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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Im current with all my debt but am living on the margins.

Customer Question

I'm current with all my debt but am living on the margins. Is there any help for this? I have no money to "settle" as I know most creditors want a lump sum is it still possible to work something out?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and accept these provisions as well as's disclaimer?

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Customer: replied 7 years ago.
Expert:  Ellen replied 7 years ago.

Consider negotiating with the creditors after you have fallen behind in payments at least 90 days.

The first thing to be aware of is that a creditor is not going to modify a fully performing loan. You will typically need to be 90-120 days behind before they will discuss modification. They will only modify to mitigate their risk . As long as you are paying, they have no incentive to modify.