Hi all,
I would like to ask about my current credit card debt situation, due to job loss. I have around 35k in credit card debt, with 3 different banks. The 3 balances have been passed to different collectors.
Now, my grandparents would like to transfer a house to my name, and it is paid in full. Note that the house is in a different state. I want to ask, if they were to do so, what are the odds the house would be taken away due to the debt if i cannot pay the collectors? Also, is it possible to get served if I live oustide of the states and collectors do not know my address?
In your opinion, what would be my best options?
1. Wait for the debt to go away after it reaches the 7th year
2. Settle with the collectors to pay back an agreed amount (If so, what % range on the balance would be a good ballpark number?)
3. File for bankruptcy
4. Other options?
Thank you so much for your help!