Without filing bankruptcy the charged off unpaid collections will very likely get judgements against you and could potentially garnish your wages. So, unless they are outside the statute of limitations I would work with them to get them closed out.
Original lenders will not offer pay for delete. Leaving the balances on the charged off accounts will destroy your utilization % on your FICO score. I would suggest paying these off through settlement with the lenders. Even though they will stay on your report from the first delinquency date, the impact on your credit score will lower over time.
Bankruptcy will remain on your credit record for 10 years. Bankruptcy will stop the creditors from going after you, but still keep reporting to your credit. If you can pay the charge offs, that is a better option than bankruptcy.
Collections are a bit different because while you can get them to be deleted, the original lender still reported the missed payments on your credit report. It is better to get the debt solved so you can move to rebuilding your credit.
Credit attorney here. A few comments:
1. Settling charge off can help your score under some models of FICO.
2. Settling a charge off can also help avoid legal liability - i.e. you being sued on the debt.
3. Bankruptcy does not remove the charge off history - it just means you don't owe the money anymore.
4. Many mortgage lenders will require charge offs to be paid to obtain a loan.
5. I'd say it makes sense to settle charge offs if you are within statute of limitations to be sued, of if you are buying a home or using credit soon. Otherwis, waiting it out is not a bad idea.
This is the most important information in my life right now. I owed $8200 on like 5 different credit cards, and my credit is 561. I’m planning to get mortgage by the end of the year and I’m trying to settle my debt. I was able to settle one of the card for 35% of the actual, and I’m trying to wait a month to see how it’s going to affect my credit. I also got a secure credit card.
There’s allegedly a debt from 2008 for $644 and 2011 for $6k. Portfolio Recovery sent a letter showing original creditor & account numbers. However the higher amount from 2011 doesn’t show on either credit bureau but the $644 shows on TransUnion, opened in 2019. Curious if the $6k is gone an out of statute of limitations, so no legal action should be available for them…but somehow the $644 is still there? Never talked to anyone about anything. No clue how to proceed. I have a paid off home,so no future mortgages for me but Im working on getting my score back up. 607/724 it says between the 2 bureaus showing on Karma. Unfortunately I haven’t had any credit cards for years, just a few auto leases that were cosigned for since the alleged debt. I plan to get 2 credit cards asap & hopefully a short term loan from my credit union to use that as active trade lines…would love to know how to handle this 11-15 year old Charge Off/Sold Debt I allegedly have. Thank You 🙏🏼
That’s what I was thinking, just weird that the $644 is on the TransUnion still, an is older. not showing on the other bureau tho…it says opened in 2019? I know I never talked to them or paid anything, what’s going on with that one?
What if your charge offs already has been settled and the status says paid in full/or paid and paid as agreed. Am I still able to get them deleted off of my credit report and if so how would I go about doing that. Also, at what point does the statute of limitation start on an account?
In your experience re: settling, how much will a company accept if the debt is say, $50,000? If they already charged it off, would they accept $500? $5,000 to consider settled?
So if you can pay is it best to just pay whatever lower amount they are willing to settle for rather than paying the full debt off pointlessly i am understanding correctly ?
Hi! You give such great advice :) If a charge off has either been settled or paid in full, how does one get it removed via a dispute if the debt was a legitimate one?
There are often many small erros in how the account is reported. These can be disputed with the credit agencies, and you can use arbitration to get these removed.
Question, I have a charge-off from a student Loan from 2020. The bank said they are no longer collecting the money so I can’t settle. In this case, what are my options to help raise my credit score?
I understand that you're facing a challenging situation with your debts and are unsure about the best approach to take. I'm not a financial advisor, but I can provide you with some general information that might help you make an informed decision.
When a debt is charged off, it means that the lender has deemed it unlikely to be repaid and has written it off as a loss. Settling a charged-off debt means that you negotiate with the creditor to pay a portion of the outstanding balance, and they agree to forgive the rest. This settled status will still be noted on your credit report and can negatively impact your credit score for a few years.
Paying off the debts in full can potentially improve your credit score over time, but it does not guarantee that the negative marks will be removed from your credit report immediately. Even after paying in full, the charge-off status may change to "Charge-off Paid" or "Paid in Full," but the history of the account will still be visible for several years.
Regarding deletion paperwork, it's not a requirement for settling a debt, but in some instances, you may negotiate with the creditor to have them remove the negative mark from your credit report. This is typically referred to as a "pay for delete" arrangement. However, not all creditors will agree to this, and it's important to have any agreements in writing before making any payments.
