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Question by jen: i have ,000 in debt and i am currently in a debt management program?
i am currently thinking about bankruptcy because i am still struggling to pay this all off. but, i live at home and i am also trying to get an apartment. should i stay in the debt management or should i file for bankruptcy? regardless im still going to have a bad credit score. i am just trying to weigh the pros and cons.
Best answer:
Answer by megan c well bankruptcy will give you a low credit score over the next 5 years. I suggest talking to this program and seeing what they suggest to do. I hope this helps
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Question by marypoppins: how long debt management program stay on your credit report, after you completed the program?
or does it leave your credit report once you completed it? what’s are the main differences between a debt managment program and bankrupstcy 13?
Best answer:
Answer by ARM They are both equally bad. A lot of programs that people think help do more harm than good. The debt management program usually comes with a bunch of fees and an interest rate of its own. Read the small print, and there is no such thing as a free lunch. At least with a bankruptcy there is a clear end to the madness. You could go into a debt management program and still wind up in bankruptcy. Then you will find out that when you climb out of the bankruptcy you have new criminals at your door. If it were me, please don’t take advice off the internet without sitting down with a certified financial planner, I would work the bankruptcy angle at least that it a set period of time with a definite end. There is life after bankruptcy. There may be no end to a management program it may stay on your report for much longer than a bankruptcy and in the end you could wind up paying them more than you owe.
