The background...I have been like a vulture circling this CH 7 carcass for years. Things hit critical and I quit paying on all debts except student loans and vehicle payments in November. I do not own a home and I make less than median income with a family of 5. I was going to file for CH7 around February. The catch is, I work in the CPA field. To further complicate it, my job is considered a position of public trust that is subject to CRAZY background checks not unlike security clearances. I am required to disclose everything ranging from an affair to financial problems. I made the financial disclosure as required. Basically, I can lose my job if I file for CH7. You can say all you like about how that isn't legal, but in my world...it is since maintaining the "security clearance" is a job requirement. The investigators told me my options are CH13 or settlements since it shows an intent to "try to repay", but CH7 would be frowned upon to the degree where I would risk termination. I'm considered as on probation while my credit cards are delinquent.
So this really sucks.
I have about 30k in unsecured credit card debt and about a year's worth of wiggle room. All accounts are shown as charged off. Several vendors quit calling. I need to survive the interim without getting sued. AMEX is by far the most aggressive. I WAS very nice with them and was trying to work out a deal. Their last clown that called was disrespectful and refused to work with my availability. I had a meeting I was going to be late to and the guy refused to agree to talk later and was being a real jerk. So I explained to him that he can either work with me on my terms and according to my availability, or he can simply not work with me at all and I ended the call. We are over 180 days overdue and they were showing zero willingness to negotiate the balance. I presume I just need to wait a little longer for another agency to buy the debt. This is about $7,000.
The other vendors are capital one and a credit union. Two more highly litigious contenders and I owe them 10k a piece.
I can sell off what I can and my wife will work to raise funds to eventually settle all of the debts. Since they are already in charge-off status, I figure I just need to wait until a lower tier company buys the debt cheap. Is it realistic to hope for 25%-40% settlement using that approach? Or should I just unload my wife's minivan that is keeping us from filing CH13 (payments would be too high for 3 and can't do 5) and start hanging out on the CH13 forum?
So this really sucks.
I have about 30k in unsecured credit card debt and about a year's worth of wiggle room. All accounts are shown as charged off. Several vendors quit calling. I need to survive the interim without getting sued. AMEX is by far the most aggressive. I WAS very nice with them and was trying to work out a deal. Their last clown that called was disrespectful and refused to work with my availability. I had a meeting I was going to be late to and the guy refused to agree to talk later and was being a real jerk. So I explained to him that he can either work with me on my terms and according to my availability, or he can simply not work with me at all and I ended the call. We are over 180 days overdue and they were showing zero willingness to negotiate the balance. I presume I just need to wait a little longer for another agency to buy the debt. This is about $7,000.
The other vendors are capital one and a credit union. Two more highly litigious contenders and I owe them 10k a piece.
I can sell off what I can and my wife will work to raise funds to eventually settle all of the debts. Since they are already in charge-off status, I figure I just need to wait until a lower tier company buys the debt cheap. Is it realistic to hope for 25%-40% settlement using that approach? Or should I just unload my wife's minivan that is keeping us from filing CH13 (payments would be too high for 3 and can't do 5) and start hanging out on the CH13 forum?
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