File for bankruptcy or pay off bedt?

We are seniors and owe $83K to several credit card companies that is at least 2-3 years pass due (results of present economy downturn). We have no means to pay off and is living on social security and food stamps. We have been thinking of filing for bankruptcy but now a family member is willing to help us settle. what should we do?

3 Answers

It is good that now a family member is trying to help you out.  I would suggest you to settle the debt with the creditor instead of filing bankruptcy. 

Before filing for bankruptcy, try calling each of your creditors and ask them if they will except a "settlement" pay off on your debt. In other words, ask if they would accept, say, .30 cent on the dollar. Keep in mind, though, if they accept a settlement instead of the full payment, it will still show up  on your credit report, but it will not affect your credit scores nearly as badly as a "charged-off" debt. You should also contact a local non-profit credit counseling agency for assistance.  They usually can help you work out the best solutions (such as the one I mentioned) for debt reduction or debt-consolidation, or even debt elimination. And they will usually serve as your representative -- and very often at no cost to you. 

File for bankruptcy.   The damage is already done to your credit. 

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