Settling for about 10%?

Date: Wed, 02/28/2007 - 10:24

Submitted by elarnol
on Wed, 02/28/2007 - 10:24

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Total Replies: 1

Okay, I have a certain credit card that is currently carrying a $27,000 balance (give or take a few dollars). However, I don't have the money to pay them back (monthly installments would be extreme) and I have been considering filing bankrupt, but I know that this is a big step and I also know that it is unfair for me to not pay them anything towards what I owe. Now, I was considering some of these debt settlement companies, but I don't think they would work because I'm quite sure that my payment history would still be reflecting negatively. I have submitted all of the necessary documentation to file a Chapter 13 but am really having serious doubts about it. I can say that I will be getting a refund check from school that is approximately $2900. My question is, does anyone know if a creditor could possibly settle for about 10% of what you owe? I know it would be better than what they would get if I file (because I'm doing a 0% plan where my unsecured creditors wouldn't receieve anything). Also, that refund check may not come for another month now, and I want to go ahead and settle with them if I can before the date that I have to go to review my bankruptcy, so does anyone know of a short term personal loan service (not a pay day loan- those are scams) that would lend to someone with a low credit score (515)?

You need to make your proposal to the credit company and wait fo

You need to make your proposal to the credit company and wait for their response. Don't let them know that you are considering bankruptcy. They will not want to lose their money if you are going this route. They will be quick in filing a case before your debts are discharged.

Under the new laws, you have to take credit counseling and qualify in the means test before qualifying for bankruptcy. The trustee will analyze your financial situation to know whether you can afford to pay the debts under the lowest repayment plan. If you can, you won't qualify for bankruptcy. debt settlement will be a choice if consolidation doesn't work in your case. Your credit is not going to look nice with a bankruptcy or debt settlement remark. Consider consolidation if you can manage the repayments under this plan.

lrhall41

Submitted by a_neblat on Wed, 02/28/2007 - 12:49

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