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  1. #16
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    Quote Originally Posted by PayrollHRGuy View Post
    Not if you goal it to make your credit score better. If you file bankruptcy then you have yet another clock start on a bad thing on your credit rating.
    After 5 yrs of being down, I'm just getting my biz back to profitability but need some working capital at some point, hopefully later this yr hence my interest in a SBA backed loan, the min score is 650, and I'm a few ticks away from that, then I know the banks will also check on the income/debt ratio. maybe I be better off waiting 2 yrs (if I can) to let CC debt drop off


  2. #17
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    Quote Originally Posted by The Grinder View Post
    A little like having a keg of beer but no tapper? in hindsight, considering the CC debt will be on record for another 2 yrs past the 5 yr SOL, would I have been better off filing BK, chapter 7?
    Well given the bankruptcy will be on your record for 10 years im not seeing your argument.


  3. #18
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    Quote Originally Posted by justalayman View Post
    Well given the bankruptcy will be on your record for 10 years im not seeing your argument.
    I thought it was same, ie 7 yrs.
    The people who I know have filed BK tell me the same creditors who they filed on, many have since sent them CC apps for another card, go figure


  4. #19
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    Quote Originally Posted by The Grinder View Post
    I thought it was same, ie 7 yrs.
    The people who I know have filed BK tell me the same creditors who they filed on, many have since sent them CC apps for another card, go figure
    And I know people that have been refused loans from the banks they’ve banked with for decades until the person re established credit. Ask your friends what kind of interest rate all those cc offers come with. I know I get a half dozen a week all in excess of 20% apr. no thanks.


  5. #20
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    Quote Originally Posted by justalayman View Post
    And I know people that have been refused loans from the banks they’ve banked with for decades until the person re established credit. Ask your friends what kind of interest rate all those cc offers come with. I know I get a half dozen a week all in excess of 20% apr. no thanks.
    True, I guess the hi interest can be avoided by paying in full each month, then of course there may be annual fee etc


  6. #21
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    Maybe wrong forum for this but since I spilled my guts about all this, I spoke w a gentleman from local SBA loan, I hope I can verbalize this right, but apparently this office manages a consortium of local banks that have $ in a fund to lend to businesses, they all vote on approving loan. The bad news is my score is low and of course have unpaid debt that where SOL will be expiring soon

    The good news is that this SBA employee said that they havent loaned money in a long time and may be willing to take a chance depending on my PL's etc. and to send him some documents and if the committe thinks that I'm heading in the right direction and an infusion of working capital may get me over the hump, well.....

    I know, say it, I better chance of million $ falling out of sky into my hands! But I'll take a stab, I left my ego at the door many moons ago


  7. #22
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    The bad news is my score is low and of course have unpaid debt that where SOL will be expiring soon
    The sol expiring now is meaningless to possible future creditors. The fact is, unless you are sued and a sol defense is upheld by the court, the sol is pretty meaningless. In fact, it requires a court to determine whether the sol has run. In some cases the sol is tolled (clock stops running) so if any of the reasons the clock would be tolled apply to you, the sol may not expire when you believe it to.


  8. #23
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    Quote Originally Posted by justalayman View Post
    The sol expiring now is meaningless to possible future creditors. The fact is, unless you are sued and a sol defense is upheld by the court, the sol is pretty meaningless. In fact, it requires a court to determine whether the sol has run. In some cases the sol is tolled (clock stops running) so if any of the reasons the clock would be tolled apply to you, the sol may not expire when you believe it to.
    It seems kind of confusing, the only thing I can tell you for certain is the last time I made any payment to creditor (all CC's) was May 2013, have not spoken to, taken any calls from or replied in anyway to any of the CC companies or the collection companies since May 2013.

    Maybe I need to speak w a local attorney to be sure of all this


  9. #24
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    Quote Originally Posted by The Grinder View Post
    It seems kind of confusing, the only thing I can tell you for certain is the last time I made any payment to creditor (all CC's) was May 2013, have not spoken to, taken any calls from or replied in anyway to any of the CC companies or the collection companies since May 2013.

    Maybe I need to speak w a local attorney to be sure of all this
    Let me amend this, about a year ago I corresponded via letter to a third party collector regarding a CC balance, I claimed I beleived I did not owe this debt pointing to the hacking of an account which occurred from a different account, same bank


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