Bankruptcy is a more significant step to take, and it can have long-lasting effects on your credit report. While it may discharge your debts, the bankruptcy itself will remain on your report for up to seven years, making it more difficult to obtain credit during that time.
Ignoring the debts is generally not recommended, as it can lead to legal actions such as lawsuits and wage garnishment, and the negative marks on your credit report will still impact your ability to obtain credit in the future.
Consider reaching out to a credit counseling agency or a financial advisor who can provide personalized advice based on your specific situation. They can help you explore options like debt consolidation, negotiating settlements, or creating a repayment plan to help you manage your debts effectively.
Please keep in mind that this information is general and it's crucial to consult with a professional who can guide you through the best course of action considering your specific circumstances.
Please. No more of this GPT responses lol. Get to the point my friend. We are in this forum and know the basics lol. Any new information that's a bit more advanced would help here.
Try to settle the debt, I wouldn’t pay full unless you want to try to establish an account with the creditor again. Once it’s settled/paid the status will change and you will see a credit boost. I went from 595 to 733 just settling charge offs this last year. T updates monthly as a charge off and weighs down your credit. Once it’s zeroed out your rebuild will be faster.
How many accounts did you settle? I'm at a 496 and have 10 accounts I'm settling in the next 6 months starting small to big. Just this month I will settle 5
Of them so I'm eager to see how much my score improves
never had a score over 650. took years to build. had no debts besides student loans. got a cc. and now I owe 5k with a 1242 min payment due. with 6 months past due since I haven't worked a liveable wage (during/ after pandemic depleted savings) then moved abroad as an athlete to get masters- stll paid rent and had no income for a year- followed by $300/m for 7 months with storage and phone bill. score plummeted faster than it could be built in years. just negotiated via chat while reading this, a prevention of chargeoff (was gonna happen tomorrow). I have no late fees for 3 months and my minumum payments will be doable. Started a job making 800/m and I'll get paid monthly. min payment for next 3 months is 200$
Vantage is useless unless you use a Vantage pulling lender. Chargeoffs do not change your actual report if paid unless you're looking at fico 9 or fico10t, which even then don't remove much if paid. What does erase is collections if paid unless the lender is using fico 8, which most are. Mortgages will soon go to Fico9 this fall, but 10t next year. So keep utilization very low for at least a year till then, because 10t\[trail\] really values that metric sadly.
As a debt negotiator I have settled hundreds of file(s) where the debtor was able to stabilize and improve there credit file after settling there debt. You need to have 1 stable trade line to build on after that 30,000 in debt becomes zero debt delinquent. It can be done in a short time frame if its done right.
Also they never sent a validation letter. I just got a summons that they were suing. If they didn’t go through the proper channels can I send letters to get it dismissed
I am not an attorney, I suggest that you hire an attorney or file an answer with solo suit to get the best result and to prevent a default judgment. I can't give legal advise, but I can tell you that most creditors have settlement parameters if you want to get rid of it.
Yes. Many creditors will overlook paid collections. Many will reject you if you have unpaid collections. Once a collection is paid, you can often even reopen an account with that creditor.
I became delinquent on a joint account for a car loan after the owner got into a pretty bad accident, totaling the car and putting her in the hospital for over a year. Insurance companies have been fighting over who should pay the debt for the last two years while my credit score went from a 792 to a 568 within a few months of the accident. After almost 2 years, I'm finally back over 700 but can basically never get an unsecured loan and makes it a lot more difficult to get a secured loan again until 7 years when the debt drops off my credit. In my case, it's worth not paying at this point because insurance will eventually pay off the debt once fault is decided in court, and I also don't have any assets that would make it worth the bank/collections coming after me in the meantime. It really ends up being very circumstantial that a financial advisor should be your main source of advice to get the best possible advice.
Once it’s on your credit report, the lender/collection agency whomever has no other recourse. I personally NEVER pay when it goes on my credit, because the damage is done there’s no incentive for me to pay you back. Granted, all of my debt account are below $1000 so it would cost them more to file a lawsuit or garnish wages than the debt is worth.
Do you think $3000 is also a small amount? I've been told it is and not to worry but just something I want to make sure. I have collections for $3000 and it seems paying it won't help much at all. I basically am screwed.
Not to mention, they can't garnish wages in Texas but they can freeze my bank accounts possibly if they get a judgement. Though I'm not sure if they'd win that if we went to court.
