I am going to be declaring bankruptcy soon. One of the credit cards that I owe money to has said that they are about to write the debt as a charge-off. HOw will this reflect upon my credit report? If they charge it off (one company may have already) BEFORE I declare bankruptcy will it show up as both a bankruptcy AND a charge off? Is it better to do this before they write it off?
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It won't matter, you credit is already shot. -
It could go either way. BK or CO. Either will kill your credit score.Comment
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BK is the worse remark that can be made to ones credit report. Just follow-up with your credit report from all three CRA's to ensure that your Charged Off account is changed to BK Chp7 - Zero Balance after your BK has been discharged.
Good Luck!The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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just curious
did this come from you telling them that you were going to file? Had you tried to work something out with them first? I am considering filing, so am curious as to what your route was...Originally posted by cloudship
thanksComment
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Tried to work something out. But they absolutely refused to do anything until I gave them a hefty amount of money. They still say they will do something, but still want the money first.
I have told them I was goig to file, I don't have an attorney on retainer (talked to one yesterday). I am pretty sure (98% positive) I am going to go chapter 7, I am still having a little problem since I finally just got a real job and after getting rid of the credit cards I might be making a little too much money. SO I have to figure that little dilema out. I am worried that it will appear as both a charge off and a bankruptcy, but I am assuming that it won't be both.Comment
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thanks for your info. I hear you! It is a difficult decision no matter what your situation. I knew a guy (kid) who maxed out his cc with music, appliances, etc, and then filed (he's 26 y.o) UGH!! it pissed me off so much! We try hard to do what is right and then some idiot comes along and does something like that - grrr!!
best of luck -please keep us posted!Comment
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