settlement

worriedbk7

Member

Bankruptcy Newbie

Joined: Feb 2005

Posts: 70
#1

settlement

04-14-2005, 04:02 AM

I understand that if a creditor objects and I choose to settle with them, I must pay a certain amount. Lets say for example, I charged a total of $10K. By the time I am offered to settle, that $10K is already up to $14K. If they ask me to settle 50%...is that 50% of the original 10K or 14K? Does anyone know?
Tags: None
HHM

Senior Member

Bankruptcy Wizard

Joined: Dec 2004

Posts: 14347

State: Private
#2

04-14-2005, 07:02 AM

Its probably 50% of the $14K
Comment
HRx

Super Moderator

Bankruptcy Mentor

Joined: May 2004

Posts: 2419

State: Massachusetts
#3

04-14-2005, 07:22 AM

LOL..........it's definatley going to be based on the higher amount.

Good Luck!

The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
Comment

top Ad Widget