I hate to be that guy asking for advise on his first post but I need your help. I'm 29 and wondering if I should file Chapter 7 or wait until the debt collectors give up and it’s charged off. The only debt I have is from credit cards which total around $20k. It’s spread across 7 cards so I owe each moderately small amounts between $1k – 3k. I paid the minimums for 4 - 5 years but I haven’t paid on any cards in year. The debt has gone to collection agencies but I’m not being sued or garnished (yet at least). I also have a $30K student loan but I know that’s not included in Bankruptcy and I have being paying it on time. I don’t owe any backed taxes, I don’t have car payments, and I rent an apartment so the Bankruptcy would only be for credit cards. Is it possible for me to just deal with collection calls and letters until they stop or is Chapter 7 a better option given my situation? I hoping they wouldn't sue me for $1k to 3K.
I agree. Don't do it unless they threaten to sue. That was what ultimately drove me to BK although in retrospect, I should probably have tried to settle with them.