Bankruptcy vs debt settlement

jrod

jrod

Vet
Staff member
Joined
Jun 2, 2010
Messages
1,499
If any of you have any feedback on this topic I would appreciate it.
I owe quite a bit with credit cards and a couple other debts. It’s stressing me out so much and I do not know what to do or where to turn. I know my credit is going to be impacted one way or another but I’m at a tipping point.
 
I just got a loan for 35,000 based on m y credit score and history , to catch up for what the past few years has done to me. But debt settlement is better than bankruptcy in my opinion
 
Look into a debt consolidation program such as National Debt Relief. They might be able to help.
 
78Steeler said:
Look into a debt consolidation program such as National Debt Relief. They might be able to help.
Click to expand...

Actually, I did this and spoke to someone very helpful. They will be settling our debts for us and now we just have one monthly payment.
I seriously considered bankruptcy but this will have less of an impact on our credit in the long run.
At least things are looking up.
I hate credit cards but my wife assured me everything was under control…Joke is on me!
 
jrod said:
Actually, I did this and spoke to someone very helpful. They will be settling our debts for us and now we just have one monthly payment.
I seriously considered bankruptcy but this will have less of an impact on our credit in the long run.
At least things are looking up.
I hate credit cards but my wife assured me everything was under control…Joke is on me!
Click to expand...

Lol never give your spouse your credit cards..they go nuts with them!

Good you are now looking at working out payment plans via this company and hope it all works out in the end. Beware though these services charge fees and you should be given an up front amount for the fees and how much of your payment actually is going towards your creditors.
 
Actually I'm kinda wondering the same thing. My wife racked up one of mine for a business and I had no clue she never paid any of it. Paid everything and everyone else though. I never looked at any statements for it or even bothered to check, because I never used it. Really threw a curveball in my plans. Didn't find out about it until I pulled into my driveway right as the sheriff was pulling up telling me I'm getting sued. So now idk if I should just settle it if I can get a lower payoff or fight it. Either way I feel is going to cost me. Really frustrating time as I didn't cause the situation.
 
b52 said:
Actually I'm kinda wondering the same thing. My wife racked up one of mine for a business and I had no clue she never paid any of it. Paid everything and everyone else though. I never looked at any statements for it or even bothered to check, because I never used it. Really threw a curveball in my plans. Didn't find out about it until I pulled into my driveway right as the sheriff was pulling up telling me I'm getting sued. So now idk if I should just settle it if I can get a lower payoff or fight it. Either way I feel is going to cost me. Really frustrating time as I didn't cause the situation.
Click to expand...

You should lawyer up and fight it if she was getting credit in your name and racking up the tab.
 
MindlessWork said:
You should lawyer up and fight it if she was getting credit in your name and racking up the tab.
Click to expand...

I'm just wondering what is going to cost me less at this point. Pay a settlement or hire a lawyer? Sorry to hijack your thread jrod. I figured since we're on that topic I'd mention it.
 
There are lawyers and companies that specialize in this. You can often settle (depending on amounts owed) for around 20% sometimes even less if a lot is owed. In bankruptcy they will get zero, that makes creditors negotiable. I don't have a referral as I have been blessed financially, but I would do a lot of homework and talk to MORE THAN JUST ONE for sure. I cant believe how often a spouse deceives the other about money. Sad and not uncommon. My ex years ago, transferred tens and tens of thousands of dollars to her family preparing for a divorce. The courts are required to consider and correct deliberate financial fraud in marriage but it didn't happen in my case, she got to keep it all.
 
Dakota said:
There are lawyers and companies that specialize in this. You can often settle (depending on amounts owed) for around 20% sometimes even less if a lot is owed. In bankruptcy they will get zero, that makes creditors negotiable. I don't have a referral as I have been blessed financially, but I would do a lot of homework and talk to MORE THAN JUST ONE for sure. I cant believe how often a spouse deceives the other about money. Sad and not uncommon. My ex years ago, transferred tens and tens of thousands of dollars to her family preparing for a divorce. The courts are required to consider and correct deliberate financial fraud in marriage but it didn't happen in my case, she got to keep it all.
Click to expand...

You may want to look into the difference between chapter 7 & chapter 13 bankruptcy.
 
b52 said:
I'm just wondering what is going to cost me less at this point. Pay a settlement or hire a lawyer? Sorry to hijack your thread jrod. I figured since we're on that topic I'd mention it.
Click to expand...

To answer your question if the debt is substantial you might want to consult with a lawyer before settling up as this debt may not be even yours personally but your wife's and that she didn't tell you about it. it's not right for her to rack up debt in your name without your knowledge.
 
MindlessWork said:
Lol never give your spouse your credit cards..they go nuts with them!

Good you are now looking at working out payment plans via this company and hope it all works out in the end. Beware though these services charge fees and you should be given an up front amount for the fees and how much of your payment actually is going towards your creditors.
Click to expand...

Sorry for the late response guys. I’ve been working extra time at work.
Yes, they did provide all fees upfront and spent hours on the phone with us going over everything. It gives us one payment per month and lowers the overall debt. Obviously our credit will take a bit of a hit initially but as the creditors are settled, credit will go back up and get better when all is paid off.
I didn’t want to go bankrupt route. I felt this was better for our needs.

All credit cards taken away from wife so now she got added to our sons credit card with a low limit. No more spending if we don’t have it!
No more going to Costco and putting $600-$700 of food and supplies on credit card. We get what we need as we need it.

Thanks for input from all!
 
jrod said:
Sorry for the late response guys. I’ve been working extra time at work.
Yes, they did provide all fees upfront and spent hours on the phone with us going over everything. It gives us one payment per month and lowers the overall debt. Obviously our credit will take a bit of a hit initially but as the creditors are settled, credit will go back up and get better when all is paid off.
I didn’t want to go bankrupt route. I felt this was better for our needs.

All credit cards taken away from wife so now she got added to our sons credit card with a low limit. No more spending if we don’t have it!
No more going to Costco and putting $600-$700 of food and supplies on credit card. We get what we need as we need it.

Thanks for input from all!
Click to expand...

Good plan. Never allow your wife to use any of your cards going forward. Women are lousy with credit LOL.

I went bankrupt once in my life as had no hope of getting out from under huge medical debt I incurred for cancer care for my mom years ago.

As you make the payments, track them and ensure that creditors are getting these payments as agreed. If there's a problem then reach out to the debt settlement company.
 
Last edited:
yes brother going through the same thing man ! thanks for the information . Credit cards are a monster
 
MindlessWork said:
Good plan. Never allow your wife to use any of your cards going forward. Women are lousy with credit LOL.

I went bankrupt once in my life as had no hope of getting out from under huge medical debt I incurred for cancer care for my mom years ago.

As you make the payments, track them and ensure that creditors are getting these payments as agreed. If there's a problem then reach out to the debt settlement company.
Click to expand...

Great info MW. Much appreciated!
 
You must log in or register to reply here.

New Posts

Trending

Back
Top