That did it!!! I knew you could do it...thanks hydro (but I would have felt better if you would have used big words that I did not understand)
Public records...and Collection agencies are two different entities. Judgments, Leins, Bankruptcies...etc are a different updating mechanism. (mostly all computerized now) Collection agency accounts are subcribers (clients) to that credit bureu...and there may or may not be sharing of this info from credit bureau to credit bureau. Transunion is the Midwest...Experian is the West Coast and Equifax(also have a new name) is the East Coast generally...(some recent developments that I must read up on may change this) When you get a Judgment, that does not mean every credit bureau will show it. The collection agencies may or may not report it to all the credit bureaus. When it is vacated or paid, it does not mean anybody will update it. The burden is on YOU.
The USA style "fuckism " encourages irresponsible, poor fiscal conduct. Dude, is your head WAY up in, you know where, where the sun don't shine? Fact is the US Treasury, the president and your own lawmakeres are thiefs, cheats so you dare to throw a stone at the common guy with no policymaking and voting power? aren't you afraid you are throwing a stone in a glass house?
He does not get it. You have to actually go through the process where you research how the whole system works and it is absolutely hilarious. There is no denying that there is a certain percentage of the lower-middle class that abuses the sh*t out of the BK system. Ironically they simply take it to the level that the rich do as regular business. The truth about the Bankruptcy process is that it is the best recourse if your debt load is over your head. I know a few people that got so scared of the stigma that they went the hard route. In the end, their credit report was f**ked, they spent a ton of money on interest and struggled financially. They did "the right thing" and only got punished more for it. As for the idealists who feel that the CCs deserve every penny, you might wanna look up the concept of "usury". Let alone educate themselves on where the credit line comes from.
For some bankruptcy is a 'fresh start" and for others it causes them to live as second class citizens...I see it everyday. You know there was a day when going BK meant that you were a failure...those days are going...going...gone for some... Thus today commercial business's are no longer doing business with small corporations without a personal guarantee...and then try to get an invoice for anything...use the credit card system... I am surprised that Grocery stores still accept personal checks... Michael B.
No doubt. But most wish they had done sooner rather than later. The people that regret it, are the ones who did not do their research about where the BK would hurt them. Like idiots who do a BK and then go out expecting to get a house loan with prime interest rate This stigma is still here, except for the RICH and Corporations. And that's the biggest problem, why is it so acceptable among those who do not need it. Why is it that an airline can file BK, yet the CEO still receive a huge salary, bonus & pension package? Why is it that the rich constantly file Ch.13 and sometimes Ch. 7 on their entities whenever things don't stay peachy? The individual I speak off that plays the BK game, he learned his tricks from the rich. He is no angel, quite a scumbag actually, but it is not like he is hatching evil plans to defraud the US BK system. He is just playing the game.
When the Federal Government of the USA is SUCKING of the tits of the Communist Chinese for loans and they print money like there is no tomorrow. I want to borrow as much as I can and see the whole fucking house of cards collapse as it will undoubtedly. The powers to be have made plans long ago the fuck over the US middle class while enriching themselves in the process, I am not sure that being debt free is the solution for the future.
Lots of advice from those that have never done it. Without going into all the sorid details all I can say is Chapter 7 leads to financial heaven. Zero debt, unless you choose to re-affirm on some things, such as your house. Laws have changed since last fall and Chapter 7 is much more difficult to get. Consult a good attorney! Shame? Pride? Fuck that! Businesses file BK all the time and in many cases are called financial wizards for doing so. Remember Lee Iacocca, or however the fuck you spell his name. The piece of shit files BK, lays off thousands of workers, get some tax free loan on you and me to turn the company around and he's a "genius". Well, I get to be a genius too, and so do you! Good luck and believe me you'll be more happy than sad after it's over. One more thing. How long it stays on your credit record don't mean shit. Income means everything in restoring credit. FYI Chapter 7 is 10 years and I know that for a fact.
Run up a bill with the IRS first. A friend of mine went into BK, the judge simply set up a payment plan for the IRS and let the credit card debt take a ride off the back edge of the world. A BK on your record is worse for some things than if you just do not pay the debtors. Wait about a year and they will accept a 50% payoff.