Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

negotiation attorney or companies

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • negotiation attorney or companies

    Hi
    I have unsecured debt after foreclosure $200K
    I try look for help i negotiating to a lesser amount with collecting agency.

    do you have some guidelines about negotiating to pay lesser amount?
    or interview questions to ask in case I need to hire a negotiator
    my thinking because the unsecured debt is large, it is better to have a professional negotiator.
    but in Florida, there are lots of people self promote into "experts" status.
    I appreciate all your help.

  • #2
    is the 200k a deficient amount after your foreclosure?

    i know here in florida they have attys who say they can negotiate your situation however, i'm really not certain i personally would be comfortable with that. being that is quite a large amount, have you considered filing for bk? that would scare them in to a negotiation if it is unsecured debt. in other words if the debt is all unsecured and you want to work this out i would say to them, if you can't work with me, i'll just file and you'll end up with nothing, so it's in your best interest to work with me, not against me.

    hope it all works out for you. yes, we are one of the "lucky" recourse states here in florida
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    Comment


    • #3
      For me, I don't think anything would be worth negotiating if it is a single $200K debt! Worse case, is that they negotiate down to 10% (or $20K), and then issue a REQUIRED IRS form 1099-C (Forgiveness of Debt). That 1099-C is going to show $180K and that is taxed as ordinary income! Unless you have about $72K sitting around to pay the taxes on that (39% tax rate), I suggest that "negotiating" an unsecured debt is fruitless!

      That is why bankruptcy is more powerful. A Chapter 7 bankruptcy would simply stop collection on that $200K debt for about $3K in attorney fees and about 120 days in waiting. If you cannot file a Chapter 7 due to income, and need to do a Chapter 11/13, then that is a different story.

      If your total unsecured debt is only $200K and you do not qualify for a Chapter 7, you should be able to file a Chapter 13 because that amount is under the debt limit.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

      Comment


      • #4
        it is only one big amount, one creditor,
        I have too many crazy things tangling all over to be able to do Ch 7.
        I used to be a real estate investor.
        so if I can negotiate down to 10%, that is good.
        I can take another job, male stripping, flipping houses or whatever to pay IRS.
        don't take my words, because everyday, I get up in a confused state.
        my mind is spinning from one idea to another idea, crazy.
        please let me know who can help me negotiate.

        Comment


        • #5
          Hi
          still the question
          can anybody help me about an "honest" negotiator, so I can do more due diligence?
          well, i can give one lesson here, if you are in debt, rule #1, do not borrow from your relative(s).
          stranger can cut deal with you, and it's only about money.
          But relative, you are done, done, done. 100 times more stresses. you will not be able to do any bk chapter. Guilty, guilty. I feel horrible

          Comment


          • #6
            Rule #1 is never "borrow" from your future. In other words, never use money from your protected retirement accounts. Borrowing from family would be so distant for me, that it has never even entered my mind when I was insolvent.

            As for negotiating, if you are negotiating this type of debt, you should be seeking professional help; such as an attorney specializing in this area. They will probably tell you to file bankruptcy. I do not understand why you are hesitant. Paying $75K in IRS debt over 5 years, with interest, is no small feat and they will want a bunch of documentation. (Of course you could somehow get a 90% deduction in the amount, and receive the huge IRS bill and then file an OIC, but even then, you need a bunch of money.)

            Your problem here is that this is now a "judgment" creditor. They have probably already filed it and it's now a judgment lien. They can wait and wait and get their money over the next 20 years and attach property (as allowed by your State's underlying non-bankruptcy laws).

            You will not find much help here, and the only suggestion is to file bankruptcy or find an attorney that specializes in this area... paying that attorney to negotiate. However, and again, this is not a simple debt. The creditor already has a judgment and that makes the creditor more formidable.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Thank JB,
              I read your blog, and have high respect for you. My brain is dead. I cannot do research or figure out which way to pursuit.
              You have the capability to do pro-se, that is Wow.
              Like I said, I borrowed from my in-law, and never think about, she will be unsecured creditor.
              My wife and I are in here together, and in-law helping with money. bk is too ungraceful.

              what is OIC?
              You wrote: " seek an attorney specializes in this area? can you be more specific about area?
              We did consult two bankruptcy attorneys two months ago, both want to do bk.
              the feeling: if you visit a surgeon, he wants to operate on you.

              Comment


              • #8
                OIC = Offer in Compromise
                ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                Not an attorney - just an opinionated woman.

                Comment


                • #9
                  I'm not a legal expert, but it just appears to me that the OP wants to pay anybody and everybody, except an attorney.

                  Comment


                  • #10
                    Originally posted by lrn View Post
                    Thank JB,
                    bk is too ungraceful.
                    What? Ungraceful???!!! Odd word to use in connection with finances, but I'll go with it. Was foreclosure graceful? Do you think paying an attorney to negotiate a settlement is going to be graceful? If you can't pay your debts and meet your living expenses, you are bankrupt. The most graceful way out is to file bankruptcy.

                    Originally posted by Pjmax View Post
                    I'm not a legal expert, but it just appears to me that the OP wants to pay anybody and everybody, except an attorney.
                    I think so. Paying attorney fees and BK filing fees will be much more graceful than settling a $200,000 debt.
                    LadyInTheRed is in the black!
                    Filed Chap 13 April 2010. Discharged May 2015.
                    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                    Comment


                    • #11
                      One more thing... My financial life is much more graceful than it was before I filed BK.
                      LadyInTheRed is in the black!
                      Filed Chap 13 April 2010. Discharged May 2015.
                      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                      Comment


                      • #12
                        Originally posted by LadyInTheRed View Post
                        One more thing... My financial life is much more graceful than it was before I filed BK.
                        ...and when one's financial life is more graceful, so is one's entire life.
                        Mine certainly is, after BK.

                        Which is less graceful; a foreclosure, deficiency collections, potential whopping IRS bill, convoluted schemes to pay them while borrowing from relatives for day-to-day expenses - Or BK?

                        Irn, I'm sorry to sound harsh, but you are digging a hole you'll never get out of. Filing bankruptcy is taking control of and managing your finances. Yes, the in-laws are a creditor, just like the others, but there is nothing to stop you from paying them after you are discharged.

                        If you were not happy with the two attorneys you met with, go interview more. It's not unusual to meet with several, and you have some complicated issues so it will be more difficult to find one that will fit, and that doesn't necessarily mean finding one that will only tell you what you want to hear.

                        I do wish you the best, but you need some competent legal help.

                        Comment


                        • #13
                          Originally posted by LadyInTheRed View Post
                          One more thing... My financial life is much more graceful than it was before I filed BK.
                          No truer words spoken

                          Comment


                          • #14
                            Our lives are much more graceful once we filed BK, and learned to live on 'cash only' and stop robbing Peter to pay Paul each month.
                            "To go bravely forward is to invite a miracle."

                            "Worry is the darkroom where negatives are formed."

                            Comment

                            Unconfigured Ad Widget

                            Collapse
                            Working...
                            X