Question by liney: what will hurt my credit score moregoing to a credit counselor to join a debt management?
program or file bankruptcy ? I know bankruptcy stays on your credit report for ten years, but how
long will a debt management program stay on it? If I join this debt management program the payments on my credit cards combined will be cheaper than what I pay. The fee they are going to charge me is .00 a month.
I am on social security disability and I will NOT be able to go back to work because my health is getting worse. The debt management people know this and the counselorr told me the credit card companies can NOT touch my social security. I do not know what to do because the medical bills are starting to come in? Please only serious answers only.
Best answer:
Answer by ∞infiniti∞
In your case, you will be better off filing for chapter 7 bankruptcy (if you qualify).
The reality is that a debt management program will have the same impact on your credit as a bankruptcy would.
Debt management companies (even the non-profit ones) are sponsored by creditors to prevent losses resulting from consumer bankruptcies.
By law, your social security benefits, pension, alimony, child support payments, and welfare benefits are exempt from garnishment to satisfy consumer debt.
What do you think? Answer below!
“debt management credit counselor”
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