settlement between debtors and creditors

[Pumpkin729]

Is there and way to work out a deal with the creditors without going through chapter 13. We filed for chapter 13 awaiting court hearing. What I mean is there anyway to work out a payment plan with each creditor to pay back 100% of the debt over a three or four year plan without being charged finance charges each month? Is this at all possible?

[HHM]

You already filed a chapter 13, why would you want to settle at this point? In a Chapter 13, they don't charge finance chareges anyway.

Why do you ask, what do you hope to accomplish?

[Pumpkin729]

I was asking because with the a chapter 13 I feel like the courts own and control you for the length of the plan. You can't make a move without telling them. It feels as though they're trying to bleed you dry until you either fail or are pushed to do a chapter 7. SO, I thought maybe working out a plan with the creditors might be possible and easier.

[HHM]

Based on your other post, which I responded you, it sounds like you are getting frustrated with the process and your attorney didn't do a good job of telling you what to expect. Nevertheless, the damage is already done, you have filed BK. Dismissing it now won't really help you and it is usually a less expensive option then settling with your creditors. Your creditors are going to want a lump sum payment to settle, which you probably don't have.