Filing for bk

[Anonymous]

hi everyone Im knew to this site been reading and a lot of help love it. Need some help new to this whole credit things

my credit never been more than 594-650 , since I never bother with cc before it wasn't an issue to be to care ... Last yr I bought a car with a 30,000 loan which at the time I was happy since I could of pay with, I got into an accident not in the car and after that had a lot of medical problem not allowing me to work then. I try to to keep the car but it was hard I return the car over to the company and now a collection agency want a balance due of 11,000 with a settlement of 7,000 which I can't afford now,

im considering filling for bk and rebuild my credit again since I see it important to have good credit , my mom has me as a au in some of her card which I have read helps get the credit a lil faster to rebuild.. My question is should I file for bk? Will being an au help build my credit again? Any recommendation or suggestion will be appreciated , thank u

[ojefferyo]

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@Anonymous wrote:

hi everyone Im knew to this site been reading and a lot of help love it. Need some help new to this whole credit things

my credit never been more than 594-650 , since I never bother with cc before it wasn't an issue to be to care ... Last yr I bought a car with a 30,000 loan which at the time I was happy since I could of pay with, I got into an accident not in the car and after that had a lot of medical problem not allowing me to work then. I try to to keep the car but it was hard I return the car over to the company and now a collection agency want a balance due of 11,000 with a settlement of 7,000 which I can't afford now,

im considering filling for bk and rebuild my credit again since I see it important to have good credit , my mom has me as a au in some of her card which I have read helps get the credit a lil faster to rebuild.. My question is should I file for bk? Will being an au help build my credit again? Any recommendation or suggestion will be appreciated , thank u

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If you have a collection on your file then you need to figure out a way to deal with that first, I would highly suggest that you DON'T file especially for such a low amount. Even if you get added as an AU, with the collection haunting you your score won't go over 700 if even close to that. Filing for bankrupcty is not the easy way out of your debts.

[Anonymous]

Thanx for the reply... I try talking to the agency but they will only go down to 7,000 with 800 a month payment I can't pay that much right now. Specially since I don't have the car and was giving back like new 5,000 mile , I don't want to file but I think is a best option so confuse

[ojefferyo]

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@Anonymous wrote:

Thanx for the reply... I try talking to the agency but they will only go down to 7,000 with 800 a month payment I can't pay that much right now. Specially since I don't have the car and was giving back like new 5,000 mile , I don't want to file but I think is a best option so confuse

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Try talking to someone in a higher position, and explain to them your situation. Tell them that you can pay xxx amount of dollars a month and will continue to pay until it's paid off. If they can't work with that they will get nothing.