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Can I pay off some debtors and still file bankruptcy
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Posted by prickly pear (216.184.42.245) on July 01, 2003 at 17:04:42:
About 6 months ago my wife and I lost our business, leaving us with about $30,000 in credit card and signiture loans. This put us both out of work and we cannot pay these loans. I have the chance to borrow $10,000 from a family member to try and settle my debt. This would allow me to offer 35 cents on the dollar to those who would be willing to settle. Living in Texas, I am told my wages cannot be garnished, nor a lien placed on my house. This might entice some of these companies to make a deal. My question is this. If I settle with some of the companies, and others decline my offer, how would this effect a bankruptcy filing later on, if it came right down to it? Also, if I lose a judgement to some of these debtors, what could they get from me? All we have left is our house, 2 cars, household articles, and my tools. We have a checking account, with not a lot of money in it, and no savings. All our money went into the business. Thanks for your time!
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