Settlement proceeds

Dman;
You don't need to come up with that much money within 6 months, but 12-18 months is about the limit until you will really have to worry about being sued. (That doesn't mean that a creditor WON'T sue you earlier than 12 months, but it is unlikely.)

Sometimes it depends on who your creditors are also. For example, Bank of America right now is settling at the 120 day mark for 20%, which is obviously a great deal. The majority of creditors won't go that low...but 35% is not uncommon. The problem is that creditors can offer 35% one day, and then the next day they won't budge under 50%. Many people think you get much better offers at the end of the month. Really though you need to prepare to be able to come up with 50% within 12-18 months (preferably closer to 12) to have the best outcome.

Also on another note, even if you settle for 30% or so you can nogotiate to split the amount into payment plan. creditors usually split it up easily in 3 payments but some you can negotiate to upto 6-9 months, based on what I have read. I have settled some as late as yesterday for a 3 month payment plan equally distributed

yes I originally was planning on some of my creditors agreeing to a 6-9 month plan, but recently I have read that banks are cracking down on what they can offer with settlements. For sure BofA is only allowing 3 months right now.
Also I think that having a lump sum for settlement can sometimes make a difference in what the creditor is willing to settle for, even as much as a 10% difference.