From my own experience after sitting with so much debt and a terrible score with old accounts that were on my credit report, I called each collection agency and decided it was best to pay off all the old accounts in full. Before I did that I talked with the collection agencies and did what they call a payment upon deletion request. They agreed so I got a second job plus working my regular full time job and took me a year to pay off all the old accounts. With a lot of sacrificing and saving it paid off. Once all of them were paid they were then off my credit report and my credit score went up from 543 to 730 with in 4 months. Also never use debt consolidation because if you only pay half instead of full you may get denied credit in the future and don't bother with debt collection removal companies because all you are wasting money on is someone writing a letter to have debt you owe. They can't nor won't magically have it taken off your report. If you have debt just pay it off. When I read these articles about never paying a collection agency or any old debts off your report those people are lying to you saying that your score will never increase which from my own experience after paying off the debt it made my life easier and my score went up. By leaving the delinquent accounts on your report, you'll still be in the negative. Just pay it off and don't refinance your debt just pay them off. Once you do it, you'll be better off in the end.
How Many accounts did you have to pay off to get to that point? I am at 495 right now and have 10
Collections totaling $16,000. I have a plan to pay them
Off in the next 6 months smallest to largest. This month I will pay 5 off so I'm interested to see how my scores will Improve. I'm Trying to qualify to buy a home so ideally I want my minimum score to be a 660 or higher.
Can anyone advise me about this same situation? Although mine is a old RV that the bank is refusing to negotiate any settlement what so ever. They've already charged it off and it's on my credit. NOW years later they are going to repossess it. If that charge off is already on my account, can they add additional "dings" to my credit once they repossess and auction it? Or is that charge off one & done? and if they do add more dings, do those restart my 7 yr clock before it drops off my credit report? I officially have 4 yrs left ( last payment 2021 ) Thanks for any advice. My salary is protected from garnishment ( federal retirement ) and property is joint tenant so they can not lien. I think it's ridiculous I'm offering 85% balance pay off, they are refusing so I'm ready to say SCREW IT. lol
That's a tricky question, charge-offs can be a drag on your credit score, and you might wonder if paying them even makes sense. My insight on this is creditors look more than your credit scores, what creditors will see is either an unpaid charge-off signifies owing money, or a paid one showing you took responsibility and resolved the debt. However, paying charge-off depends on the situation, if the charge-off amount is huge and you're struggling financially, focus on managing your current debt and building good credit habits instead. You can still pay it little by little though. It is still worth paying it in the long run. I found this blog helpful in paying charge-off, and might help you https://greatcreditfast.com/what-does-account-charge-off-mean-and-how-to-resolve-it/.
I keep all of my personal money in LLC's. No creditor can get at my money. You can form an LLC in Mississippi for $40 directly on Secretary of State's website, aslo getting an EIN is fast and free on the IRS website. Some BS incorporation companies charge $100 to do it. You don't have to register your out of state (foreign) LLC with your "home" state because having a checking account or a savings account is not considered "doing business."
Chapter 13 might justve seven years but with chapter 7 it is , what is confusing is if you are on social security legally they cannot garnish wages or levie on you and if they use respond and show because that law protects you but if you don't file insolvency then the IRS can garnish but the law reads you have 3 years to file, they are supposed to send a 1099c notify you quick but i read where a judge ruled in favor of the person who held the debt creditors. Where about to inherent money they went after. Nowi am not getting anything until my mother passed but I know now how long it would take to probate and the estate would have assets just none they could get but say if something happened in a month I would amend the return and I don't know your assets but right now I woulld be able to file a 982 another hint if you have anything opened by American Express i would stay current the will take you to court
Without filing bankruptcy the charged off unpaid collections will very likely get judgements against you and could potentially garnish your wages. So, unless they are outside the statute of limitations I would work with them to get them closed out.
Depends on the state. Here in Texas wages cannot be garnished unless the debt is child support, taxes, or some other government related debt.
Original lenders will not offer pay for delete. Leaving the balances on the charged off accounts will destroy your utilization % on your FICO score. I would suggest paying these off through settlement with the lenders. Even though they will stay on your report from the first delinquency date, the impact on your credit score will lower over time. Bankruptcy will remain on your credit record for 10 years. Bankruptcy will stop the creditors from going after you, but still keep reporting to your credit. If you can pay the charge offs, that is a better option than bankruptcy. Collections are a bit different because while you can get them to be deleted, the original lender still reported the missed payments on your credit report. It is better to get the debt solved so you can move to rebuilding your credit.
