Chapter 7 Questions
What is worse on a credit report. Several collection agencies taking you to court or a chapter 7 bankruptcy? I currently owe about 350k in medical bills and because of the nature of the injury that put me in those bills I can't work right now so I can't pay them anything. I should be accepted for medicaid but that is taking forever to happen. Should I just file for chapter 7 and get it over with?
Answer:
I filed 7 serveral months ago when creditors came after me for two cars that I co-signed on went down the tubes. The only reason I filed was because I was working and they were robbing my paycheck at about 25% a hit. Right now, if you are not working, they cannot do anything to you. But once you return to work, they will go after you with a vengance. You have to decide if you want to live with that cloud over your head. Once 7 is FILED, they cannot touch you. BUT, if you have any assets, you may lose them. I went to an attorney and let him handle it. Judgments are worse than a bankruptcy on your credit report. And why deal with the stress of dealing with the creditors if you don't have to?
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