• I have 9 different accounts totaling to about $50k in debt. Lowest debt is $2k, highest is $11k.
• Can’t make minimums and don’t qualify for chap 7 bankruptcy and cannot get income increase not second job due to family circumstances.
• not liking the idea of a chapter 13 bankruptcy if I could settle and end the stuff in 2 years or less versus going 5 years with no savings working with a lawyer every month :( and being on my file.
• I’m already 3 months behind on all of them.
I can have about $20k saved up by this time next year by not making any payments, essentially being able to save around $1600/month, which is $600 less a month less than what my minimums would be that I can’t afford.
So my question is, since I don’t care about my credit score over the next 7 years, should I try and just save my money and settle the debts for less either by saving up to offer lump settlements in a year? Or make lower payments as settlements as the debt collector start calling that I know I can afford? I’m proposing about a 40% settlement here which is probably a long shot. I hear usually it’s 60% or 70% at best when it comes to settlements. And I’m saying 1 year because I’m assuming that’s how much time I have at MOST before I start getting sued, although that’s anybody’s guess. But even then I could probably hire a flat fee attorney for representation which would buy me a few more months to save up whatever settlement arrangement they could come to?
Otherwise do collectors ever workout 1+ year payment plans like 2 years? Because as stated I can save $1600/mo so by Dec I can have around $38k saved which is a lot closer to the total debt amount assuming I could still settle.
Submitted November 20, 2019 at 07:12PM by Nufh https://ift.tt/2D3z9Nq
