I have a little over $14k in debt, divided uo between 11 collection accts. The highest being a little over 1k to school, 8k for a car repo, and 2k for broken lease. I currently make $30k annually before taxes, I have a car payment and other household bills my boyfriend and I share, I'm afraid that if I just try to wait it out until its off my credit I'll be taken to court, but I'm also not sure if I can afford to pay this debt. My boyfriend has filed bankruptcy recently and we would like to eventually buy a house. Should I file for bankruptcy, wait and see what happens if I don't, or try and work with the collectors? Will it help my credit if I do work with them?
There are legal, financial and personal preference aspects to your question. Best to sit down with a bankruptcy lawyer and go through the details and options.
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is only general information. It is NOT legal advice, and it may not work for your specific situation. It is impossible to evaluate a legal problem without a comprehensive consultation and review of all the relevant facts and documents. I strongly encourage you to consult with a local lawyer to get legal advice and help with your specific situation at your earliest convenience. I am licensed to practice law in Arizona.
