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Bankrupcy or settlements? Worried about judgements

jmcmillan
Regular Contributor

Re: Bankrupcy or settlements? Worried about judgements

Thanks everyone, you've given me a lot of useful information to consider.

 

No, I don't have $20k to settle all accounts. I am receiving a nice refund from filing 2016/2017/2018 taxes, and I’m selling some stocks that just vested. But it would only be enough to settle a couple things, or perhaps low-balling Navy Federal. However, maybe I should just use that money to file bankruptcy.

 

If I file bankruptcy, do all of the bad debts get removed from my credit report, or do I have to continue sending GWs for those items?

 

BTW… I think all of my collection accounts received DVs in the mail, because I didn’t get any collection calls today! Smiley Happy

Message 11 of 16
MyDataMyChoice
Valued Contributor

Re: Bankrupcy or settlements? Worried about judgements

Does it matter if the "bad" goes away? There already there.


They may or may not go away... usually they stay. But it doesnt matter... youll start rebuilding just like you would have to do if you settled.


+AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $3,400 | 2008 Kohls $2,000 | 2008 JC Penny $500 | 2016 TJX Mastercard $1,500 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500
Member of: Andrews FCU | PENFED CU | SDFCU | Alliant CU | NASA FCU | NWFCU | Ally Bank | BofA | Merrill | Greenwood CU | Elements Financial CU | Ocean State CU | Wells Fargo | Citizens Bank | Chase Bank | RI Credit Union | US Financial FCU
Message 12 of 16
Shooting-For-800
Senior Contributor

Re: Bankrupcy or settlements? Worried about judgements

NONE of my accounts stayed.

 

I have a 5 year BK and no late payments.

 

YMMV!  GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 13 of 16
jmcmillan
Regular Contributor

Re: Bankrupcy or settlements? Worried about judgements

Thanks guys! I was just curious what my rebuilding would look like post-bankrupcy.

Message 14 of 16
Shooting-For-800
Senior Contributor

Re: Bankrupcy or settlements? Worried about judgements

I had probably $10k available on credit cards within my first 12 months after BK.

I had probably $30k available my second 12 months.

 

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 15 of 16
jmcmillan
Regular Contributor

Re: Bankrupcy or settlements? Worried about judgements


@Shooting-For-800 wrote:

I had probably $10k available on credit cards within my first 12 months after BK.

I had probably $30k available my second 12 months.

 

GL!


That sounds promising! Thanks, Shooting-For-800!

Message 16 of 16
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