Chapter 7 Bankruptcy or Charge Off Credit Cards?
I have a friend that has over 000 in credit card debt.He makes approx/ 000/year.He has conferred with an attorney who has told him he needs to file Chapter 7 bankruptcy.Would it be better to file bankruptcy or charge off the credit cards?Which one would take the shortest timeline to be removed from his credit ?He just can’t continue at the rate he is going now ,trying to pay the minimum payments on his cards and pay other debts as well(mortgage,auto,utilities,etc)He is desperate and needs some insight.
Posted May 11th, 2010 in Bankruptcy Q and A. Tagged: chapter 7 bankruptcy, credit card debt, credit cards, debts, insight, minimum payments, mortgage, timeline.
Hi,
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May 11th, 2010 at 6:02 amhttp://Credit-Solutions.notlong.com
Theirs not a such thing as charging off credit cards and hoping that they will go away . He will receive letters and calls to garnish his payroll and in most states that can mean up to 65% of his payroll He should just file chpt7
May 11th, 2010 at 6:02 amchapter 7= 10 years .. charge offs by credit card companies = 7 .. Charge off doesn’t mean he will be free and clear, the credit card companies will close the account/s and charge off the debt as a loss in their records, but they often do still bother people for repayment like normal for up to 7 years.. A chapter 7 if he qualifies would be a better choice if he is concern about his credit report, it’s much easier rebuilding it with a chapter 7 since lenders know you cannot file for bankruptcy again for 10yrs. Interest rates will be higher but at least if say the car gets totaled, he will have a better chance at qualifying for a loan for another if needed in future, with the bank charge-offs he has little chance of it, if any…
May 11th, 2010 at 6:02 am