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Attorney2020
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2578
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I need guidance with debt settlement

Customer Question

I need guidance with debt settlement
Submitted: 8 months ago.
Category: Bankruptcy Law
Customer: replied 8 months ago.
My current income is 52/year, my total debts including my car loan are around 30k. I have less than 10k in assets maybe?
Customer: replied 8 months ago.
I don't want to file bankruptcy
Customer: replied 8 months ago.
I'm 27, I had a house and a husband. I lost it all, and have to start over now.
Expert:  Attorney2020 replied 8 months ago.

What type of guidance are you looking for?

Customer: replied 8 months ago.
I'm looking to educate myself on other options and get a clear idea of how this will affect my life.
Expert:  Attorney2020 replied 8 months ago.

Three options.

(1) Contact all of the unsecured creditors such as the credit card companies and negotiate a deal to pay down the debt and cancel the debt. Also threaten bankruptcy and create the idea that the creditors will receive nothing if you decide to file bankruptcy.

(2) Hire debt settlement company to negotiate on your behalf. This typically never works and the companies do the same thing you could do on your own.

(3) File for bankruptcy, but this option you stated you would not like to do.

Those are the options.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation.

Expert:  Attorney2020 replied 8 months ago.

hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation.