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With the credit market on a brink of collapse, the future of having good credit will be paramount. Loans will be near impossible to obtain with strict lending practices around the corner. Debt collectors and Law offices will use even stronger tactics to recover more of your hard earned money. Protecting you and your credit has to be a top priority. In 2000 Ontrack Financial Group llc founded the credit arbitration movement. More and more companies entered into the arena and new business models joined old ones. Only one company has the attitude and aptitude to truly assist our clients. Ontrack Financial Group llc is that company! With our proven credit arbitration solution, you can become Charged Off Debt free within three years or less. Our clients have eliminated their Charged Off Debts with our service and avoided communication with collection agencies and law offices in the process. Since the inception of Ontrack Financial Group™, we have continued assisting our nation-wide clientele with their burdensome unsecured debt and has enrolled thousands clients in its programs, managing millions of debt for its clients without one complaint. Ontrack Financial Group™ is a for-profit, private company and is not affiliated with the credit bureaus or the credit industry. As a result, our services are unbiased and independent, which allows us to better serve the consumer.

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Collections Law - charge off debts

Expert: Ontrack Financial Group llc - 10/27/2009

Question
I just returned from a consultation with a bankruptcy attorney. I went through a divorce and had credit card debt from 2002/2005 amounting to about $40,000. I am a single parent of four with a yearly income of $55,000 including support. I do not own any property or have assets. From a lender's standpoint, would it be better for me to file bankruptcy and wipe the slate clean or how long will it take for the debts to fall off of my report. For the most part they have all been charged off. Thank you.

Answer

BofA debt settlement O

Dear Valerie,

Thank you for your question.

From a lenders stand point they would rather you pay a portion of the debt owed than receive discharged documents. The debts are scheduled to be removed from your credit report 7 years after the last reportable action. ( payment lawsuit ect ) A bankruptcy will tarnish your credit for 10 years and in some cases up to 20 years.

If you would like a low cost solution to this problem without filing bankruptcy please contact us.

www.OntrackFinancialGroup.com
888-686-6834

Warm Regards

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