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csunell

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Sinking in collections...should i file for bankruptcy?
I had a terrible incident (divorce) back a few years ago, and just can not catch up with collections. I have a big one that will be going to court to be garnished from my pay soon. I'm making more money now, but it will take me years to pay off the interest and fines on top of the collections. Should I settle or file BK?

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Not if you can help it

There are good and bad collection agencies out there.  Hopefully you are in  the good ones.  If you contact them and attempt to make payment arrangements and stick to the arrangements they will stop the interest.  Note:  Collection companies (at least the ones I dealt with)  will only make arrangements for 6 months at a time and will tell you this.  They will call you right after your 6th payment to make further arrangements.  I sure hope this helps you in some way.  If you can avoid bankruptcy avoid it.

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