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how can I pay off debts

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Subject: how can I pay off debts
Posted on Fri Apr 30, 2010 4:32 am  


I am about $50K in CC. Several months ago I got laid off due to an accident. It took a couple of months for me to get myself back on track. I was not able to pay anything during those months. Before this I had a 690 score, and had never missed payments. Now all my accounts are 90 days past due. I am now gainfully employed with a 120K salary. But now items are in collections !!!

I have no savings, and my cash flow is good for $1500 a month. Collection agencies are sending me settlements for 1/2 the value. I thought of doing a chapter 13 bankruptcy. Should I do that, or should I go to a credit counseling company or hire a lawyer? What should I do??? Please advice.



Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: how to pay off debts
Posted on Fri Apr 30, 2010 7:17 am  

Hi Beatle,

You should agree to the settlement offers that the collection agencies are offering you. However, get all the agreements in writing before starting to pay. Can you tell me why you want to file the bankruptcy? With debt settlement, your debts get lowered at least by 40-60%.

You need not take help from a lawyer to pay off your debts. The collection agencies are themselves offering you the debt settlement offers.


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Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1320

6413 Magic Points

Posted on Sun May 02, 2010 5:39 pm  

true credit counseling from a nonprofit is required before a bankruptcy can be allowed.

So I would do that and then consult an attorney.
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