credit question?

I am going through a divorce. At the time of divorce I owe about 18,000 in old bills that is destroying my credit. My question is….should I spend the next 2 years paying all these bills off or would it be easier to fix my credit by claiming bankrupcty and starting over with some high intrest credit to rebuild? Any help would be great…

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Fri, Sep 10, 2010

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bankrupcty, Divorce

Tags: bankrupcty, Divorce

3 Responses to “credit question?”

SPIFIMAN1 Says:
September 10th, 2010 at 7:25 pm

I went through the exact same thing several years ago only the amount was much higher and bankruptcy was the only way out at that time for me.

But with the new BK laws depending on your income you may be forced into chapter 13 and have to pay a percentage of the money back anyway.

I have posted a link in the source box where you can take a test and see if you qualify and for what chapter.

Good luck.

redenz40 Says:
September 10th, 2010 at 7:25 pm

Sometimes the creditors will work with you and delete all the financial charges if you are will to pay the actually amount owed, (the amount you actually charged). The only problem with this is they usually want it in one lump sum. If you are slow in paying your debt or if you have allowed the creditors to charge off your account or sell your account your credit is already hurting so filing bankruptcy in this case is the way to go because it will not hurt your already ruined credit.