Chapter 7 vs Settlement
Date: Sat, 10/25/2008 - 21:08
52K in equipment that is really upside down.
70K credit card debt (50K is from BOA, I think they are settlement friendly)
I am about 80 days late on everything.
No other assets.
Live in Texas.
What would be the best between these two.
I am 29 and want to go to college after this and go on to get a good job.
So I am somewhat worried about my credit report.
What would be better in this case, chapter7 or working on settling these?
I always prefer debt settlement than bankruptcy, especially Chap
I always prefer debt settlement than bankruptcy, especially Chapter 7. Chapter 7 has significant effect on your property.
I agree. Only do chapter 7 as a last resort. that being said,
I agree. Only do chapter 7 as a last resort.
that being said, If the idea of settlement will cause you to lose everything including your business you may consider filing chapter 11 for your business which would restructure your debt and allow you to keep operating.
Chapter 7 would generally require to liquidate most things in order to pay off the debt anyway so the best thing to do is consult with an attorney who specializes in debt settlement before you decide either way.
Is this debt under the companys name or are you personally respo
Is this debt under the companys name or are you personally responsible for it? Is the company incorporated or is it a d/b/a setup.
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