http://wealthmagazine.com/2011/08/considering-bankruptcy-there-may-be-a-way-out/ Thu, 27 Oct 2011 02:25:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://wealthmagazine.com/2011/08/considering-bankruptcy-there-may-be-a-way-out/#comment-5121 Jo Thu, 27 Oct 2011 02:25:34 +0000 http://wealthmagazine.com/?p=2896#comment-5121 If You work out a payment plan over 10 years and then tack on the 7years it is on your credit report, that is 17 years before it is cleared. If you file bankruptcy, it is on your record for 10 years, then cleared. Even if the payment plan was over 5 years, plus the 7 years on the credit report, it is still 12 years not counting all the debt collectors they would have sold the debt to even though a payment agreement was in place. something is wrong with this picture. If You work out a payment plan over 10 years and then tack on the 7years it is on your credit report, that is 17 years before it is cleared. If you file bankruptcy, it is on your record for 10 years, then cleared. Even if the payment plan was over 5 years, plus the 7 years on the credit report, it is still 12 years not counting all the debt collectors they would have sold the debt to even though a payment agreement was in place. something is wrong with this picture.

]]> http://wealthmagazine.com/2011/08/considering-bankruptcy-there-may-be-a-way-out/#comment-4551 Robinson Mertilus Sat, 24 Sep 2011 01:54:44 +0000 http://wealthmagazine.com/?p=2896#comment-4551 Thanks for the post. I think it give people some perspective on how to battle against unnecessary bankruptcy systematically. For those not in this predicament, consider the potential consequences of debt, particularly consumer debt and student loans. Thanks for the post. I think it give people some perspective on how to battle against unnecessary bankruptcy systematically. For those not in this predicament, consider the potential consequences of debt, particularly consumer debt and student loans.

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