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Salary now GREAT!! But last 3 years LOW. BK or consol.?  

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My last 3 years salary was low $32,000 average. But now I got a temporary job with a GREAT salary. Does this automatically disqualify me from Chapter 7?

Also, does my high salary disqualify me to get the best debt settlement deal because creditors would think that I could pay it all?

Thank you
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asked Jan 13, 2005 06:18 PM

freedom
Best Answer
7
best answer


Quote:

Also, does my high salary disqualify me to get the best debt settlement deal because creditors would think that I could pay it all?


No, just make them feel that you want to pay the money as soon as possible with the new salary. Offer them fast repayment if an appropriate settlement is done. Emphasis on the word "temporary" while negotiating and I am sure they will come with a faster and easy repayment plan.

If you can offer a lump Sum, it will help in getting a better deal.

Regards
Vikas

answered Jan 14, 2005 09:51 AM

1 Answers

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Hi Freedom,

Welcome to debt consolidation Care forum and thank you for the query. Having a job with decent salary naturally would help in avoiding bankruptcy. Mention your present situation both financially and socially, along with your credits.

As for your high salary point it doesn't necessarily indicates you are not qualified for the best settlement. Many things are possible with negotiation. The consultant will be able to enlighten you more at the time of counseling. Let us know how it goes after that, we will appreciate further query and share your suggestions and views as it will enrich us in gaining more knowledge.

Regards,
Simon

answered Jan 14, 2005 12:04 AM

1 

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