OK, few questions. If someone has say, 25k in debt – credit cards, the like – is it really possible to call the companies and negotiate a settlement for less than owed? And #2, how does this reflect on the credit report?

My brother in law is telling me that he is inheriting about 30 thousand bucks soon, and will be calling his creditors (credit card debt only) and negotiating with them, telling them that he has to file for bankruptcy and offer them less than owed. He SAYS he can negotiate and get them to about .30 cent on the dollar.

Is this correct? And how does it appear on the credit report? I don’t believe him. He says that he wants to keep as much cash as possible to open a business in a year or so. I say he will regret it because of the marks on his report. Who is right?

Technorati Tags: 25k, bankruptcy, brother, credit card debt, credit cards, creditors, debt credit

i signed an agreement with them for 36 months for a month to work with my creditors, can i still get out of the program even though I signed an agreement?
signed an agreement first week of january 2010

Technorati Tags: creditors

I am recently unemployed and am about to be sued by one of my creditors and am inquiring about bankruptcy protection. Also is there a way I can keep my car if I continue to make the payments?

Technorati Tags: bankruptcy protection, creditors

Chapter 7 Bankruptcy dismissed all my debts, then why is there still a judgement lien on my house from one of my creditors whose debt was dismissed in my bankruptcy, the lien was put on before my bankruptcy, should it still be there, and how can I remove it before my settlement date of my sale on 12/28/2007?

Technorati Tags: chapter 7 bankruptcy, creditors, debts, judgement lien, settlement date

I’ve heard about these guys on the net and on the radio. If you have over K in debt, they settle with your creditors for a lower amount. Has anyone tried them? Can it put you in worse financial shape than if you try to pay off your debts on your own?

Technorati Tags: creditors, debts, financial shape, radio

I declared bankruptcy about 2 years ago. My mother left me her house in her will. If she dies can my creditors take my inheritance?

Technorati Tags: bankruptcy, creditors, inheritance

I am married. My husband and I are both college students. We don’t have any credit card debt, but we only make 18,000 a year. He still has 3 years and I still have 4. His credit is just now getting good. All of this is on mine. We have gotten all of our other creditors paid off, but we feel like we have no choice.

Technorati Tags: 3 years, college students, credit card debt, creditors

I am thinking of filing for bankruptcy. Can creditors touch the equity I have in my home? What assets can they cease?

Technorati Tags: assets, creditors, filing for bankruptcy

I currently have ,000.00 plus credit card debt and would like to settle and pay them off in the next month. I will have a lump sum to work with and am hoping they will accept 50 to 75 cents on the dollar. I have medical problems and work on commission only. Because of my health, not knowing how much longer I can work with my condition, I can’t consolidate and make monthly payments. My plan would work best for all. I just need some advice on how to communicate best with the creditors.

Technorati Tags: credit card debt, creditors, health, lump sum, medical problems

I am wondering how to protect my property from creditors. Husband died recently and left cc debt in my name. Now I am having a very hard time paying all of them. If I sell my house to a relative and finance it for them and then just pay them rent, will that keep the creditors from taking it? Some states do have a law that protects the creditors so they can take your assets if you cannot pay them.

Technorati Tags: assets, creditors, hard time

Ugh, so embarrassing, but here goes …

Consumer Credit Counseling says I can consolidate my 00 in credit card debts into one monthly payment of 7, providing the creditors accept this arrangement. But as of today I have .55 to my name and for the first time am about to go on food stamps to help me during this rough time.

Additionally I owe about 00 on my beloved car that I’ve had for one year. But now I’m behind almost two payments and am at risk for losing my car. This is the extent of my debt. I’m college educated and doing what I can to find work, but so far nothing, and it’s been seven dry months. Last year everything was coming together beautifully, and I was so proud of myself and my hard work, and then I lost my job.

Ten years ago I filed for bankruptcy in another state. This would be my second, although the first has been removed from my record since enough time has passed. I never in a million years thought I’d be in a position of having to consider bankruptcy again and am feeling incredibly sad and ashamed of myself.

I would really welcome input. I’m in California if that helps. At this point I don’t care about my credit rating. I just want freedom from this chapter in my life and another fresh start. Berate me if you must, but I’m really need solid feedback on what I should do. There won’t be an attorney. I would be representing myself.

Thank you.
P.S. It’s my understanding that if my car gets repossessed, they’ll try selling it at a car auction. I’m responsible for paying the difference in what I owe versus what they sell it for. Does this sound right? The car loan company is reluctant to discuss this, since they understandably want me to resume payments. Also, can a car be written off on a bankruptcy? That seems like I’m asking for too much.

