Credit Reports Daily
2010
I have $300K of debt in credit cards and unsecured loans … What will happen if I can no longer pay the bills?
I started my own business this February. After 6 months of struggling to keep the business alive… no luck! Now I’m flat broke, all of my credit cards are maxed out, and the business is closed. I managed to get a job that merely pay my daily expenses and the house’s mortgage. I’ll be lucky to have about $200 left by the month ends. Here’s my question… I know with that much debts, there’s no way on earth I’ll be able to pay back. What will be the worse case if I don’t pay back my debts? I know the collection phone calls will keep hounding me for years. I live in the state of TX so I don’t need to worry about wage garnishment will take effect. From what I understand, I can’t go to jail for having debts to the creditors. I’m thinking about filing for bankruptcy, but it will be on my credit report for as long as 10 years vs. bad credit will be around for about 7 yrs. All of your inputs are greatly appreciated!!!
People need to realize that having to file bankruptcy is not the worst thing for your credit. You are not ruined forever. Bad credit that doesnt get paid really ends up staying on your report for longer than 7 years because everytime it gets reviewed or tranfered to a different lender, the time starts over. BK stays on there, but doesnt affect that long at all. Within 12 months after filing you can start to build it back up if you want. Get small credit cards, they will send you offers! You can even get a car loan after BK very easily, even these days. You wont be able to get a mortgage for at least 2 years from discharge. If you cant pay, I would go ahead and file. At least consult with a bankruptcy attorney and get their opinion. It would save you and your family the hassle of the phone calls. And those creditors call EVERYONE, even your neighbors.
The Daily Left – December 11, 2008
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