Legal Question in Credit and Debt Law in Massachusetts

Options: Have outstanding debts, should I file for bankrupcy?

I have an oustanding debt of around $6000 which has recently been turned over to a collection agency which now is seeking to collect through a lawyer. I have been unable to pay any of my debts for about a year now because I have lost my part-time job and am a student. In a month I will graduate and look for a job which then will allow me to pay off the debt. The collectors lawyer has told me to either pay the loan in full, which I don't have at this moment or neither can get it from someone, or go to court. What are my options? Can I make a settlent with the collectors or should I file for bankrupcy? Thank-You!


Asked on 4/07/04, 11:54 am

1 Answer from Attorneys
David Baker Law Office of David Baker

Re: Options: Have outstanding debts, should I file for bankrupcy?

Bankrutpcy should be the last resort, especially if you are relatively young because a bankruptcy will stay on your credit report for up to 10 years. Try to get the collection attorney to agree to a payment plan starting in the fall, once you've got a job. If he won't agree, tell him you're going to consult an attorney about a bankruptcy case. Then call me for an appointment for a consultation; no charge for the initial consult. David Baker 617-367-4260

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Answered on 4/07/04, 12:08 pm


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