Need advice- How to deal w/ creditors


D

DIANA

My husband and I are fully prepared to file bankruptcy chapter 13. Our lawyer has everything prepared. They figure our monthly payment including our cars will be 2500 for 556 months. We can't afford that. Our lawyer recommended not to file bankruptcy and to work out a solution with the companies to pay them less than what the bankruptcy would require of us. I know how much I can pay our 18 creditors per month. How do I get them to take our offer? Will they still try to sue if we are making payments, even small payment or less than what they want from us? How do we choose which ones to pay or not. Is there a specific balance we should worry about, for example any over 2000, 5000 etc...? Or specific companys such as Chase, MBNA, B of A, Sears, Discover, Citicard etc.... ? We have only 1500 to spare after expenses and 75,000 debt between us both. Either these creditor except our offer or we just can't pay them. We are confused about how the credit companies work and what they can do to us.

Any advice on this matter would be greatly appreciated.

Thank You,

DSE
 
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D

DIANA

Correction.............. 56 months!
My husband and I are fully prepared to file bankruptcy chapter 13. Our lawyer has everything prepared. They figure our monthly payment including our cars will be 2500 for 556 months. We can't afford that. Our lawyer recommended not to file bankruptcy and to work out a solution with the companies to pay them less than what the bankruptcy would require of us. I know how much I can pay our 18 creditors per month. How do I get them to take our offer? Will they still try to sue if we are making payments, even small payment or less than what they want from us? How do we choose which ones to pay or not. Is there a specific balance we should worry about, for example any over 2000, 5000 etc...? Or specific companys such as Chase, MBNA, B of A, Sears, Discover, Citicard etc.... ? We have only 1500 to spare after expenses and 75,000 debt between us both. Either these creditor except our offer or we just can't pay them. We are confused about how the credit companies work and what they can do to us.

Any advice on this matter would be greatly appreciated.

Thank You,

DSE
 
A

Active User

Hi Diana,

I do not understand your situation .. perhaps you could clarify. It's
my understanding that you will have $1500 to spare after expenses.
What other bills remain? Food? If you have $1500 after *all* of your
expenses are paid, it sounds like you are in really great shape. And
you will have an even larger cash flow after the 50-something months.
 
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A

Active User

I just re-read your message and I think I understand. If you don't
file Chapter 17 - then you only have $1500.00 to pay down your debt?
 

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