Charge Offs and Your Credit
Bad credit is from any combination of falling behind on credit card, Car repossessions, Broken apartment lease, Medical bills, homes that have been foreclosed on, and some times something happened and someone sued you. If you have bad credit It very hard to buy a car and you will not be able to buy a house. People think That every thing falls off your credit every 7 years no only the good things fall off. Something charged off means that creditor is done trying to collect and is sold to a new collection agency and now another 7 years is added.
This is where the filing of a bankruptcy will discharge the debts today and now you can start rebuilding your credit. A new car purchase is possible, it may be at a higher interest rate the first year, and a house purchase could happen during the second year.
If you have bad credit before making the decision of doing nothing, paying a credit card counseling company, or a debt settlement company talk to a Bankruptcy Attorney to see how the bankruptcy laws can help.
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