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I have a lot of debt

Date: Sun, 06/28/2009 - 19:45

Submitted by anonymous
on Sun, 06/28/2009 - 19:45

Posts: 202330 Credits: [Donate]

Total Replies: 5


I owe $200,000 in unsecured debt. My company closed and now I only make $60,000 per year. Is there any hope for me or do I have to file BK? I could probably borrow $30-40,000 from family if the lenders would settle this low. Any advice?


The creditors usually agree to bring down your debt to 25 to 30% of the outstanding amount under debt settlement, depending on how you negotiate with them. So you can expect to bring down your debt to somewhere around $50K. I don't think they would agree to settle your debts below that. However, if you cannot pay off the debt, you may consider filing bankruptcy.


lrhall41

Submitted by SC on Mon, 06/29/2009 - 05:10

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I would talk to a Debt Settlement Lawyer, not a firm, who can pursue debt settlement and advise you whether you might qualify under Chapter 7 if it becomes necessary.

Seems to me that 25-30% of current debt is ambitious but could be doable I guess if they feel you can do BK if they don't settle with you

Just my 2c


lrhall41

Submitted by on Mon, 06/29/2009 - 06:44

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I have been working for lifeguard financial for a month now and have pretty much saved a lot of people lives. We offer 45% off your debt and a free credit restoration program at the end of the program term. Give me a call. 954 829 6712


lrhall41

Submitted by on Wed, 07/08/2009 - 07:40

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