My question involves collection proceedings in the State of: ohio
A few years ago I took out a Debt loan of @ 18,000. But being stupid I took those same CC's and used them again and now am in just as much $$ debt + the 18000 loan. I stopped paying on the BoA loan because of a $400 per month payment. (I pay all my other bills on time)
Long story short I have not made a payment since @ Feb. They want to settle with me for @ $8000. ($1600 a month for 4 months) I have a friend who is willing to help me on this since no bank will touch me right now.
They advised if I dont take this it will go to court and I will be sued. I just got a letter in the mail today from a law firm about this (unsure what it says I'm not home right now) soooooo...
Should I take the $8000 settlement and live with it?
Should I do a bankrupcy?
Or should I get sued?