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Ch. 7 Bankruptcy...Anyone else have to do it?
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<blockquote data-quote="DaisyFace" data-source="post: 405525" data-attributes="member: 6546"><p>MWM--</p><p> </p><p>Even if you paid off everything at this moment - your credit would not be "instantly good". Your credit score rises and falls with time. It did not turn "instantly bad" either. And bankruptcy is bankruptcy - you do not choose Chapter 7 vs Chapter 13 based on what will "look good" on your credit report because neither will. Choose the one that works best for you - the heck with your creditors.</p><p> </p><p>After your filing, over time, if you pay all of your bills on time and carry only small debts, you will see your credit score gradually improve.</p><p> </p><p>on the other hand - check with your state's Statute of Limitations on collectible debts. In Wisconsin - the limit is six years <em>from the date of your last payment</em>. If it's been six years since you paid anything on a debt - they cannot legally go after you for it. So those debts that have already dropped off your credit report? For all practical purposes, they are gone... (yes, morally, you still technically owe - but legally, they cannot sue you.) If the debts are old enough - you may not have to file bankrupt at all.</p><p> </p><p><em>Some</em> judgments can be erased with bankruptcy if you can prove that paying them is an undue burden (Be sure to check with your lawyer, though - don't take my word for it.) so that alone might make filing worth it for you...</p><p> </p><p>Good luck!</p></blockquote><p></p>
[QUOTE="DaisyFace, post: 405525, member: 6546"] MWM-- Even if you paid off everything at this moment - your credit would not be "instantly good". Your credit score rises and falls with time. It did not turn "instantly bad" either. And bankruptcy is bankruptcy - you do not choose Chapter 7 vs Chapter 13 based on what will "look good" on your credit report because neither will. Choose the one that works best for you - the heck with your creditors. After your filing, over time, if you pay all of your bills on time and carry only small debts, you will see your credit score gradually improve. on the other hand - check with your state's Statute of Limitations on collectible debts. In Wisconsin - the limit is six years [I]from the date of your last payment[/I]. If it's been six years since you paid anything on a debt - they cannot legally go after you for it. So those debts that have already dropped off your credit report? For all practical purposes, they are gone... (yes, morally, you still technically owe - but legally, they cannot sue you.) If the debts are old enough - you may not have to file bankrupt at all. [I]Some[/I] judgments can be erased with bankruptcy if you can prove that paying them is an undue burden (Be sure to check with your lawyer, though - don't take my word for it.) so that alone might make filing worth it for you... Good luck! [/QUOTE]
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Ch. 7 Bankruptcy...Anyone else have to do it?
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