Skip to main content
index page

consolidation or Chapter 13

Submitted by on Wed, 11/10/2010 - 03:12
Posts: 202330
Credits:
[Donate]

I have defaulted on 2 credit cards and one personal loan. My total debt amount is $1,250,457. My creditors are threatening to charge off my accounts. Should I go for debt consolidation or file Chapter 13 bankruptcy? Which one will be better?


I have $38,000 in cc debt. My attorney filed power of attorney forms to all cc companies (7) and is waiting to present a settlement amount to each. How long should I have to wait to offer settlements? So far, I have received two collection agency letters threatening to take my cases to court.
I have been advised to ignore these letters and to be patient for the right time to file.
Is this normal procedure?


Submitted by on Wed, 11/10/2010 - 18:48

( Posts: 202330 | Credits: )


Does you attorney know anything about debt collections and debt settlements? There are some companies like Citi, Cap One, AmEX and Discover that sue, especially if the debtor or attorney is attempting to settle lower than what they want settle for.

I would recommend NOT ignoring these letters....depending on the creditor, your attorney if not experienced in the field could be doing you more harm than good.


Submitted by SOAPLADY on Wed, 11/10/2010 - 21:48

SOAPLADY

( Posts: 17315 | Credits: )