Kipp said:
@Clancy
I’m in California. And let me ask, I’m new to all this. If it’s a 7 year hit since it’s in collections, why not just file bankruptcy? Seems like it won’t matter? What am I missing
Honestly I don’t know much about bankruptcy. I would think it’s safe to say it will be a much more significant hit to your long term credit health though. Look into it. I really can’t help with that. Other than to say it would personally be my very last resort if it was me.
@Clancy
No worries, thank you. I appreciate your time.
Kipp said:
@Clancy
I’m in California. And let me ask, I’m new to all this. If it’s a 7 year hit since it’s in collections, why not just file bankruptcy? Seems like it won’t matter? What am I missing
Bankruptcy doesn’t remove items from her credit report. It just removes the obligation to pay for the debts. If she files for bankruptcy and it’s approved (a judge has to approve it), then it will be another negative mark on her credit report (which could affect your ability to get a mortgage if you end up married).
Does she have a paid-for car worth more than the $12,000? Maybe get a loan against the car and pay them all off in one swoop. Also, you said some or all have been sent to collections. You might be able to bargain on those.
What are you talking about, you say you’re a high income earner and you think 12k is a lot? Just pay it off. Also don’t marry her in the first place, a boat anchor like that will just take you down eventually.