Do you have to include all your creditors?

Date: Thu, 11/03/2005 - 16:41

Submitted by anonymous
on Thu, 11/03/2005 - 16:41

Posts: 202330 Credits: [Donate]

Total Replies: 3

I am closing my failing business. I have been informed by lawyers that if I do not payback my suppliers that because it is not a secured debt all they can do is get a settlement against me. But I would never lose my home or possessions in the state of Texas. I have considered filing bankruptcy because I also have a few credit cards and medical bills and could include everything in the bankruptcy. But if I wanted to consolidate all my personal and small business debts could I do that without including the one large supplier? I don't see how if he got a settlement against me it could be any worse on my credit than if I file bankruptcy; besides I would like to pay back my debts if I can.

Thanks in advance for your time and info@

Hi Welcome to the forums. You can include the accounts of

Hi

Welcome to the forums.

You can include the accounts of your choice in the consolidation program. You don't have to compulsory include all the accounts in order to avail this service.

Take a free counseling from the consultant and he will be able to elaborately explain the proper approach to these accounts.

You will get a call back from the counselor after you submit your contact information in the sign up page of this website.

Regards
Roxette

lrhall41

Submitted by roxette on Thu, 11/03/2005 - 16:51

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Do you think it's better if the supplier chooses to sue me and g

Do you think it's better if the supplier chooses to sue me and gets a settlement that I am not able to pay, and pay off all my other debts. Than to file bankruptcy?

lrhall41

Submitted by on Thu, 11/03/2005 - 17:28

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Try to avoid bankruptcy as far as possible. It has a negative im

Try to avoid bankruptcy as far as possible. It has a negative impact and will hurt your credit for a long time.

Try to get a settlement from the supplier for this particular debt; it will be a better option for you. Moreover, bankruptcy laws have also changed and your debts will get discharged only if you qualify under the new rules.

In my opinion, you should negotiate with your supplier and take a settlement amount.

lrhall41

Submitted by roxette on Fri, 11/04/2005 - 09:11

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