Bankruptcy, credit counseling, or pay it ourselves???
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My wife and I went through the stack of old bills we had in the closet. Some of them are 5 years old and get more recent. We sorted out all the duplicates and added them up. Combined we have a total of roughly 8000 dollars. Take in mind NONE of these are credit card bills. Neither of us have had one. These are made up of mostly old medical bills and old utility bills from years past before we met. We also have a combined total of 4000 in student loans where we both took a semester in a nursing school. I know that you cannot get help with student loans. The goal is to be able to get our credit good enough to get a car loan and get an apartment without cosigner in the quickest timeframe possible. We are living with her parents and need our own place soon. Will our credit clear up if we just pay the bills outright? Or will it be better to use credit counseling or bankruptcy? Bottom line is the way to raise our credit score the fastest is what we want to choose. PLEASE HELP!
Bankruptcy, credit counseling, or pay it ourselves???Honestly...it does not really benefit you to pay debt that is already listed as negative on your credit report. Although the debt is old, you are still legally responsible for it. Ch. 7 bankruptcy may be an option for you as it will erase the negative charged off debt and help with you debt to income ratio. Despite what some of the responders may say, you can recover from bankruptcy. It is possible and easy to reestablish and obtain credit after bankruptcy. Hoped this helped.
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