To Financial Freedom asked:


Seeing a friend fall deep in debt in no time, I like to help him, get an idea of what his options are – Bankruptcy or Settlement.

He made huge debt (over 50 thousand) to 4 major credit cards while in New Jersey.

Since Feb 2006, he has no job, no nothing … literally nothing, stopped paying, moved out of state, no contact with creditors or response to court orders. (A lot happened with other cards). Now,

Card-1:
With Original Creditor
Principal 10K.
With penalties 15K

Card-2
Been sold 3 times and with an outside recovery company.
Principal 19K.
With penalties 27K.

QUESTIONS:

We understand Bankruptcy may be best option… its apparent it’s quite easy in his case. BUT please advice on the below.

1) In this scenario, how much these agencies would agree for one time payment?

2) How should we proceed OR should we hire an attorney to do this work for us?

3) Are there any better options such as consolidating?

4) Plz recommend attorneys, consolidators, any thing.

Big Thanks.

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To Financial Freedom asked:


Seeing a friend fall deep in debt in no time, I like to help him, get an idea of what his options are – Bankruptcy or Settlement.

He made huge debt (over 50 thousand) to 4 major credit cards while in New Jersey.

Since Feb 2006, he has no job, no nothing … literally nothing, stopped paying, moved out of state, no contact with creditors or response to court orders. (A lot happened with other cards). Now,

Card-1:
With Original Creditor
Principal 10K.
With penalties 15K

Card-2
Been sold 3 times and with an outside recovery company.
Principal 19K.
With penalties 27K.

QUESTIONS:

We understand Bankruptcy may be best option… its apparent it’s quite easy in his case. BUT please advice on the below.

1) In this scenario, how much these agencies would agree for one time payment?

2) How should we proceed OR should we hire an attorney to do this work for us?

3) Are there any better options such as consolidating?

4) Plz recommend attorneys, consolidators, any thing.

Big Thanks.

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Michali asked:


We are in the process of closing on our first house and don’t want to mess this up. My husband is being forced to file bankruptcy soon on ONLY medical bills. I don’t know if the bankruptcy should be filed just after closing to prevent a lawsuit from one of the creditors or if we should just go to court and settle the bankruptcy after a judgment has been passed. If we filed chapter 13 bankruptcy, what kind of percentage of the total bills do you usually have to pay on medical bills; or does it depend on your income and expenses? Help please! Also, will our credit cards (which we do NOT have a problem with) be taken away from us?

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