How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17209
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

How to eleminate credit card debt What it works better

Resolved Question:

How to eleminate credit card debt?
What it works better : debt consolidation or legal credit card setlement?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

A chapter 7 bankruptcy is best, XXXXX XXXXX you do not want to file a chapter 7,

WALLSTREETESQ :

then consider a debt consolidation where you pay over a 5 year plan your credit card debts.

WALLSTREETESQ :

Legal credit card settlement is fine if you have 20-30% of the balance ready to be given to the credit card debtors to settle your debts.

Customer:

So, for Legal credit card settlement I have to have cash

Customer:

paid on front or montly payments avaible

WALLSTREETESQ :

yes, most credit card companies will offer you a settlement for 20-40% of the entire debt if you can pay the amount up front.

WALLSTREETESQ :

They will usually not do a payment plan for that amount, a debt consolidation company would be better for a payment plan, but be aware both will hurt your credit, and you will receive a 1099 from both and have to pay taxes on any cancelled debt, that is why a chapter 7 is best

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you