Settlement vs. Bankruptcy
Date: Fri, 01/15/2010 - 20:21
I'd have to pay for the BofA settlement with my tax returns and a 401k loan.
If I declare bankruptcy, I figure on $2500+ on legal fees, and possibly having to pay the trustee to keep some of my assets -- I own a truck worth about $5k and there is only a $2k exemption where I'm at, and I have about 6-8K in stuff around the house that might be an issue. Guitars, amps, guns, etc.. I'd have to take a loan on the 401k for just about anything I'd want to keep. No other assets beyond that.
I'm current on the house, which is worth about 40K less than I owe on it. We're planning on living here for a long time, could be until I retire in 20+ years. I'm also not planning on buying any new vehicles for at least 3-4 years.
On another forum, everyone says Chapter 7 would be the way to go. However, everyone over there is pretty much going down that road already and maybe biased towards it. I'm curious on getting other opinions. I'm not really concerned about my credit score as I've sworn off using credit cards. As far as getting 1099 by BofA and Chase, I'd guess my assets total $320k versus nearly $400k in liabilities right now.
Well, to be frank, the amount of debt that you owe is pretty fri
Well, to be frank, the amount of debt that you owe is pretty frightening and bankruptcy could be a possible solution. However, you may still check out with the options of settlement. You can register with the site to receive a free financial consultation.
Nevertheless, regarding the BofA settlement offer, I think it would be hard to get an offer as low as 15%, though some members have said to receive 20 to 25% settlement from Bank of America. Hence, it may worth trying.
You need to look at the pros and cons of both the options before deciding on one. If you decide to go the settlement route, remember there would be cost of hiring a settlement company. Also there would be tax consequences on the forgiven amount.
If he decides to go the settlement route, he could probably do i
If he decides to go the settlement route, he could probably do it himself. Settlement companies are not mandatory.
I've decided to file for bankruptcy. It has been so much less st
I've decided to file for bankruptcy. It has been so much less stressful. No more harassing phone calls! I have cc debt with BofA, Discover & Cap1. BofA was the only one that would even talk to me about settling, which doesn't help if I still owe on the others. Also, I'm including my house in the bankruptcy. I'm slightly under water with it, but to sell it I would have to make repairs that I can't afford right now. And in my neighborhood a lot of houses are sitting for awhile.
It doesn't hurt to talk to a bankruptcy attorney. Good luck.
Bankruptcy should never be an option, it does more damage then y
Bankruptcy should never be an option, it does more damage then you can imagine in the long run
From Total Debt Management
If you have any other questions regarding debt settlement feel free to ADVERTISING LINK AND PERSONAL INFORMATION REMOVED PER TOS
Bankruptcy is a lot of cases is the logical option. Only someon
Bankruptcy is a lot of cases is the logical option. Only someone selling their debt management/settlement services would make such a silly statement. Do you tell your potiential clients how often participants in debt settlement programs get sued?
Bankruptcy can be a life saver for a lot of people.
Who is Lenny Abrams anyways??? He has been posting in every thre
Who is Lenny Abrams anyways??? He has been posting in every thread...I thought there wasn't suppose to be advertising..He is starting to bug me...we are here to share each others experiences not be hammered by someone else wanting our money. He has nothing to share but his phone number and email! Go away dude...