Technorati Tags: bankruptcy, beloved car, car auction, car loan, consumer credit counseling, credit card debts, credit rating, creditors, extent, food stamps, freedom, fresh start, job, loan company, million years, risk, rough time

i have two creditors.Bof A and chase.all together i owe over ,000.i sent Bof A an offer through their collection agency.i also made an agreement with chase.i told both i wanted letters stating that the debt was to be settled for a certain amount,and wanted confirmation as soon as the letters were recieved.i already tried going through 2 different debt settlement companies and it was just a bunch of bull.what other documentation should i get in case i get blackballed?

Technorati Tags: chase, confirmation, creditors, debt settlement companies

I have an attorney who has been negotiating with another attorney who is attempting to get a judgment against me for CC debt originally in the amount of ,300. I had been served but do not yet have a court date. The judgment paperwork states the judgment at ,000. We have been negotiating for several months, I have offered a lump sum payment of K, which was refused and they asked for K. Payments on k with K down and 0/month (which is all that I can afford), they came back with .1K and 0 a month and 00 down. I just don’t have the cash to do this. It seems they are asking for an exorbitant amount. I’ve worked with many other creditors and they have settled, usually for less than the actual debt, but this guy is being a real knucklehead. At this point I either have to come up with the .5K or take my chances in court. Any suggestions? I’d like to settle this, but I think they are asking way too much. Just FYI…I ended up at this point because I broke my back 5 years ago and became disabled and ended up loosing my house, car and not paying many of my CCs. I’ve been trying to settle most of my past debts

Technorati Tags: ccs, creditors, debts, judgment against, knucklehead, lump sum payment, paperwork

Here’s my problem… I am 22 years old, and I went to college for 2 years. during that time I racked up some pretty large bills that I couldn’t handle. I have about 7500 dollars charged off and in collections from credit cards. 2200 of that I have a judgment against me for and they said that they could garnish my wages soon if I don’t pay it off. I had a repossession 14 months ago and owe Wells Fargo ,000 to pay it off. Last but not least, I subleased an apartment to a stranger 2 years ago and I moved out of town. Now I have found out that that person stopped paying the rent and that because I subleased the apartment I am responsible for the rent that was not paid which come out to about 00. So, all together I owe about ,000. I have called all of the creditors and asked what it would take to settle. After calculating that all up it comes out to about ,000. The only thing I have paid perfect is 2 student loans and that’s it. I have no car and I cant get a car loan. I have been rejected for an apartment because of the judgment on the sublease issue. Basically, I am better off dead but I cant bring myself to do that. So I have to decide what to do….Is bankruptcy the way to go?

Technorati Tags: 22 years, apartment, bankruptcy, better off dead, car loan, collections, credit cards, creditors, judgment against, stranger, student loans, sublease, wages, wells fargo

After talking to an AF recruiter, they stated that I had to be paid up or on a payment plan with creditors to join. If the debt is mortgage charge offs, if I file chapter 13 bankruptcy and a payment plan is worked out with the creditors, will I be able to join? I ask this because after searching, some state that if you file bankruptcy, it has to be discharged before joining. What is the truth?

Technorati Tags: chapter 13 bankruptcy, charge offs, creditors, recruiter, truth

I am currently enrolled in a reputable debt settlement company about a year into the 3 year process. One account has settled so far. One of my creditors is suing me, but the company is working hard to get it settled asap and I have responded to the court. I am not ignoring the summons just in case we can’t settle. I just want to know if anyone has gone through this process and cleaned up their debt for good. It is so stressful, but we were on the heels of bankruptcy and felt this was a good option for us to avoid bankruptcy.

Technorati Tags: bankruptcy, creditors, Debt Settlement, settlement company, summons

Hey.. I was unemployed for 8 months and got very behind on all my bills, credit cards, loans.. etc..
I have collection agencies and debt collectors calling me at least 15-20 times a day trying to get there money (everyday all day).. I am about to file bankruptcy to get out of this mess.. I tried debt consolidation, its a joke.. My question Is when the creditors call me should I tell them im in the process of filing bankrptcy OR WILL THAT CREATE MORE PROBLEMS , SUCH AS WAGE GARNISHMENT OR SUEING ME ….

