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NoSoup · 06-05-2003, 07:13 PM

LutherMac:

In regards to your question about settling the collection debt, go ahead. The longer they remain open, the more they will hurt your credit. As far as I know it reports the same whether you pay the full amount or pay a percentage.

Pay the collections as soon as possible- close them as soon as you can. That way, when you get back on your feet some time will have passed so that your credit may have a chance to improve.

As far as bankruptcy is concerned, it is difficult to say. It will remain on your bureau for 7 - 10 years, but then you will probably be debt free. If you are going to declare bankrupcy, do it as soon as possible to get the clock ticking. It is difficult to recommend a course of action because I don't know the amount of "massive" debt that you have, nor the amount of income you will be expecting.

I suspect though, that if you are going to be able to pay all the debt off within 6 months, it may not be worth declaring bankrupcy. I hope everything works out for you. Good Luck!

If you need anything else, let me know

Thanks for posting!

06-05-2003, 07:13 PM	#38 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	LutherMac: In regards to your question about settling the collection debt, go ahead. The longer they remain open, the more they will hurt your credit. As far as I know it reports the same whether you pay the full amount or pay a percentage. Pay the collections as soon as possible- close them as soon as you can. That way, when you get back on your feet some time will have passed so that your credit may have a chance to improve. As far as bankruptcy is concerned, it is difficult to say. It will remain on your bureau for 7 - 10 years, but then you will probably be debt free. If you are going to declare bankrupcy, do it as soon as possible to get the clock ticking. It is difficult to recommend a course of action because I don't know the amount of "massive" debt that you have, nor the amount of income you will be expecting. I suspect though, that if you are going to be able to pay all the debt off within 6 months, it may not be worth declaring bankrupcy. I hope everything works out for you. Good Luck! If you need anything else, let me know Thanks for posting! __________________ I have an aura of reliability and good judgement. Just in case you were wondering...