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Chapter 7 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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