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Chapter 13 Bankruptcy

Debt Settlement vs. Bankruptcy : Which is Worse for Credit Score?

Dear Let's Talk Credit,What is the difference (impact on credit rating) between debt  settlement and bankruptcy? My wife and I have $90,000 in credit card debt  across five companies and are unable to handle the monthly payments. - EricDear Eric,Bankruptcy will generally cause the most damage to your credit report. Chapters 7 and Chapter 11 bankruptcies remain on your credit report for 10 years from the date filed. A Chapter 13 bankruptcy will remain on your report for seven years from the date of filing. The accounts associated with a bankruptcy or debt settlement are removed from your credit report seven years from the first date of delinquency.Begin by consulting with a nonprofit credit counseling agency member of the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling . You may qualify for a debt management plan , which could allow you to repay your debt with an affordable monthly payment that would not damage your credit ...

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  1. Bankruptcy's Credit Damage Worse than Debt Settlement's

    Dear Let's Talk Credit,I was out of work for a few years and my credit cards went unpaid. I am to the point now where they sent me a compromise to pay less. I only o...

  2. Fiancee Leaves Ex with Big Pre-Wedding Debts

    Dear Opening Credits, My girlfriend Joyce and I were supposed to get married November 23, 2014. Instead, she left me for her native country of Taiwan and all I have ...

  3. Can Chapter 13 Help Me Get Rid of Second Mortgage?

    Dear Bankruptcy Adviser,I have a house in California, and I modified my first loan in 2011. I have been making my new payments on time. But I just found out my home ...

  4. Too Soon to File for Bankruptcy Again?

    Dear Bankruptcy Adviser, We filed Chapter 7 bankruptcy in 2006. We presently have a lot of credit card debt among some other things that we should not have done. My ...

  5. Repayment, Settlement, Bankruptcy : Facing Debt from Failed Business

    Dear Your Business Credit,I closed a small business that was set up as an S corporation and sold its assets. I now have $20,000 in cash but $45,000 in credit card de...

  6. A Bankruptcy Guide for Business Owners

    Whether it’s because a business overextended itself or had the right product or service at the wrong time, bankruptcies can happen to any-sized company at any time. Knowing your options ahead of time can help make the process less painful.

  7. How Bankruptcy Impacts Your Taxes

    Bankruptcy has always been part of this country's history, but the face behind who is filing for this protection has evolved over the years.Our forefathers made bank...

  8. Should I Take Loan Modification While in Chapter 13 ?

    Dear Bankruptcy Adviser, We are in our last year of Chapter 13 bankruptcy, which should strip off the second loan of our underwater home. However, we recently heard ...

  9. Bankruptcy Won't Help These Money Woes

    Dear Bankruptcy Adviser, I am debating whether to file bankruptcy. I am 28 years old and have an eviction that is ruining my chances of getting a decent apartment. I...

  10. When Bankruptcy Freezes an Airline Credit Card, What Happens to the Miles?

    Dear Cashing In,I have recently filed for bankruptcy. The first thing I noticed is that I can no longer use my credit cards even though I pay my debts off every mont...

  11. Will Bankruptcy Help Mortgage Modification?

    Dear Bankruptcy Adviser,I filed Chapter 7 bankruptcy. I was hoping to get a modification from my lender, but they are just stringing me along. Can my wife file Chapt...

  12. How to Pick a Bankruptcy Attorney

    That's it, you're done. After struggling to pay your debts, you're ready to consider bankruptcy. It's time to contact a bankruptcy lawyer, but which one?  Some adver...

  1. Can I Use My Credit Card After Bankruptcy ?

    Dear Opening Credits,Is it true that you have to wait three months after bankruptcy to charge on a credit card again?  -Duane Dear Duane,Three months? Nah. Assuming ...

  2. What Happens If Authorized User Goes Bankrupt

    Dear Let's Talk Credit, I recently added my partner on to one of my credit cards. He is now considering filing for Chapter 13 bankruptcy. I'd like to know what effec...

  3. 10 Dumb Debt Decisions in 2014

    Congress may be unfathomable on a good day. But, financial silliness isn't limited to them. We who elect and re-elect the best and brightest from our states are not ...

  4. Medical Bankruptcies are Still a Problem, Here's What to Expect

    The Affordable Care Act may give more people access to health insurance, but experts don't expect it to help solve a major problem in this country: medical bankruptc...

  5. Can I Walk Away From Home in Bankruptcy ?

    Dear Bankruptcy Adviser, I am currently three years into a Chapter 13 bankruptcy. As far as I know, my home is included in the bankruptcy. I make my mortgage payment...

  6. What to do When a Settled Debt Resurfaces

    Dear Debt Adviser,A few years ago, I worked with a hospital to settle an old debt from a visit to its emergency room. The debt has now resurfaced -- this time with a...

  7. Can't Pay Off Home Equity Loan -- File Bankruptcy ?

    Dear Bankruptcy Adviser,My parents are in their 80s. My mom and dad took out separate equity loans. My dad's was for $100,000 and he is currently paying it off. My m...

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