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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!
What else can I help you with?
Can you settle a charge off with the finance company?
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.
Can you settle a credit card for less if you have good credit?
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.
What point can you request a settlement on credit card debt?
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.
Is settlement good or bad on credit report?
Debt settlement is good for your credit rating. Just settle the debt and move on. Do not use a debt settlement company, ever.
Better to pay in full or settle a credit card debt?
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.
When does a company declare bankruptcy?
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
What is a good company that will work with you on your debts?
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.
Can you settle a charge off with the finance company?
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.
Can you settle a credit card for less if you have good credit?
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.
What point can you request a settlement on credit card debt?
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.
How do i settle bankruptcy?
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.
Is settlement good or bad on credit report?
Debt settlement is good for your credit rating. Just settle the debt and move on. Do not use a debt settlement company, ever.
Better to pay in full or settle a credit card debt?
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.
When you are trying to repair your credit and have a debt in collection it is wise to settle or file bankruptcy?
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.
Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?
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.
How do I report corporate credit card fraud and get our money back?
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.
What happens when you file bankruptcy in minnesota?
When you file for bankruptcy in Minnesota, you initiate a legal process to eliminate or restructure your debts under federal bankruptcy laws. Depending on the type of bankruptcy you file—Chapter 7 or Chapter 13—you may either liquidate certain assets to pay creditors or create a repayment plan to settle debts over time. Filing triggers an automatic stay, halting collection actions against you, and your financial situation will be assessed by the court. Additionally, it can impact your credit score and remain on your credit report for several years.
