I filed bankruptcy 18 years ago, Ch. 7 and have tried since to always pay my debts. I am now totally and permanently disabled and can't work. My son and wife have mental problems and can't hold jobs. I have 2 other sons still in high school. I get 2 small separate disability payments and no other income. I have over $50,000 in various unsecured debts, mostly credit cards, that I have almost reached the point of default on. I scrape and scratch and even dumpster dive 2 or 3 days a week, all over town. We have 1, 14 years old junk car with 180,000 miles on it. My credit score is awful, because every time I've sold some asset to pay down my cc account, the banks cut my credit limit, so it always looks like I've maxed out my cards.
For personal reasons, I can't file bankruptcy. What is the best course of action? I'm just trying to survive and avoid homelessness. I've been told that I'm what is called, "Judgment Proof" since I have no real assets and my entire income is from disability pensions. What about offering the cc companies a settlement? I might be able to borrow another $15-20 thousand on my house, which would enable me to offer them all about 30 cents on the dollar. Is this wise? Do you think the major credit card issuers might accept an offer like this.
Disability pension is exempt from garnishment. So, your creditor's won't be able to take money from your account. However, you will have to declare to your bank, and the creditors that your money comes from disability.
As for the settlement, yes you can offer settlement to your creditors. For that first make a copy of your monthly income and expenditure. Attach a copy of your income and expenditure sheet along with your settlement letters. Send the letters through certified mail. However, you will have to default in your payments to settle your debts, and this is going to hurt your credit. Thus, you can rather try to consolidate your debts.
In debt consolidation you will be bale to consolidate all your debts into one, and you can then make a single monthly payment instead of one. Whatever you do, get the agreements in writing.
Aaron _________________ Keep in touch
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Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.