Technorati Tags: bankruptcy, collection agencies, credit cards, creditors, debt collectors, debt consolidation, everyday all day, joke, loans, money, wage garnishment

I enrolled with Renaissance Debt Solutions out of MD and paid the initial 9 start up fee to help me with credit cards and a repo that I have been paying on for 3 1/2 yrs. I was not behind in anything at the time but am now. Checked with the BBB (after the fact) and the company has an unsatisfactory rating. Does anyone have any further information about this company before I just cut my losses and try to get back on track with my creditors myself?

Technorati Tags: bbb, credit cards, creditors, debt solutions, losses, renaissance, repo

I decided a few months ago to file Chapter 7 bankruptcy. I hired an attorney in late December and informed all my creditors. I have only heard from one on and off since then.

I have had a temp job since mid-December, but I think it ends in the next week or two. I have enough now to do the bankruptcy…however, what if I just never did it? I have no open credit cards nor needs for credit. Will the agencies start calling me again eventually?

Technorati Tags: chapter 7 bankruptcy, credit cards, creditors, temp job

I’ve recently been contemplating filing for Bankruptcy (Ch. 7) because I am in so much debt it hurts my brain to even think about it!! I am currently over k in debt. Most of the accumulated debt I owe is from past bills I ran behind on due to some unnecessary circumstances. Right now I am attending school full time and working part time making a measly 20/month as my take home pay. With my salary I pay for all the usual bills: rent, utilities, wsg, car insurance, car note, and use whatever I have left over to pay down my debt. For the past year and a half I haven’t opened any new credit accounts and I’ve been on a tight budget. I take full responsibility for all of the finanical debt I put myself into but am stressed and afraid that some of the creditors I owe will soon take legal action (as some have stated in their threatning letters). I’ve attempted to set up payment plans and have tried to negotiate a reasonable payment plan with my creditors but even with some agreeing to this others are not as willing. I am just seeking some advice because my credit is already horrible and even if I decide to paydown my debt it will take well over 5 years relinquish. I figured if I file for Chapter 7 it will stay on my credit just as long as if I tried to paydown all my debt on my own.
Big T: THank you very much for the advice and the many suggestions. I have been trying to stay optimistic about the whole ordeal and I have to give it up to you because I understand first hand how hard juggling work and going to school full time can be. I understand my debt is nothing compared to others but it is still a debt I have to take care of. I appreciate the encouragement and will look into other wage earning opportunities and try other ways to cut back!

Barnaby J: Thank you, I didn’t really factor in my wage earnings after college because they are still unbeknowest to me. (maybe if I looked into a crystal ball I’d know for sure..lol) But, since you have mentioned it I am predicting my salary wages will increase quite significantly after college which will help me drastically in cutting my debt!! However, I am not trying to rely entirely on those predictions! Thank you!!

Technorati Tags: big t, brain, car insurance, ch 7, chapter 7, circumstances, credit accounts, creditors, crystal ball, encouragement, filing for bankruptcy, full time, insurance car, lol, ordeal, part time, salar, salary, tight budget, wage earnings

I wanted to know what my options are in terms of settling old credit card debt. The debt was charged off in september of 2009 and now they are looking to seriously collect as I recieved an official "summons" with no court date. I called the lawyers office who are repesenting the creditors and they said I can still mediate the account by writing a letter stating how much I can settle for or how much can I pay monthly on the account and they will report to the court the agreement and cease legal action. Is this really the case? or do i automatically have a judgement/lien against me being the fact that they took the step to start action with a summons. Called this morning and he said it is just the initial step. How do I approach this?

Should I write a letter to settle the account? For how much?
Should I pay monthly and then settle later on or pay in full over time?
I cannot afford to pay in full up front. Just graduated in 2008 but just started working full time.It is an old debt and credit cord from my college years coming back to haunt me. I use to make regular minimum payment without missing a beat until mid last year and then they charged it off.

Now it is at a collection company who is now being represented by a collections attorney company.

I am interested in pay for delete off my credit report but do understand that it would remove my oldest credit account on my report which would negatively affect me. How should I apporach this and what should I state in my general repsponse letter to them?
the account is about ,000 from student credit card from bank of america. It is now with cavalry portfolio after going through FIA CArd services.

I just could not afford the payments at the time
Does the summons and/or me sending a settlement letter to them after the fact show up on my credit report as a consent judgement or just a charged off account being paid on?

Technorati Tags: bank of america, cavalry portfolio, collections, credit card debt, credit report, creditors, fia card services, full time, initial step, judgement lien, lawyers, minimum payment, student credit card, summons, writing a letter

I would like to try and negotiate with my creditors. I would like them to drop the interest, and late fees and allow me to pay a lower payment until I am back to work. Is this too much to ask for with my other option being bankruptcy?

