In have two discover cards debts . I got summons for them seperately during June 2010. I answered them in person to the court in wtritting. After that the debt collection agency (an attorney firm)advised me that the court always welcome a settlement outside. I responded to this request and offered $1500/-in full settlementfor a$3900/- but they it is $4800/- debt o/s.I paid this card promtly for 8 years. I stopped making purchases with this card 4 years before . with a greate desire to close this account. Unfortunately I lost my job during June 2009.I stopped paying the bills from JUne 2010.I even paid the bills during my Unemployment with unemployment benifits. My Wife was always sick. she took leave with out pay . Atlast she became tatally disabled now getting $170/- aweek as short term Disability from january 2012.which will end on july 19th 2012. Now i am getting the tier 4 the emergency unemployment compensatio n(EUC) for a period of six weeks ending july 2012 .This is the maximum level of 99 weeks. Both of them no income . I have no 401K, no asset other than atoyotta corrola car of 1999.my wife has a lien Of 10% to son's house with a mortgage jumbo loan.now the matter is reffered to arbitration on june21st 2012 the first summons for 4800/. In this card still there is abalance in cash advance loan of $500/-for the period 2002 with high APR. every month with an interest $13.28for cash advance. pl. advice me in the matter
Country relating to Question: United States
State (if USA): New York
Hello. You are a classic candidate for a Chapter 7 bankruptcy. You can tell the debt collectors, each that unless they agree to compromise the debt down to $X (you pick whatever you want to pay), then you will have no alternative but to file Chapter 7. Debt collectors are sophisticated enough to know that if you file, they will get nothing for the debts, so unless they just want to be a**h*****, they will settle with you on your terms. And, if they don't, then you can file Chapter 7 and all of the debts will vanish into the dust. The cost of a Chapter 7, do-it-yourself bankruptcy is about $400 in various fees. You can get a book at the library, or you can purchase one such as this: click here.I have no affiliation with the publisher. The book is the most well-known for filing Chapter 7, so that's why I've referenced it to you.I realize that you may find the idea of Chapter 7 bankruptcy repulsive. However, you have described pretty classic facts that would lead me to believe this is your best option, so it's worth your consideration.Hope this helps. NOTICE: My goal here is to entertain while educating the public about the law. I hope my answer is useful and informative to you. During our conversation, the website will ask you to rate my answer. If you rate my answer lower than the middle rating, then the website receives your entire payment, while I receive no compensation whatsoever. It is entirely your choice as to whether or not you choose to pay the website, or me. However, I believe you are entitled to know how your payment is distributed, so that you can make an informed choice. If you need to contact me again, please put my user id at the beginning of your question ("To Socrateaser"), and the system will send me an alert. Please Click the following link for IMPORTANT LEGAL INFORMATION
Attorney and Real Estate Broker -- Retired (mostly)
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