Debt settlement if self-employed?
Date: Fri, 02/13/2009 - 16:31
Submitted by scarecrowwinces
on
Fri, 02/13/2009 - 16:31
Total Replies: 3
The debts in my solely my husband's name total $50K. My husband is employed so he receives a regular paycheck.
The debts only in my name total $55K. I am self-employed.
I need to stagger the settlements over the next 12 months. So the strategy I was thinking of is to let some of them go unpaid now and make minimums on others for a few months.
It seems like I should let the accounts in my name only go past due first because I have no wages to garnish if someone took me to court, our mortgage is underwater so they can't get anything there - the only thing they could do is put a lien on my checking, is that correct?
Debt settlement can lower your debt significantly. Your debt may
Debt settlement can lower your debt significantly. Your debt may be lowered by 50%.
The only problem with that is that the creditors that aren't get
The only problem with that is that the creditors that aren't getting paid are going to run a credit report to see if you are paying your other creditors and thus it will be hard to convince them that you are in a hard ship. They way the creditor will see it is " you can pay the other guy on time each month but not me , I don't think so ". Basically if you can get them to settle its not going to be as low. I would let them all go delinquent at once. If you goal is to settle your debts in 12 months your risk of a lawsuit is slim to none. Can you name the creditors and the balances and how much you will be able to afford to save each month to be used to settle ?
