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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5145
Experience:  37 plus years of experience specializing in bankruptcy law
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Is it better to file bankruptcy or pay a credit consolidation

Resolved Question:

Is it better to file bankruptcy or pay a credit consolidation company to pat off debit?
I would like to know which way will improve my bad credit faster?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. your credit wiil improve faster by filing a chapter 7 bankruptcy. This is because, for the time that you are paying back your bills through a consolidator, your credit score continues to show delinquencies. However, once you file a BK, the creditors are listed as being discharged in the BK. As a result, the clock starts ticking from the moment you file as it sends notice to the world that your debts are discharged and that the creditors cannot take any further legal action to collect.

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