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Advice on how to handle a lifes worth of financial mistakes

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I'm 25, go to college full time and work part time. I have over 20k in debt. I've talked with a lawyer about bankruptcy and a credit counselor. The bankruptcy lawyer says that if I file bankruptcy that I'll be financially free and I'll be able to build up good credit quickly and get my life on track.

The credit counselor says that he can wipe some debt off my credit and I'll still owe the people, but it won't be on my credit, and then he can help me get good credit going again.

So, which ones right? Or are neither? I want to be out of legal trouble and be able to get good credit at some point. Any help and advice is greatly appreciated.




I don't agree with being able to build up credit quickly after a bankruptcy, it takes years, I've been there and done that. If it were me, I would go with credit counseling. :)

Sub: #1 posted on Thu, 08/14/2008 - 18:01

Shazzers Shazzers
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Either way I'm kinda screwed, if I pay the bills my credit will still be bad, if I don't pay them nothing changes. Hard to know what to do when there's no real solution. Of course, I did put myself in this position.

Sub: #2 posted on Thu, 08/14/2008 - 19:00

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I wouldn't BK 20k in debt especially if your income situation will change soon after graduating.

Sub: #3 posted on Fri, 08/15/2008 - 06:27

DOLLARSandSINCE DOLLARSandSINCE
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A BK (Chapter 7) will remain on your credit report for 10 years. The bad credit marks will fall off after 7 years. IF you are able to do credit counseling and still with it (make all your payments to the dmp) then your credit will recover nicely as soon as you are out of the program.

Are you talking about debt settlement or debt management through your credit counselor?

Also, BK attorneys make a living by having people file for BK. It may not always be the best option. Please research all avenues and make the assessment on how it may best result for YOU!

Sub: #4 posted on Fri, 08/15/2008 - 08:58

desperatelyseekingsanity desperatelyseekingsanity

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