Every CA is refusing PFD. Is it even worth paying?

[Anonymous]

from that list you just listed, i would do BK.  this would be the fastest way to get back on your feet if time was concerned.  i have friends who came back withine 6-12 months after BK and are doing GREAt within 2 years. im talking about car loans, 680-710 score, prime cards, etc.   you will be no where in that time frame fixing what you have done recently and just chipping away at something that seems to be multiplying every month.

although the right thing to do is to pay back your debts because at the end of the day, its your fault.  im just giving you options fi you feel hopeless. 

[hippychic823]

Any idea what their scores were pre-bk? I'm just so discouraged because my scores have never been this low and it's scary

[Anonymous]

His score was 480s before BK but the debt was scary.   He dug himself in a hole of no return.  although his employment record is very long and consistent, he just was given too much credit limits.

my bestfriend's score was back in the 500s with fresh BK.  but they could not get any one to give them a loan. they do work and finally got a car through a major dealership at 10 percent rate which is high to them but they can't complain. coming from a fresh BK.  this was only 3 months after BK.  at the 6-9 month mark, they were getting mail offers of pre approvals and started with capital one unsecured, merrick, unsecured .  they have been black listed from Chase and BOA from previous debts. 

at the 2 year mark, score was for sure at 680-686 across all 3 ficos.  3 year mark, 700s. although they said they cannot be eligible for their local credit unions, but everything else is great.   2 years for good credit and 3 year for excellent credit coming from where they came from is amazing to me.  2 years would of not even gotten one of their debt down to 0 dollars..although it says BK on his report, he has no trouble getting approved for everything including a house at the best rates. he also is now with discover unsecured SL of 6k.  

[hippychic823]

That makes me hopeful I just worry cause basically, at this point, my entire CR is basically collections the only positives are my current car loan and some older personal loans (all around 1k that I took out and paid off quickly) that I took out in 2006, 2010 and 2013. Everything else is collections

[Anonymous]

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@hippychic823 wrote:
That makes me hopeful I just worry cause basically, at this point, my entire CR is basically collections the only positives are my current car loan and some older personal loans (all around 1k that I took out and paid off quickly) that I took out in 2006, 2010 and 2013. Everything else is collections

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BK is definitely an option. Just make sure you understand what it entails and that that is what you would prefer to do. 

You sounded like you felt you were being pressured into it, so just be sure you're not before you make a decision.

I strongly recommend you make a budget with your income and show yourself what you could put into the accounts to pay them off, versus the benefits of BK. Just make sure you make a decision you're happy with and feel confident in.

[Anonymous]

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@Anonymous wrote:

His score was 480s before BK but the debt was scary.   He dug himself in a hole of no return.  although his employment record is very long and consistent, he just was given too much credit limits.

my bestfriend's score was back in the 500s with fresh BK.  but they could not get any one to give them a loan. they do work and finally got a car through a major dealership at 10 percent rate which is high to them but they can't complain. coming from a fresh BK.  this was only 3 months after BK.  at the 6-9 month mark, they were getting mail offers of pre approvals and started with capital one unsecured, merrick, unsecured .  they have been black listed from Chase and BOA from previous debts. 

at the 2 year mark, score was for sure at 680-686 across all 3 ficos.  3 year mark, 700s. although they said they cannot be eligible for their local credit unions, but everything else is great.   2 years for good credit and 3 year for excellent credit coming from where they came from is amazing to me.  2 years would of not even gotten one of their debt down to 0 dollars..although it says BK on his report, he has no trouble getting approved for everything including a house at the best rates. he also is now with discover unsecured SL of 6k.  

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It sounds like your friend had a chapter 7, right?  If the OP does dhapter 13 those debts will still have to be paid.  I'm just not sure what the BK will do to help, other than stop any potential for judgements, etc.  Other than that, 3 years of aged, paid collections and her score will been in the high 600s without the BK.

[Anonymous]

nope, chapter 13.

[Anonymous]

Realize if you file Changes 13 you will also be paying attorney fees and filing costs. You will also be paying all those bills anyways. It might be better just to be on a payment plan with everyone and avoiding the hassle and cost of BK. BK attorneys usually do a free initial consultation and can explain the costs, time required, and how it would affect you then you can better make your decision.

[Anonymous]

Mortgage defaults will be paid 100% if you want to keep your house.

Other secured debt defaults will be paid 100% if you want to keep the property. Missed car payments fall into this category.

Unsecured debts will be paid anywhere from 0% to 100% of what you owe. The exact amount depends on:

• the total value of your nonexempt property
• the amount of disposable income you have each month to put toward your debts, and
• how long your plan lasts.

[hippychic823]

I definitely do not want to keep the house.

I am current on my car loan (the only positive trade line reporting on my CR) and would like to keep it.
All other debts are all CC and the bk lawyer said I'd do a 100% payback on everything over 5 yrs. I'm open to filing for bk but I'm not sure I would go with the lawyer I spoke with yesterday, he seemed a bit shady to me.