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Is Bankruptcy Or Consolidation Better For Your Credit?
robert
post Nov 15 2010, 02:10 AM
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Hi everyone,
Plz suggest me which is the best option to get out of debt.......?
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Uncle Awesome
post Nov 18 2010, 06:26 AM
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Bankruptcy will totally destroy your credit. Consolidation will have very little effect and actually help your credit should you be able to make payments on time.


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AussieLady
post Nov 21 2010, 05:51 AM
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From personal experience, I had decided that bankruptcy was the only option, however when I sought the correct office where to file I got the best help I could have. I had been making regular payments but it just wasn't enough, it was just a time issue. I couldn't earn enough quick enough when a major creditor pulled in the balance of a huge bill. Thankfully with negotions through a third party and handing over control of my income, severe cost cutting with living expenses and sacrifices I am happy to say that currently I am now debt free. It's not easy and of course I don't have any assets, but I can move on from here. Slowly but surely. I was so glad that Bankruptcy was the option NOT to take. With consolidation, and a huge commitment it can be done. My credit rating is A1, should I wish to go down that path again.



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naomibatac
post Jan 3 2012, 02:11 PM
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QUOTE (Uncle Awesome @ Nov 18 2010, 10:26 PM) *
Bankruptcy will totally destroy your credit. Consolidation will have very little effect and actually help your credit should you be able to make payments on time.


Actually, this was my thought when I encountered a problem with my credit card debts. I had a very sensitive situation and had to quit my job, which made it difficult for me to pay my credit card debts. I opted to file for bankruptcy, but was advised to discuss my situation first with the credit card issuers, which I did. I was able to settle my account. The bank waived the penalties and extra charges and I amortized the remaining amount for two years. Thankfully, I now don't have any credit card debt. I always pay off my balance in full each month.


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Greenface
post Feb 23 2012, 08:01 AM
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Decide about which one the best actually depend on your recent circumstances. Consolidation seems more affordable way to solve your problems, but are you ready to take effort and spend lot of money to handle it?

Otherwise, bankruptcy is not really mean end of the world for you. Declaring bankruptcy has certain advantages. Any legal proceedings that have been commenced must stop and creditors cannot commence any new ones. Generally speaking, any earnings after bankruptcy has been declared – wages and property – are then exempt to claims of pre-bankruptcy creditors. If you declare bankruptcy, you will usually still keep your house and car.



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cjmiles07
post Aug 6 2014, 11:05 PM
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I agree that consolidation will have very little effect and escaping in debt is really hard thing to do cause even me i can't escape on it even i work part time in some company and full time in a perinttoimisto .
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jasonhuff312
post Aug 11 2014, 09:22 AM
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Although creditors dont like to see a bankruptcy on your credit report, the damage it will do to your credit score depends, in large part, on how good your credit was before you filed.


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James Martin
post Oct 28 2014, 09:54 AM
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I agree with you. Bankruptcy can finish you, but consolidate can provide you some relief for some time.
QUOTE (Uncle Awesome @ Nov 18 2010, 06:26 AM) *
Bankruptcy will totally destroy your credit. Consolidation will have very little effect and actually help your credit should you be able to make payments on time.



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