topic Re: Need Advice if Bankruptcy is the best choice in Bankruptcy

Need Advice if Bankruptcy is the best choice

JuliusC — Thu, 07 Jul 2022 16:43:48 GMT

Hi everyone!
I was an active myFICO user when starting my credit journey. I built my credit and everything was great. Then covid happened.

A bit of insight, I worked for a casino in Nevada, and my savings burnt as unemployment took a while to respond. Because of this, credit card debt went through the roof as well once savings were used. Some offered assistance, but the majority didn't. Bills still had to be paid without income.

Fast forward, they didn't offer me my job back but offered a job that paid around 60% less than what I was making. Debt was still rising and between housing and credit card payments, I let the cc payments and loans go late. I ended up moving to North Carolina and I'm slowly bouncing back. Unemployment has gone after me as the casino claimed they offered my job in full. They called a number that I never had to offer me this information but that is on hold now for payments as well due to my personal expenses here and the insane cost of living bump.

I figured bankruptcy would be the best option but I have no statements as the debt is two years old. It was a rushed move and anything I could fit in my car came as my lease in my rental was up and I couldn't afford to live there. NC has a SOL of 4 years but I don't know if I qualify for that as I didn't get the debt in NC, I got it in NV although I'm currently a NC resident. I've filed taxes here for the last two years.

Looking at my credit report, I see three collections for $17k and the rest of the cards are charged off as bad debt. The three that are in collections are Synchrony, Amex and Citi.

I understand my best option is to speak to a bankruptcy attorney but would like some insight on what would be best.

Re: Need Advice if Bankruptcy is the best choice

Pway — Thu, 07 Jul 2022 16:51:09 GMT

Hello,

I would suggest that you reach out to a BK attorney in your new state.

Re: Need Advice if Bankruptcy is the best choice

righthererightnow — Fri, 08 Jul 2022 19:50:40 GMT

Sounds like alot. Kudos to you for getting out of that situation, moving on, starting to rebuild.

Can't advise on BK or not. Outisde of it depends. I went through the process but ... wish I researched it more. Do dig into these forums, keyword searches, and more. See how your situation stacks up to the other posts and weigh the pros and cons for you.

Sometimes there are goodwill letters + debt rehab options that can be done with individual companies that can repair it, and you don't need to go all the way to BK. (Search: Rebuilding your credit threads and goodwill options for the specific companies you have debts with). Sometimes that's not the best option too (sometimes it's best to stay silent). It really depends. But use the forum as much as possible, there's alot of good stuff here.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Helpful-Rebuilding-Threads/td-p/224981

https://ficoforums.myfico.com/t5/Bankruptcy/BK7-Guide-Filing-to-Discharge-What-to-expect/td-p/5678881
(you most likely saw these, but just in case).

Re: Need Advice if Bankruptcy is the best choice

Gingi — Sat, 09 Jul 2022 06:02:27 GMT

Sorry that you went thru/are going thru all this. I would suggest reaching out to your state senator's office for help with your unemployment issue. I know that's not what you asked.

Re: Need Advice if Bankruptcy is the best choice

webhopper — Tue, 12 Jul 2022 15:19:43 GMT

I think you should speak to an attorney. They can run a Bankruptcy credit report to see what is listed on your credit report. You can also list any medical debt, unpaid utilities or memberships, past due rent, past due taxes, basically any debt that you can think of that hasn't been paid that you think you might still owe on.