Hi Everyone
This past weekend I prematurely decided I would file BK after a discussion with a BOA rep regarding an overdue cc account. Basically they threatened judgement. I've worked at home doing freelance work successfully for over 5 years and then this past November, my income took a sharp nosedive. All my bills were behind until I brought most of them current with my tax refund. The last payments they've received (Feb 16). My debt totals to about $25k. This includes 4 charged off accts (not yet in collections), 2 collections accounts, and 3 accounts that are still open. My income is still low but I have a contingent job offer that would possibly bring me above water.
The main problems: (1) Most of the debt is less than a year old, (2) I've filed BK before (discharged '03), (3) My income is still too low to support these payments AND essential daily living. I want to avoid a judgement or garnishment at all costs. A judgement was the reason I file BK before and at the time by debt was much less than it is now. How long do they usually wait to file judgements?
Do you think it's a good possibility to "settle" some of these accounts (already getting offers) and try to rebuild my credit from there? I'm in the 400s FAKO. I probably won't be able to start making any type of payments until August.
Or do i wait until the debt ages and file BK later? I'm just afraid of judgements and garnishments. I live in FL, in case it matters.
Thanks
