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Re: how do I negotiate a settlement?


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Posted by Confused (66.149.92.155) on January 24, 2003 at 11:16:56:

In Reply to: how do I to negotiate a settlement? posted by Confused on January 23, 2003 at 19:52:36:

The issue with avoiding bankrupty is two fold- I am a owner in an S corp and my two partners REALLY do not want to open up any information regarding the company in this process (such as submitting previous tax returns) not because the company is doing anything wrong- but who would want to open up your company's business to the federal government when it could be avoided? It is my partners who are offering the personal loan-at no interest and flexibility about when to start paying them back and for what dollar amount per month.

The other issue is when completing the income vs. expenses of my family, it is my understanding that anything left over will be used as the monthly payment to trustee, lawyer and creditors. In essence, this is putting us living pay check to pay check for 3 years. Our attorney advised the guideline for monthly grocery expense for a family of 3 is $200?! Get real. I know BK is not peaches and cream, but at this point the settlement option seems something I should try to make work.


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