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will filen bankruptcy raise my credit score which is a 507?
i have multiple collection accounts that wont come off for another 4 years whats my best option.i went threw custody battle thats what hurt my finances
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seth1982
1 year ago
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Pay off the debt. Filing bankruptcy will damage your credit score. You need to get a 3 in 1 credit report. Having that info, plus knowing the "Statute of Limitations" laws, you may have debt that's going to automatically be removed from your credit report. Last year my score was around 550 -580, but now it's around 720. Just about 1 year now.
Know your credit report and what's on it. After that, the rest is easy to take care of.
afili8ter 1 year ago
i was debaten on filen or not my debt is around 11,000 its not much debt but i know i owe it. most of my debt is 5 years plus old so do you think i should just wait it out till it drops off my credit reports.thanks
seth1982 1 year ago
Filing bankruptcy can actually help your score go up in some circumstances. It all depends on your siutation, but you do want to think long and hard about filing because it has long-term consequences that can follow you for a long time. It stays on your credit report for 10 years, as opposed to 7 for generally bad information. (You only have four years left for reporting on the current bad debts.)
Whether or not bankruptcy is for you really depends on your situation. How much in debt are you? What type of debt is it? Do you have equity in home and/or vehicle? Is anyone else on the loan or deed of any property? How much do you make? Single, married, with children? Would you need to file chapter 13, or can you file 7?
Every situation is different, and if you can, the best thing to do is to pay off and/or settle all of your debt. But, there are situations where bankruptcy is the better solution.
There are statute of limitations that vary by state and type of debt. But, many federally backed student loans do not have a statute of limitations nor can be discharged in bankruptcy, if that makes up part of your debt structure.
phnxangell 1 year ago
i dont own any cars or house my debt is credit cards and medical bills that total around 11,000. my credit was very good before my custody battle but i fought for my kids instead of payen my bills.most of my debt is about 5 years old so do u think i should just hang in there another 2 years so it comens off my credit report.will my credit go up after it drops off?thanks
seth1982 1 year ago