Debt Management Companies List
How to pay off my debt from collections?
Ok, I have about $10k-$15k worth of debt that has gone to collections. I have moved several times and changed phone numbers to escape the calls and bills. Now i feel like it’s time to get ahead of it. If I get a credit report, it’ll come back with a list of debts, but will it give me numbers to call to contact someone about settling the debts?
What about bankruptcy? My wife and I are starting a Property Management company in 2 years after schooling and training. Should I work on paying it off or file for bankruptcy???
Depending on where you live, there is legisaltion regarding collection agencies calling you. If you feel that they are harrassing you, you can request them to stop calling you as oftne and/or take legal action.
Bankruptcy is always a last resort as mentioned so you should look at getting a debt consolidation loan or a debt settlement first. Either way, you need to consult someone on ways to free up cashflow to start repaying the debt (look at a strategy such as a “Debt Snowball”, which is promoted by most debt management companies, DAve Ramsey and Richard Kiyosaki). IT’s the only way to make it go away. Even in bankruptcy the debt doesn’t go away completely. Yes, the actual amount owing is no longer there, but that decision will still effect your life easily for the next 7-10 years before you an borrow again and rebuild your credit.
I would strongly recommend to have these debts paid off prior to starting a business. IF you claim bankruptcy before starting your business, what faith are people going to have in your ability to run a business, if you can’t manage your own finances?