should I contact cc companies to settle.

[espo1357]

I was going to file chapter 7 last oct. but my work put me on ot for 2 months an now I cant do a chapter 7. I was thinking of trying to settle my CCs. A CA for discover called me a couple months ago and offered me 1500 on a 12000. I am not getting any calls from any cc I gave them my lawyers number couple months ago.

there is not enough information here.

if you have income, then save the 1500 and settle for 1000. To file BK for a small amount is silly, unless you have no job and don't want to work or whatever.

IMO, BK is a gold bullet that you get once, maybe twice in a lifetime to use, so use it wisely.

[carlsbadmike]

Months after successfully resolving credit card debts, consumers have received 1099-C "cancellation of debt" tax notices in the mail. Why? The U.S. Internal Revenue Service considers forgiven or canceled debt as income. Creditors and debt collectors who agree to accept at least $600 less than the original balance are required by law to file 1099-C forms with the IRS and to send debtors notices as well. Taxpayers must report that "income" on their federal income tax returns.

Read more: http://www.creditcards.com/credit-ca...#ixzz1ENYc28wj

[rapalapaul]

I was going to file chapter 7 last oct. but my work put me on ot for 2 months an now I cant do a chapter 7. I was thinking of trying to settle my CCs. A CA for discover called me a couple months ago and offered me 1500 on a 12000. I am not getting any calls from any cc I gave them my lawyers number couple months ago.