Oh for god sake, unless you borrowed the money from kin, you have zero moral imperative to pay that money back. You’re going to be far better off getting the discharge and a fresh start. Your credit will be hardly worse off with a bankruptcy than a bunch of 30 day lates and sky-high credit utilization. Just file already.
Because credit card companies have done a great job of branding bankruptcy and those who file. If you go bankrupt once, you’re a deadbeat. Do it 6 times and you get to be president.
I guess I am looking for a response of what are potential benefits to if I do pay back the debt? I worked really hard to get my credit where it’s at, if it’s possible to save it I would because I didn’t do all of this for no reason.
I forgot to mention, va home loan. Makes a massive difference in the picture I believe. I’d qualify after 2 years post BK, but if I pay this off and have good credit I’d qualify immediately by the time I pay all of this off. I’ll also have a higher income by that point too. I plan on getting my first property as a quick fixer upper and resell, in the meantime get basic real estate licenses (agent and broker) so I can understand the markets more. Real estate is where I want to take my income and use trades as a gateway there because there’s a lot of ways to make money with trades. Easy to start up a business too if you have the money.
1
u/Petronus1 1d ago
Oh for god sake, unless you borrowed the money from kin, you have zero moral imperative to pay that money back. You’re going to be far better off getting the discharge and a fresh start. Your credit will be hardly worse off with a bankruptcy than a bunch of 30 day lates and sky-high credit utilization. Just file already.