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Sounds like you need cut bait and run and to declare personal bankruptcy. In 3 years of reasonable payments you will have all your debt gone (or if you have no
by gte910h 16y ago
Sounds like you need cut bait and run and to declare personal bankruptcy.
In 3 years of reasonable payments you will have all your debt gone (or if you have no assets outside a house and cheap car, chapter 7 even, with your debt gone near instantly).
Chapter 13 doesn't last a long time, and was designed for your case. The point is not to take a productive citizen and hang upon a yoke of debt for much of their life.
In either case, with 150k of debt, you're going to be in the credit crapper for much longer by NOT declaring bankruptcy.
Random google page on the difference between the two: http://www.creditinfocenter.com/bankruptcy/chapter13BK.shtml#2 http://www.creditinfocenter.com/bankruptcy/chapter13BK.shtml...
I've known a couple people who went through bankruptcy, and all of them have felt much better afterwords, both immediately and years later.
- jellicle 16y ago> The point is not to take a productive citizen and hang upon a yoke of debt for much of their life. That may have been true once upon a time, but is certainly no longer true since the 2005 bipartisan bankruptcy reform law, which had the specific intent of hanging yokes of debt on productive citizens.
- cma 16y agoThey went through pre-Bush bankruptcy-law bankruptcy or post? http://msnbcmedia4.msn.com/j/msnbc/Components/Photos/050420/050420_bush_bankrupt_vmed.grid-4x2.jpg http://msnbcmedia4.msn.com/j/msnbc/Components/Photos/050420/...
- StartingOver 16y agoThe answer to that can make a big difference.
- gte910h 16y agoTalk to a bankruptcy lawyer. Initial consultations are free with almost all lawyers. Bring tax returns, summaries of your income, etc. I honestly don't know about the other two. I know one of them was pre-2005 law.
- gte910h 16y agoOne I'm sure was before it, not sure on the others.