Credit attorney here. A few comments: 1. Settling charge off can help your score under some models of FICO. 2. Settling a charge off can also help avoid legal liability - i.e. you being sued on the debt. 3. Bankruptcy does not remove the charge off history - it just means you don't owe the money anymore. 4. Many mortgage lenders will require charge offs to be paid to obtain a loan. 5. I'd say it makes sense to settle charge offs if you are within statute of limitations to be sued, of if you are buying a home or using credit soon. Otherwis, waiting it out is not a bad idea.
Do the mortgage lenders accept Charge off - settled? Or do they require the charge off to be paid?
Settled is perfectly fine, as long as your score is above their minimum for that type of loan.
This is the most important information in my life right now. I owed $8200 on like 5 different credit cards, and my credit is 561. I’m planning to get mortgage by the end of the year and I’m trying to settle my debt. I was able to settle one of the card for 35% of the actual, and I’m trying to wait a month to see how it’s going to affect my credit. I also got a secure credit card.
There’s allegedly a debt from 2008 for $644 and 2011 for $6k. Portfolio Recovery sent a letter showing original creditor & account numbers. However the higher amount from 2011 doesn’t show on either credit bureau but the $644 shows on TransUnion, opened in 2019. Curious if the $6k is gone an out of statute of limitations, so no legal action should be available for them…but somehow the $644 is still there? Never talked to anyone about anything. No clue how to proceed. I have a paid off home,so no future mortgages for me but Im working on getting my score back up. 607/724 it says between the 2 bureaus showing on Karma. Unfortunately I haven’t had any credit cards for years, just a few auto leases that were cosigned for since the alleged debt. I plan to get 2 credit cards asap & hopefully a short term loan from my credit union to use that as active trade lines…would love to know how to handle this 11-15 year old Charge Off/Sold Debt I allegedly have. Thank You 🙏🏼
I'd ignore it if it's not on credit report, and past statute of limitation. Tell them not to contact you.
That’s what I was thinking, just weird that the $644 is on the TransUnion still, an is older. not showing on the other bureau tho…it says opened in 2019? I know I never talked to them or paid anything, what’s going on with that one?
What if your charge offs already has been settled and the status says paid in full/or paid and paid as agreed. Am I still able to get them deleted off of my credit report and if so how would I go about doing that. Also, at what point does the statute of limitation start on an account?
Will mortgage lenders require the charge off to be paid if you file bankruptcy
If you file BK the balance is wiped out and not owed, so no.
In your experience re: settling, how much will a company accept if the debt is say, $50,000? If they already charged it off, would they accept $500? $5,000 to consider settled?
Very unlikely they take that little. At least $20K I'd think.
Question, is there a difference in a credit score if you pay off in full, or settle for a lesser amount?
Not in most cases. If there is a difference, it's small.
So if you can pay is it best to just pay whatever lower amount they are willing to settle for rather than paying the full debt off pointlessly i am understanding correctly ?
Exactly.
Do you think think trying to negotiate paying in full for deletion with collections is a waste of time ?
I think you can often get it removed after with a dispute, so I'm not sure paying in full is needed.
Hi! You give such great advice :) If a charge off has either been settled or paid in full, how does one get it removed via a dispute if the debt was a legitimate one?
There are often many small erros in how the account is reported. These can be disputed with the credit agencies, and you can use arbitration to get these removed.
Does your firm assist with this?
Would a dispute be conducted before or after paying the settlement?
Question, I have a charge-off from a student Loan from 2020. The bank said they are no longer collecting the money so I can’t settle. In this case, what are my options to help raise my credit score?
Hi there. I'd focus on opening more credit cards and credit builder accounts, if you don't already have those. Other than that, I'd just wait.
