Pay off or file BK? Which is better in the long run

[babalaco]

Right now I have a lot of debt. I have a job offer with a salary that would allow me to pay my debts (22k) in about 1.5 years, less if I really to, and still live comfortably. Or, i could file bankruptcy. My current FICO score is garbage. So I ask you, which is the better course of action toward decent credit? Which would look better in 5 years?

(I will need no more credit, so will not be incurring any more debt. If BK, i would reaffirm my car, and Id start paying student loans. So there would be plenty to report. Also, assume that all things considered, I pay everything ontime for every bill in each senario).

Thanks All.

[HHM]

Right now I have a lot of debt. I have a job offer with a salary that would allow me to pay my debts (22k) in about 1.5 years, less if I really to, and still live comfortably. Or, i could file bankruptcy. My current FICO score is garbage. So I ask you, which is the better course of action toward decent credit? Which would look better in 5 years?

(I will need no more credit, so will not be incurring any more debt. If BK, i would reaffirm my car, and Id start paying student loans. So there would be plenty to report. Also, assume that all things considered, I pay everything ontime for every bill in each senario).

Thanks All.

What did you do exactly to get your FICO in the toilet. I suppose if you pay all your accounts as agreed, that would probably look better in the long run than filing BK. I depends on why exactly you have bad credit now.

[HRx]

Not having a bankruptcy on your credit report would be more beneficial towards you obtaining credit, and more competitive: loans/interest rates within a shorter time frame. Most importantly if you are certain you can pay off your debts in 1.5 years, and still make ends meet, paying off your debts would be the ideal way to go. The rule of thumb regarding bankruptcy is - if you can't pay off your debts within 5 years - consider bankruptcy.

Good Luck!

[ks1488]

You may wish to visit the following free website...

(Link Removed By Todd) - Please No Advertising

This website provides complete bankruptcy information and services. This site also provides information regarding credit repair.

Best of luck to you!

[mark234]

Pay off your debt

Right now I have a lot of debt. I have a job offer with a salary that would allow me to pay my debts (22k) in about 1.5 years, less if I really to, and still live comfortably. Or, i could file bankruptcy. My current FICO score is garbage. So I ask you, which is the better course of action toward decent credit? Which would look better in 5 years?

(I will need no more credit, so will not be incurring any more debt. If BK, i would reaffirm my car, and Id start paying student loans. So there would be plenty to report. Also, assume that all things considered, I pay everything ontime for every bill in each senario).

Thanks All.

Buddy, pay off your debt and your score will improve. Don't look for the easy way out all the time, that will only ruin your life and your family's life as well.