DO I QUALIFY?

[terebe65]

Hello,

I am debating about filing for bankruptcy. I am 26 years old with one daughter. I am currently in school and I work a full time job. I took about a lot of cc when I was younger and all of them are in collections. I stop making payments in 2006. Also, there are medical bills starting to show up on my credit report now. I have student loans and one car loan. I want to clear my credit so that I can buy a house in the future. Do I qualify for bankruptcy even though the accounts are in collections? or should I just try and pay them or wait til they fall off. Please help. Thank you.

[llecs]

I'd wait. If they are 4 yrs old (2006), then they'll fall off within 3 yrs and you can start clean again. A BK would report for 7 (or 10). Plus you may be past SOL and they can't sue anyway. IMO, you can clear your credit faster and improve your score by not filing for BK in your case.

[Tazman81]

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@llecs wrote:

I'd wait. If they are 4 yrs old (2006), then they'll fall off within 3 yrs and you can start clean again. A BK would report for 7 (or 10). Plus you may be past SOL and they can't sue anyway. IMO, you can clear your credit faster and improve your score by not filing for BK in your case.

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+1   ----   I agree.  I would not file for bankruptcy since they will be falling off soon.  As long as the creditors are not knocking down your door and you have no wage garnishments, just let it be.  If you want to start building a good credit line start now (which I recommend you do), then you should try to get a secured credit card and use it only for gas and pay it off each month.