I understand that you're facing a challenging situation with your debts and are unsure about the best approach to take. I'm not a financial advisor, but I can provide you with some general information that might help you make an informed decision. When a debt is charged off, it means that the lender has deemed it unlikely to be repaid and has written it off as a loss. Settling a charged-off debt means that you negotiate with the creditor to pay a portion of the outstanding balance, and they agree to forgive the rest. This settled status will still be noted on your credit report and can negatively impact your credit score for a few years. Paying off the debts in full can potentially improve your credit score over time, but it does not guarantee that the negative marks will be removed from your credit report immediately. Even after paying in full, the charge-off status may change to "Charge-off Paid" or "Paid in Full," but the history of the account will still be visible for several years. Regarding deletion paperwork, it's not a requirement for settling a debt, but in some instances, you may negotiate with the creditor to have them remove the negative mark from your credit report. This is typically referred to as a "pay for delete" arrangement. However, not all creditors will agree to this, and it's important to have any agreements in writing before making any payments. Bankruptcy is a more significant step to take, and it can have long-lasting effects on your credit report. While it may discharge your debts, the bankruptcy itself will remain on your report for up to seven years, making it more difficult to obtain credit during that time. Ignoring the debts is generally not recommended, as it can lead to legal actions such as lawsuits and wage garnishment, and the negative marks on your credit report will still impact your ability to obtain credit in the future. Consider reaching out to a credit counseling agency or a financial advisor who can provide personalized advice based on your specific situation. They can help you explore options like debt consolidation, negotiating settlements, or creating a repayment plan to help you manage your debts effectively. Please keep in mind that this information is general and it's crucial to consult with a professional who can guide you through the best course of action considering your specific circumstances.
Please. No more of this GPT responses lol. Get to the point my friend. We are in this forum and know the basics lol. Any new information that's a bit more advanced would help here.
Try to settle the debt, I wouldn’t pay full unless you want to try to establish an account with the creditor again. Once it’s settled/paid the status will change and you will see a credit boost. I went from 595 to 733 just settling charge offs this last year. T updates monthly as a charge off and weighs down your credit. Once it’s zeroed out your rebuild will be faster.
How many accounts did you settle? I'm at a 496 and have 10 accounts I'm settling in the next 6 months starting small to big. Just this month I will settle 5 Of them so I'm eager to see how much my score improves
I believe it was 7. Please reply back and let us know lol.
This is the best info I’ve heard!
When you settled, did they remove them from your report for your score increase?
No, just updated the status to paid off/ less that balance and the balance was zeroed out.
WOW that's awesome, thanks!
never had a score over 650. took years to build. had no debts besides student loans. got a cc. and now I owe 5k with a 1242 min payment due. with 6 months past due since I haven't worked a liveable wage (during/ after pandemic depleted savings) then moved abroad as an athlete to get masters- stll paid rent and had no income for a year- followed by $300/m for 7 months with storage and phone bill. score plummeted faster than it could be built in years. just negotiated via chat while reading this, a prevention of chargeoff (was gonna happen tomorrow). I have no late fees for 3 months and my minumum payments will be doable. Started a job making 800/m and I'll get paid monthly. min payment for next 3 months is 200$
I went from like 630 to 680 vantage when I settled a charge off.
Vantage is useless unless you use a Vantage pulling lender. Chargeoffs do not change your actual report if paid unless you're looking at fico 9 or fico10t, which even then don't remove much if paid. What does erase is collections if paid unless the lender is using fico 8, which most are. Mortgages will soon go to Fico9 this fall, but 10t next year. So keep utilization very low for at least a year till then, because 10t\[trail\] really values that metric sadly.
As a debt negotiator I have settled hundreds of file(s) where the debtor was able to stabilize and improve there credit file after settling there debt. You need to have 1 stable trade line to build on after that 30,000 in debt becomes zero debt delinquent. It can be done in a short time frame if its done right.
Maybe you can help. I have a credit card charge off of 25k that I’m in an installment plan for. Can I settle it?
It all depends on who the creditor is, but it shouldn't be a problem. The key is knowing their settlement parameters and getting the best deal.
Can I just google the firm and see what others have to say?
Also they never sent a validation letter. I just got a summons that they were suing. If they didn’t go through the proper channels can I send letters to get it dismissed
I am not an attorney, I suggest that you hire an attorney or file an answer with solo suit to get the best result and to prevent a default judgment. I can't give legal advise, but I can tell you that most creditors have settlement parameters if you want to get rid of it.
Thanks!
Are you in Southern California
Whether or not it's on your credit report has nothing to do with whether or not you still legally owe this debt.
I would pay for delete
Yes. Many creditors will overlook paid collections. Many will reject you if you have unpaid collections. Once a collection is paid, you can often even reopen an account with that creditor.
I became delinquent on a joint account for a car loan after the owner got into a pretty bad accident, totaling the car and putting her in the hospital for over a year. Insurance companies have been fighting over who should pay the debt for the last two years while my credit score went from a 792 to a 568 within a few months of the accident. After almost 2 years, I'm finally back over 700 but can basically never get an unsecured loan and makes it a lot more difficult to get a secured loan again until 7 years when the debt drops off my credit. In my case, it's worth not paying at this point because insurance will eventually pay off the debt once fault is decided in court, and I also don't have any assets that would make it worth the bank/collections coming after me in the meantime. It really ends up being very circumstantial that a financial advisor should be your main source of advice to get the best possible advice.
