What Are The Benefits Of Filing Chapter 13 Bankruptcy Over Just Having Your Debts Charged Off?
If a person has a lot of unsecured debt that has been charged off by the lenders and the person is not eligible for Chapter 7, should they file Chapter 13? What are the benefits of filing Chapter 13 in this situation? Thanks!
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December 18th, 2009 at 10:10 am
Unless the creditors are ACTIVELY attempting to collect, there are no benefits to ANY form of bankruptcy, Unpaid bad debt is bad for your credit, but bankruptcy is worse.
December 18th, 2009 at 10:10 am
If the lenders have “charged it off” meaning that they are no longer trying to collect on your debts, then there is no reason to file for bankruptcy.
December 18th, 2009 at 10:10 am
If your lender “charges it off,” it doesn’t mean you off the hook. It could mean that the creditor assigned it to a collection agency or actually sold the debt to a collections agency. Either way the creditor is going to continue to try to collect after charge off, which is actually an accounting issue and does not preclude collections.
When you really need bankruptcy protection is if a creditor decides to file a lawsuit against you. Then it’s time to call in the professional help, it’s time to call in a lawyer.