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How long will a chapter 13 remain on my credit? I am considering filing one due to my credit score being 581 and a garnishment of 25% has been placed against my wages.
darnib 2 years ago
Without knowing the individual's specific situation, it is very difficult to answer this question. You clearly have to evaluate your debt and understand if there is a way to restructure or repay the debt. If not, you probably should consider bankruptcy.
Just remember the bankruptcy has its own costs as well. First, the cost of filing for bankruptcy is about $1,500 including attorney fees, court costs, and filing fees. Next, consider the additional headache of having a bankruptcy on your credit file for years to come. Things like renting an apartment, receiving a car loan, finding a job, or even buying a mobile phone can be considerably more difficult.
As an alternative to bankruptcy, you can call your creditors directly and ask them to settle your debt or develop a new repayment schedule. Your creditors are under no obligation to do anything for you but many will work with borrowers in the hopes of collecting something. The settlement won't help your credit score but it is better than a charge-off.
Lastly, remember that a low credit score is recoverable. You could raise that score with diligence about paying bills and reducing your debt over the next year or two. With a bankruptcy, the affects to your credit score will stay with you for up to 10 years.
dina12 1 year ago