Settlement vs BK?

[yeahknow]

I haven't paid cc in 2 months. I owe over $60,000 in cc debt. Work in the Real Estate field, and I anticipate the last BIG commission check in October. After that, nothing! hopefully, every home that I sold will close before down payment assistance from a builder goes away Oct 1st.

Is it work trying to settle my debts, or wait, pocket the money, and wait to file BK?

[Lajazz947]

That all depends.

October the creditors will be all over you.

From everything that I have learned on this forum and personally speaking if I were you I would speak to your creditors as they call, tell them you are having financial hardship ( over and over and over like I am) then when you get the cash in hand call them, negotiate a reduction in the amount owed, find out if you are insolvent for IRS 1099 reasons, pay them a lump sum and get them out of the way.

If not then BK will solve your problem if you don't mind the BK on your record.

From what I understand though the BK is no worse than charged off debt. Negotiation just saves you from answering the BK question over and over.

I would negotiate yourself, it does not seem that hard really.

[yeahknow]

Thanks, meeting w/ a lawyer in a couple of weeks, settlement might work, hate the 5 years thing, but also thing about waiting to file and going Chapter 7. Made spent Big money last two years, but the party is over! Hate the fact that your past income is what your 5 year payment is based on. I keep on thinking I should take 6 months off just to save myself paying back over 5 years. I mean, if I was still making that income, I wouldn't be trying to file BK!? Anyone just quit, wait it out, and file?