Legal Question in Credit and Debt Law in Texas
Carpooling Credit Debt
Things for me were pretty good til my 8mo old son's asthma went out of control. Do to me calling in all week to take care of my son they said either come in or voluntarily resign. On April 04,2004 I lost my job and within two months i was unable to pay bills with just my husbands working. So like most people i adjusted to the situation. I lost my car and couldn't pay credit cards. So i still pay basic bills to this is day. Calls are coming and my husband has a judgement against him.
Question 1- Do i wait 5 years til they are taken off.
Question 2- How do i negotiate a settlement and to have them taken off my credit report.
Question 3- Someone said that i could write something to each credit bureau and they could take it off cause creditors sometime violate certain rules and regulations but never apply for credit with those companys again cause it will show back up. What is this and how do i do it?
Question 4- Do i need to file for bankruptcy for less than $10k cc debt $5k for car.
Please help me i would like to have my life back
1 Answer from Attorneys
Re: Carpooling Credit Debt
It sounds as if you are judgment proof, and are still struggling.
It is unlikely that you will be able to clear your credit report at this time. Writing a letter to say you are broke, rarely stops a creditor.
My advice is to continue paying your basic debts, and save money in a sock, that will protect you in the event of another calamity. Once you gather a decent amount, go to each debtor and negotiate a settlement, often done for 50 cents on the dollar.
Bankruptcy is certainly an option for you, and it sounds as if you qualify -- and if you believe that you cannot get out from under this debt in the next few years, is a good option to allow you to start over fresh.
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