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Bankruptcies on the rise nationwide

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A straining economy is causing more bankruptcies nationwide According to bankruptcy lawyer Bob Anderson, people filing for chapter seven and thirteen are up 30 percent from one year ago. Anderson says the difference is that a chapter seven filing eliminates nearly all of your debt, while chapter thirteen allows you to set up a payment plan. Here in our area, Anderson says home owners struggling to make mortgage payments have been most affected. "It's the perfect storm and a lot of people who heavily invested in real estate are really hurting. I've had countless people sitting in front of me who bought 8 or 10 pieces of property that they can't do anything with. They can't five them away," said Anderson. Anderson suggests people who are having real estate trouble and are considering bankruptcy as an option, should speak with a bankruptcy lawyer as soon as possible.

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They Cannot

Collectors CANNOT keep items on your report over 7 years old. Well.. They are not supposed to. I am also curious about how the 7 year rule works..

Question about Bankrupcy. Caught in a neverending down wind..

Literal question since all of you know so much. I have around $17k in debt. (Off of about $5k in OLD credit card purchases... Read On... Most of it is over fifteen years old with no payments, etc.. from when I was 17, 18 and foolish.At age 19, I would set up payments, pay more than the debt was worth, get behind and the account would be sold off.. So for abour thirteen years, I have not paid a dime. Now according to the FTC, these should have been erased from Equifax, Trans Union, and Experian years ago. I duspute the time limit and the debts dissapear only to come back AGAIN from another collection agency which has bought the account. SO I have paid (probably around $27k of the $17k but the cycle repeats itself over and over. When I file complaints with the FTC, the same thing happens. Another collection agency will purchase the over a decade old account. I make very good money but my credit is so shot, I cannot obtain anything by means of credit except a pre-paid visa. I have no leins or judgements. They DID clear up off my report a decade ago. Because I am caught in this spiral, would it be beneficial to file chapter 7 so at least in 7 years, I can finally have a fighting chance at life? Is there legal help available? I have heard "credit counselors" ter credit up worse than bankrupcy... Comments and opinions? Anything works.. I can't be kicked down any further than I already am.. I ahve nothing to loose.. So how do I gain? Now granted I brought this on myself years ago as a teenager... But how in the heck do I get out of it?

I'm not sure if this will

I'm not sure if this will help, but it might be a start: http://clarkhoward.com/cac/ Good luck to you!

Did you think this wasn't

Did you think this wasn't going to happen?