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Problem, I want to pay !


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I have just been offeed the money to pay $50 K owed to four credit card companies. Two debts still with the original company , one with an attorney and one with a collector. The problem they will accept the money but will not even discuss "correcting" the negative information in my credit reports.Question how can I or who can I hire to get this done. If they won't accept some adjustment to my credit report is chapter 7 so much worse than an already bad credit report ?

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What I've always believed is that you should make them *think* you're going to file bankrupcy. Let them know you're attempting to settle debts, and you're trying to figure out which creditors will cooperate with you. Anything they place on your report, they CAN remove. Just hint that if it seems like you're not able to reach an agreement, bankrupcy may be your next course. The worst that will happen is you still have to pay the balances.

However, my friend had a bankruptcy (not sure which type) and two years later, she bought an $86k home and two new vehicles. It didn't seem to make much of a difference after it was all said and done.

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It's true you can get loans after a bankruptcy, but it takes about 4 years before you can get a regular cheap home loan interest rate, and forget about getting an unsecured credit card at a good rate. Plus, what about your car insurance? That will go up, too. I always think bankruptcy is the last move you should consider.

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