Technorati Tags: bankruptcy, creditors, late fees

like will my husband be responsible for my bills too, and when I file do I need to use my maiden name if the creditors don’t know I got married? How would that work?

Technorati Tags: creditors, maiden name

I am 26 years old and over ,000 in debt. About ,500 of it is in credit card debt, 00 in car loans, and 00 is in a lien for an accident I caused. There is another 0 in miscellaneous debt. I am married with two small children. My husband and I have a monthly gross income of about 00. In about a year, I will be needing a student loan for my last bit of college. We do not own a house, but we do own one car (the other we are paying off). We would, in about three or four years, ideally, like to try and get a house. Should i file bankruptcy now? What would I lose, if anything? The two cars we have are 6 and seven years old. I appreciate any advice.
I have not used any cards in a great while. I really do not see putting off college any longer, plus with my degree I will be able to earn a considerable amount more that i do at this time. As for asking creditors to lower the rate I would definately consider that. Is it really that easy–just call the company and explain that i want to pay the debt off? What about the lien–can I do anything there? Thank you again.

Technorati Tags: car loans, cards, credit card debt, creditors, gross income, one car, seven years, should i file bankruptcy, student loan, two cars

A lot of bills, unemployed, it’s too much now
I had to put a lot of my college tuition on credit cards because I expected I would find a job after (graduated 08)

Bank of America after that new law was passed for banks and/or creditors to increase their rates
my monthly payment went from 150$ to 300$
I have 1,000$/mo. in bills and only make 600$/mo from unemployment
I’m wondering if I can kind of selectively go bankrupt on this
I figure if I just don’t pay that I’ll only be at a negative 100/mo
I live out of my car and don’t eat much so gas/food is pretty low.
Only I usually had to put them on a credit card. A different card.
Not paying this one bill will probably cut off my other cards too?
I have really good credit and I was hoping to hold on until I could find something but I can’t and once i find a job I’ll have another 500$ in student loans.
I either need a good paying job or 2 or 3 regular ones but I have to acquire them at the exact same time because of that student loans. Right now I can hold up some of it with unemployment deferment
not sallie mae, you can’t defer private loans for any reason
I’ve already sold most of my things. It doesn’t hold up too long

I just want to stop paying bank of america
How bad will it be?

Technorati Tags: bank of america, banks, college tuition, credit card, credit cards, creditors, gas food, good paying job, mae, private loans, student loans, unemployment

I recently received my annual bonus from work and I want to pay off one of my credit cards. What should I ask to be reported on my credit record that will help improve my credit rating? I have numerous missed payments and had gone over my limit since I could no longer pay my old debts but I want to start fresh and work on being responsible building good credit instead of being haunted by my college mistakes.
ok first let me add to the fact that I have not taken out a new line of credit in over 3 years I haven’t charged anything to my cards in the last 18 months and my goal is to put the past behind me in the most favorable light so that I can get debt free and when I need credit (to buy a car or house) I can do so with out rates that leave me a slave to my creditors. and if we can leave out bible references that would be great thanks

Technorati Tags: 3 years, bible references, bonus, credit cards, credit rating, creditors, debts, favorable light

I am ,000 in the hole in charged off debts so one of the creditors filed a civil lawsuit on me, if i file bankruptcy & name the creditor in the filing does the lawsuit get stopped dead in its tracks?

I have 2 weeks to submit an "answer" to the civil complaint denying all charges to buy myself an extra 90 days…

Technorati Tags: amp, bankruptcy, civil complaint, civil lawsuit, creditor, creditors, debts

I keep getting letters in the mail from creditors about my deliquent accounts, and am wondering if I should file bankruptcy or not.

Technorati Tags: bankruptcy, creditors, deliquent accounts, mail

and if i do file bankruptcy now, when i do get my settlement, will the creditors come after me or put liens against my money? what is my best option . i am disabled due to injury, income per month is very low and unable to pay the creditors.

Technorati Tags: bankruptcy, creditors, money

About 4 years ago i was ill for several months. This left us with just one income. To get by we had to use our credit cards for everything. Things got really bad for awhile and we couldn’t pay the creditors. Now they are all in collection. We are okay now but cannot aford to pay off all of the cards. I would like to try to rebuild my credit. Is it better to file for bankruptcy or just have the bad credit

Technorati Tags: bad credit, bankruptcy, credit cards, creditors