcome back.

I think in your situation it will be better to go for debt settlement. I don't think it is risky. Thousands of people are doing debt settlement without much of problems.

I don't think chapter 7 is applicable here. If you cannot be able or afford debt settlement then you can consider chapter 13. But it will have a huge negative effect on our credit.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

What is the best settlement company period. I have a family and like I said if I am going to court - I should just go 7. I have been researching and I need opinions on settlement companies. Thanks

Caron

Ok Gino, so you are looking for debt settlement companies. Well, I can suggest a debt community - debtconsolidationcare.com which has been offering debt relief since a long time and one of my friends said they're quite helpful. So, you can talk to their financial coach and find out if debt settlement is the right option for you.

Good luck

evolovik26 · Posted: Mon Mar 31, 2008 6:46 am Post subject:

If you dont have at least 50% of your total debtload on hand to work out settlement arrangements then a properly executed bankruptsy might work for you.
Because if you go to a debt consolidation place chances are your credit is going to get ruined anyways.

Guest 0.10 Dollars($)

Well I contacted Superior and on the 127,000 - 30,000 has my wife as a primary. She went ch 7 3 years ago on her company and I racked up her new CC to 30,000 on margin calls in the stock market and I am scared to put them in debt settlement. Has anyone used debt settlement after ch. 7? I will keep you posted on the settlement situation. (Superior, Coastal credit, New path, Freedom are my choices as of now. Ch 7 is still in the mix if I can manuver it) If they can help with 127,000 in 3 years - I will be their biggest cheerleader whoever I choose.. My credit score is 685 as of now with no - I mean never a late payment. I will tell you how that goes as the process unfolds. Thanks, Gino

sara · Posted: Wed Apr 02, 2008 3:01 am Post subject: RE: debt settlement after ch7

Hi Gino,

Is your wife discharged from Ch7? and it's you who wants to go for debt settlement right? so i don't think there's any problem if you go for it except that your credit score will drop down.

Take Care

Guest 0.10 Dollars($)

Ran into a snag. They recommended I should not try and settle with Chase and Citi because my house and checking are with them. Freedom said I had to go on everything. Is one trying to get more money off me or is Superior being up front or do they not know what they are saying. Sara the question with my wife was she is the primary on the cards so with her showing ch 7 on her credit report will the companies just sue because they know they can't go BK on them?

Samantha · Posted: Thu Apr 03, 2008 12:00 am Post subject: RE: can companies sue after bk?

Well I think the creditor can sue after bk provided the bk does not include the debt in particular and you stop paying them off. But even if you settle with Chase, it should not affect your home even though they may have offered you the mortgage. The mortgage is a secured debt and you will be including the unsecured loans in the bk.

Do you want to know whether it's ok to file a bk for your unsecured loans even though you have been on the credit cards with your wife as the primary?

Guest 0.10 Dollars($)

I guess what I am getting at here is Superior said I CANNOT enter the debt settlement program and use my Chase account because I do my checking there and I CANNOT enter the settlement program and settle with Citi because they also hold my morgage.
Freedom said I must go on evertthing or it will not work?
My wife's situation is my own concern. Will companies settle with us knowing she CANNOT file BK on them.
And lastly my main concern is do I go BK or enter into a settlement program? That question has crossed millions of people's minds and I would just like some feedback? Thanks for everything, Gino

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.56 Dollars($)

Debt management is not as bad as bankruptcy but will tarnish the credit a bit. The important thing when choosing a company is to make sure they are very reputable and will pay the bills on time. I have seen many debt management companies sit on the money you give them while negotiating with lenders. If this happens, that's when the credit can get really ugly. Make sure they pay the creditors on time.

Guest 0.10 Dollars($)

I can't afford Management. I must either try Settlement or BK. Someone who has been through this list pros and cons. Either way my credit will be shot. Thanks.

Guest 0.10 Dollars($)

Sifxpert has entered the scene. A friend used him with some results. He claims he van get 120,000 done in a year at 2500 a month. Any luck with this guy?

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