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Re: OC sues or turn over to CA
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Posted by Keyser Soze
(152.163.253.37) on June 18, 2003 at 19:08:15:
In Reply to: OC sues or turn over to CA posted by NewbieHere on June 18, 2003 at 02:23:54:
You might consider adding your parents to the deed, if this is possible and/or permissible. California is one of the better states in which to find oneself with this problem. You might have some time to transfer assets to others and avoid any fraudulent transfer problems.
You mention paying all off within 3 - 5 years. May well be mistaken, but isn't BK 13 payoff only twenty percent of total owed spread over five years?
Now, some BK attorneys will tell you that original creditors might be more amenable to settling prior to any impolite lawsuits as they know more than anyone else that a BK 13 will not get them their twenty percent. There are fees, costs, etc etc which must be taken from the top of that amount prior to distribution to original creditors. They might rather settle for slightly less than twenty percent sooner than five years from now.
If still with original creditors, you are in better shape than with collection scumbags. They will lie, agree to settle and then turn around and start with you all over again until you shove their little piggy snouts into the pinch rollers of a big, fat wringer washer. Piggishly, Keyser Soze "It was all the cop's fault"
- Verbal Kint, "The Usual Suspects" c. 1995
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