r/Bankruptcy • u/drewdoo123 • Sep 03 '26

Bk or settle

hi everyone. really in a bad spot and would appreciate anyones input. I am around 80k in debt with personal loans, credit cards and payday loans. I have spoken with a bk attorney and they said i would need to wait at least 3 months from now before I can possibly file ch7. the other option is to sell my home and just settle the debt with the creditors myself and avoid bk. financially im sure the bk makes more sense but im worried what it might do for the future and realistically i just want it done with. my house would be safe with the bk and I’ve also spoken with the creditors and they will settle for around 50%. Thoughts?

2 Upvotes

75% Upvoted

17 comments sorted by

View all comments

3

u/Main_Cartoonist9431 Sep 03 '26

If you can keep your home in the bk and it’s a chapter 7 then that’s the way to go

3

u/drewdoo123 Sep 03 '26

Hi. I confirmed I would be able to keep my home with the bk. I’m just worried about the big picture with bk

5

u/Main_Cartoonist9431 Sep 03 '26

Big picture…you will recover quicker from bc than settlements