Jan

3

what is the advantage of settling with credit cards vs. filing bankruptcy on credit cards?

Filed Under Personal Finance 

Carol D asked:


I am considering filing bankruptcy, I only want to file on credit cards, 1 of my 3 cars, and medical bills. Can I do this without losing my house and a piece of property I want to keep. I have been really sick and I am in a hole I feel I cannot get out of, is there a better way besides bankruptcy.

LOREN

Comments

3 Responses to “what is the advantage of settling with credit cards vs. filing bankruptcy on credit cards?”

  1. WARD on January 4th, 2010 12:11 am

    LANDON

    None. Consolidate.

  2. WILLARD on January 6th, 2010 1:01 am

    BENNY

    i would go with consolidation….but please THOROUGHLY CHECK OUT WHATEVER COMPANY YOU DECIDE ON AND MAKE SURE THE MONEY YOU GIVE THEM GOES TO YOUR CREDITORS

  3. TRUMAN on January 6th, 2010 10:37 am

    ELI

    I definitely understand you wanting to hold on to your property, however, with the new laws, you may be required to sell your property. At one time, you could file bankruptcy and walk away…it stays on your record for 10 years, however, you could still walk away. It is not so easy any longer. You will still have to pay back, so why not go ahead and settle with the credit card companies, even if it means selling your piece of property? Settling is far better. It will go on your credit report as a statisfied debt….far better for you and your credit record than a bankruptcy!

    I hope you are feeling better!! I wish you the very best.

    Me

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