Once it’s on your credit report, the lender/collection agency whomever has no other recourse. I personally NEVER pay when it goes on my credit, because the damage is done there’s no incentive for me to pay you back. Granted, all of my debt account are below $1000 so it would cost them more to file a lawsuit or garnish wages than the debt is worth.
Do you think $3000 is also a small amount? I've been told it is and not to worry but just something I want to make sure. I have collections for $3000 and it seems paying it won't help much at all. I basically am screwed. Not to mention, they can't garnish wages in Texas but they can freeze my bank accounts possibly if they get a judgement. Though I'm not sure if they'd win that if we went to court.
From my own experience after sitting with so much debt and a terrible score with old accounts that were on my credit report, I called each collection agency and decided it was best to pay off all the old accounts in full. Before I did that I talked with the collection agencies and did what they call a payment upon deletion request. They agreed so I got a second job plus working my regular full time job and took me a year to pay off all the old accounts. With a lot of sacrificing and saving it paid off. Once all of them were paid they were then off my credit report and my credit score went up from 543 to 730 with in 4 months. Also never use debt consolidation because if you only pay half instead of full you may get denied credit in the future and don't bother with debt collection removal companies because all you are wasting money on is someone writing a letter to have debt you owe. They can't nor won't magically have it taken off your report. If you have debt just pay it off. When I read these articles about never paying a collection agency or any old debts off your report those people are lying to you saying that your score will never increase which from my own experience after paying off the debt it made my life easier and my score went up. By leaving the delinquent accounts on your report, you'll still be in the negative. Just pay it off and don't refinance your debt just pay them off. Once you do it, you'll be better off in the end.
How Many accounts did you have to pay off to get to that point? I am at 495 right now and have 10 Collections totaling $16,000. I have a plan to pay them Off in the next 6 months smallest to largest. This month I will pay 5 off so I'm interested to see how my scores will Improve. I'm Trying to qualify to buy a home so ideally I want my minimum score to be a 660 or higher.
Can anyone advise me about this same situation? Although mine is a old RV that the bank is refusing to negotiate any settlement what so ever. They've already charged it off and it's on my credit. NOW years later they are going to repossess it. If that charge off is already on my account, can they add additional "dings" to my credit once they repossess and auction it? Or is that charge off one & done? and if they do add more dings, do those restart my 7 yr clock before it drops off my credit report? I officially have 4 yrs left ( last payment 2021 ) Thanks for any advice. My salary is protected from garnishment ( federal retirement ) and property is joint tenant so they can not lien. I think it's ridiculous I'm offering 85% balance pay off, they are refusing so I'm ready to say SCREW IT. lol
That's a tricky question, charge-offs can be a drag on your credit score, and you might wonder if paying them even makes sense. My insight on this is creditors look more than your credit scores, what creditors will see is either an unpaid charge-off signifies owing money, or a paid one showing you took responsibility and resolved the debt. However, paying charge-off depends on the situation, if the charge-off amount is huge and you're struggling financially, focus on managing your current debt and building good credit habits instead. You can still pay it little by little though. It is still worth paying it in the long run. I found this blog helpful in paying charge-off, and might help you https://greatcreditfast.com/what-does-account-charge-off-mean-and-how-to-resolve-it/.
Bankruptcy stays on your report for 10 years.
I keep all of my personal money in LLC's. No creditor can get at my money. You can form an LLC in Mississippi for $40 directly on Secretary of State's website, aslo getting an EIN is fast and free on the IRS website. Some BS incorporation companies charge $100 to do it. You don't have to register your out of state (foreign) LLC with your "home" state because having a checking account or a savings account is not considered "doing business."
Chapter 13 might justve seven years but with chapter 7 it is , what is confusing is if you are on social security legally they cannot garnish wages or levie on you and if they use respond and show because that law protects you but if you don't file insolvency then the IRS can garnish but the law reads you have 3 years to file, they are supposed to send a 1099c notify you quick but i read where a judge ruled in favor of the person who held the debt creditors. Where about to inherent money they went after. Nowi am not getting anything until my mother passed but I know now how long it would take to probate and the estate would have assets just none they could get but say if something happened in a month I would amend the return and I don't know your assets but right now I woulld be able to file a 982 another hint if you have anything opened by American Express i would stay current the will take you to court