About John Hall Expertise Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of
experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and
13 of the United States Bankruptcy Code) primarily representing individual
debtors with consumer debt or small businesses; Experience has included all
aspects of debtor/creditor relations.
Experience FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
Question I have recently gotten married and we have been working to clean up my husband's credit report. We have been doing this on our own and have been pretty much successful. However, he and his first wife have a repossession that occurred in 2001. The collection agency has sent a settlement offer, in addition to their numerous calls, so we are trying to decide if we should pay it. I am not too sure if we should be concerned, as we do not plan to buy a house for another couple of years. Can you offer any advice as to whether or not it is best to go ahead and pay the settlement offer or just wait for it to fall off his credit report? Does it have any effect on my credit report?
Answer Can you offer any advice as to whether or not it is best to go ahead and pay the settlement offer or just wait for it to fall off his credit report?
No real reason to pay anything at this point. The present negative is pretty old, and as you say, is soon going to be removed anyway.
If you pay them at this point three bad things will happen:
They will mark it on your report as a paid collection account. That will be a negative in and of itself.
It is likely that the new negative entry of a paid collection account will trigger the re-start of the seven year period (which runs seven years from last activity).
You lose the money you pay in settlement for nothing.
You have absolutely nothing to gain by paying at this point.
