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About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

You are here: Experts > Shopping > Credit/Debt Management > Creditors and Bankruptcy > Being sued - bankruptcy?

Creditors and Bankruptcy - Being sued - bankruptcy?

Expert: Regan Shinski - 11/1/2009

Question
Hi was served 10-25-09 for a credit card debt, I have over $10,000 in debt(the one I am being sued for is $1700). I have not spoken with any of my creditors since I became unable to pay in May of 07 and I am assuming they will all start coming after me soon. My boyfriend and I are getting ready to get married, he also has about $8000 in debt. Should we go ahead and get married then file for bankruptcy together or file individually?

Thank you so much
Rachel

Answer
If you are certain both of you will be filing and can qualify for the chapter 7 means test whether you are married or not, it really does not make much difference. It may be less in court and attorney fees to file jointly but the clock starts on the ten years sooner if you file now separately.

You sound like your mind is made up and it very well could the right decision for you, but I want to make sure I throw a blanket disclaimer and warning because I'm only a fan of bankruptcy in EXTREME circumstances. You're going to pay anywhere from $1500 to $5000 in attorney and court fees. On top of that, you're going to pay at least that much in higher interest, lack of credit, lack of home ownership and other financial related issues as a direct result of the bankruptcy for up to the next ten years. Certain jobs and promotions may not be available to you because of the bankruptcy, which is not good in this tight employment market.

You may be able to settle this $18,000 for $9,000 - even less. Is it worth it to spend - say - $4,000 to file and discharge something you can settle for $9,000? Then add the money you will pay over the next ten years because of the BK as mentioned above? I don't know if it worth it or not, just asking it.

I'm not trying to make moral judgement or even say it's right or wrong in your case, just making sure you have really thought it through before you do it. There are options of debt settlement, credit repair, credit repair lawsuits, and other possible options. Even having only one of you file may be better. Can the money being spent on the wedding be used to pay the debt? It may be better to enter the marriage with clean credit than no debt with a bankruptcy.

Good luck, I understand the appeal of BK and it may still be right for you.

Hope this helps in any case. Good luck :)

Regan
mbscompany@aim.com

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