is it better to make a settlement with your creditors as opposed to filing bankruptcy?
960288
Yes it is. Bankruptcy is a good thing. The only bad thing about it is that it stays on your credit for 7 years.
95219
File for bankruptcy instead. You'll end up paying a much smaller percentage of what you owe and then creditors constant calls will be on hold. While your looking for a job try to get a temp job. You'll have money in your pocket, new references, and an inside chance at jobs that open up at the place you are temporairly working. Good luck.
815720
they are just trying to intimidate you. tell them you are going to declare yourself bankrupt. you will find their attitude usually changes. if you go to court they do usually take a lenient view if you can show you have the funds to make the payments.
270865
Normally I recommend that you do not mess with credit repair services if you can help it. Many are a scam.  They charge you hundred of dollars to do stuff that you can do yourself.\n\nYour case appears to be a little more complex.  You need instant relief (which I seriously doubt you will get).  Not only do you need to work with your current creditors, you would want to work with the mortgage company.  They seem to be very unreasonable about their demands to clean up your credit report.\n\nYou may need the help of a trained negotiator.  I don't know your current income situation so I can't be of much more help here.\n\nRead the links below and decide what you would like to do.\nGood luck.
246440
What?  Maybe that's true on the Planet of the Apes, but here on Earth.... yes.  If  you owe them money, the can sue you.  But if you work out an agreeable payment plan with them, they will choose not to sue -- most creditors just want their money back, they don't want to have to sue you.
80332
STOP!\n\nBefore you go to a "Non-Profit" Credit Counseling company, you need to know the facts.\n\nFirst though, why do you want to get credit relief this way.  Are you trying to avoid Bankruptcy?\n\nSecond, Why can't you do it yourself? At least try.\nHeres the rub, if you go to those counseling companies, the creditors put on your credit report, "Handled by a credit counselor" (Or something to that effect)  If you go to try and buy a home at some point, and that shows up, it is the EXACT SAME as a Bankruptcy. \n\nWhat I would do, is call your creditors, and try and negotiate with them, if you can.  Tell them you can pay 50 cents on the dollar as long as they will do a payment plan.  It may not work, but only go to those Credit Counseling Companies if you absolutely have to.\n\nBest Wishes.
662752
I can't stand you people who are giving horrible advice. If you file suit against someone and they file bankruptcy, you are still able to collect. Judgments are non dischargeable when filing Bankruptcy. Any court order form of payments are nondischargeable. You get a judgment and record it with the clerk/state, it is vaild for 10 years and if the defendant receives any money or assets you can place a lien on them. Also, if you get a judgment you and your attorney can file a citation to discover assets to get your settlement. They will then need to sell any assets they own (up to a certain amount) to satisfy your judgment.\n\nDo not take the first amount the insurance company offers you. You can get more. Even without an attorney you need to ask for things other things like gas that was in your car, if you had new tires, they usually will pay the tax on a new car up to the value of your old car, the title and license. You can accept the check from you insuance company and then sue her and her insuance for reimbursement. Your insurance will put a lien on the amount you recover usually 2/3s of what they paid out. Don't give your insurance company any information that will incriminate you. You can tell them you are seeking counsel and will be intouch with them about it.\n\nIf you are moving out of state, you need to make sure that you are able to go back to the county that you are moving from because you need to file suit in either the county you lived when this happened, county it happened in or the county that she live in. (assuming they are all different)
158447
I am a finance director and my banks look at it as if you do not go through with it now you can go on to bankruptcy, so now you have another hit against your credit because the creditors do report that you have had to have counceling. So there is the slow pays that put you in the situation the counseling and the bankruptcy.  and know one ever gets paid on time very often.  I have always seen bankruptcy help more than the counseling. chapter 7 wipes it all out and chapter 13 lets you repay.  good luck in what you decide to do. I will pray you get some relief.
664804
They will not discharge your bankruptcy until you do so.  The judge/trustee will dismiss it and collection procedures will begin again by your creditors.
1109420
Not really - but you might be able to convince the banks to accept an immediate pay-back of 30% instead of a possible complete loss at bankruptcy.
754008
your best bet is to pay them off yourself.  If its come to the point where you can't pay 'em, negotiate with your creditors, if they threaten you, threaten them back by replying that you are going to file bankruptcy because you can't keep up with interest payments, and they should be able to just all of a sudden come up with a payment plan....
712537
Okay, I'd say bankruptcy is in order.\nTrust me, I know what I'm talking about from unfortunate experience!!\nI was in a position where I was consuming more than I was providing...happened over a course of a year, while hours at work slowly disappeared and my lifestyle stayed the same...\nI was young enough, that although it's a black mark on my record for years, it's not the end all for me.  \nYou will not owe if you go bankrupt.  You will pay fees for nine months or so, then will have nothing more to pay.  But your credit will be bad, and so you'll have to depend on a steady job and a consistent cash flow for 7-9 years (or perhaps even longer).  I'd see a bankruptcy lawyer if I were you ( I found mine in the yellow pages), and get this started.  There's no point in waiting any further.  \nGet it over with, and if you aren't so young, there are still places willing to give anyone a loan.  "Bad Credit, No Credit, NO PROBLEM!!" They will have hefty interest though, so pay the bills on time!!\nAnyway, good luck....
877779
Bankruptcy should be a last resort. \n\nI would reccommend saving some money and eventually settling each debt one at a time. \n\nCredit Counseling cannot help with charge offs because it is rare for them to reduce or freeze interest. \n\nSettlement is probably best. \n\nHere is a good site that has free settlement letters you can fill in and print: http://www.expert-credit-advice.com/
825485
I have worked in collections for 10 years and debt mediation is not the road to take. First of all they say they are non-profit but most will ask for contribution to help you out. Then you have to realize most of your creditors do not participate in those programs, you can consolidate your debt by your self if you take the time.
514475
Guess what?  If you file for bankruptcy you will still have bad credit.  Plus, the laws have changed.  Even if you file you may still be responsible for your debts.
181914
Ask your bankruptcy lawyer, they will know.  It won't hurt to try.
853898
They r going to go after property that u have....also, bankruptcy is a pain for the future i've heard when trying to ...rebuild yourself.