We made a wrong decision which trickled down to a whole bunch of bad thing. We rented a house we couldn't afford 1800 per month with the illusion that we would own it one day (verbal agreement between family). Have $40,000 in debt wich includes
$30K- 2 vehicle repossesion
$10K - medical + credit cards + payday loans+ misc debt (Medical and Credit Cards actually have been charged off so I can work on this last)
Finally decided to move. Will have about $500.00 at the end of the month. Willing to get a part time job early mornings to bring down debt faster and still have evening time with family. My questions is this. while I am paying off debt will the fact that I am paying down the 2 vehicle repossession better my credit score faster than filing for BK. And if so how soon can I start seeing this happen. What is the strategy I should take if I take this route. Otherwise why would BK be a better choice.
$30K- 2 vehicle repossesion
$10K - medical + credit cards + payday loans+ misc debt (Medical and Credit Cards actually have been charged off so I can work on this last)
Finally decided to move. Will have about $500.00 at the end of the month. Willing to get a part time job early mornings to bring down debt faster and still have evening time with family. My questions is this. while I am paying off debt will the fact that I am paying down the 2 vehicle repossession better my credit score faster than filing for BK. And if so how soon can I start seeing this happen. What is the strategy I should take if I take this route. Otherwise why would BK be a better choice.