Settle or Chapter 7?
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Posted by Rob
(216.84.5.150) on July 12, 2004 at 12:17:07:
We have about $40,000 total debt, most of it consisting of credit cards, personal loans, and about $5,000 owed to GMAC for a leased vehicle that we turned in a few months before the lease ended. Most of the balances on the credit cards are about double or triple the original balance. I have gotten several offers to settle for amounts far less. About $15,000 of the total is either past the SOL for Florida or real close. My question is this: Is it better to just file Chapter 7 and be done with it, or should I try to negotiate with the creditors and take care of it that way? I know the BK stays on for 10 years, but most of the debts I have will be off in a couple or three years. My last question is: If I decide to settle and I don't pay the debts that are past the SOL, what happens to them? I know they go off of the report at seven years, but is there a chance I will have to ever pay them? Any help is always appreciated. Thanks,
Rob
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