I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
If you have good credit and have lost your job or had a reversal of finances for some reason, talk to them . If they know there is a possibility of you going into bankruptcy, they would rather settle than pursue collections.Do NOT do this without legitimate cause. That would be fraud.You can also negotiate your interest rate. But ASK. They will never OFFER to help.
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.
Debt settlement is good for your credit rating. Just settle the debt and move on. Do not use a debt settlement company, ever.
In most cases, it is always better to pay the credit card off in full because the payoff is best for your credit rating. If you are able to settle the debt with an agreement that states that the credit card company will not send an adverse action transaction (e.g., chargeoff, workout, etc.) to the credit reporting bureaus, then you are better off settling.
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
A credit company, a bank, or even the agencies you see advertised on the televison or the internet! Lots of people can help you settle your debt through measures like bankruptcy or consolidation. Even just lowering your payments can help.
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
If you have good credit and have lost your job or had a reversal of finances for some reason, talk to them . If they know there is a possibility of you going into bankruptcy, they would rather settle than pursue collections.Do NOT do this without legitimate cause. That would be fraud.You can also negotiate your interest rate. But ASK. They will never OFFER to help.
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.
The best thing to do is to consult a lawyer specializing in that area. The Federal Bankruptcy Court, in an official well regulated legal proceeding is the only one that can handle (hear, approve, settle, etc) anything to do with bankruptcy.
Debt settlement is good for your credit rating. Just settle the debt and move on. Do not use a debt settlement company, ever.
In most cases, it is always better to pay the credit card off in full because the payoff is best for your credit rating. If you are able to settle the debt with an agreement that states that the credit card company will not send an adverse action transaction (e.g., chargeoff, workout, etc.) to the credit reporting bureaus, then you are better off settling.
You can often settle these debts for .30 on the dollar. Depending on the amount, it is better to settle. If it is something rediculous like $30k, than I would go BK. I do not recommend bankruptcy unless you tried to earn income from every single potential source including temporary job income. Only go for bankruptcy if and only if you know for a fact you will become homeless, and extremely hungry within the next month. In other words, try to pay debts off first.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
In order to figure out how to settle corporate credit card fraud, you are going to have to look into the company's policy on such things and go based off of it.
Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.