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Help and proposal payment

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  • Help and proposal payment

    So it’s been sleepless nights and emotional downs of deciding if we should file Chapter 13.We received a payback total of $15000 in a letter that is til January 12. We already have a attorney to represent us. The only delinquent debt we have is $15000 and if we file a chapter 13 they request to include all debts. I’m afraid to stay in a bind of high payment and monitoring for 5 years. So we came up with $10000 with the help of family. Do you think it’s possible if we propose $10000
    they will be able to negotiate some sort of Repayment which probably can be made with in a month or two since work picked up.

  • #2
    There is no one on this Forum, I hope, that would tell you that settling will work. The creditor could just refuse, especially if they believe you have assets and that they can recover the entire amount. Additionally, what would you do with the taxes on the forgiven amount? As difficult as it is for me to write this, I couldn't owe my family for my own debts; I've never borrowed from any family member. If you only have a single creditor, and this is the creditor of which you speak, I would absolutely choose the Chapter 13 over paying this creditor. You could end up with a lower payment (than you expect or anticipate) and discharge -- tax-free -- all the remaining amount.

    The question is always a financial question which requires you to do the math. You have to think through ever scenario and find the best course of action for you. I would be remiss to which path to choose; I can only tell you what (potentially) lies ahead down each path.

    You just mentioned two myths of Chapter 13s; high payment and constant monitoring. Chapter 13s are tailored to individuals and are based on very specific facts; income, property that you keep, and allowed expenses. If you don't make enough to pay your creditors, and are not keeping unnecessary items, then the payment is not high. Sure you may not be able to take 3 vacations a year and eat out every week, but that's what people do when they are tight on money anyhow.

    It's an almost impossible choice between an unknown (borrowing $10K from relatives and creditor may not even except anything short of full payment) and a Chapter 13 which offers closure (and no additional taxes). I have tried the settlement route before, and, in my case, it was just a waste of money.
    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.


    • #3
      We have the $5000 now and a family member who we care for offered $5000. The remaining tax ofcourse pay it off ASAP. My question is would they take the $10k and wait til the end of January for the rest. I’m awaiting for my attorney to respond to my proposal.


      • #4
        That's something only they could answer..sorry.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16


        • #5
          Originally posted by MamaCrys View Post
          We have the $5000 now and a family member who we care for offered $5000. The remaining tax ofcourse pay it off ASAP. My question is would they take the $10k and wait til the end of January for the rest. I’m awaiting for my attorney to respond to my proposal.
          No one but the creditor can answer that question. And even then, who knows if they'll sell off the unpaid portion to a junk debt buyer (JDB) who would then pursue you even more aggressively (now that they know you have money or access to money).

          I personally believe it's a waste of money. But that, just as everything you read on the Internet, is just my opinion and not worth as much as consulting directly with a bankruptcy or asset protection attorney. As I wrote, you should sit down with your bankruptcy attorney and go through "all" the numbers. For some reason it seems that this is an emotional decision rather than a financial decision... but I could be absolutely 100% wrong.
          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.


          • #6
            My gut tells me file for BK, but only you know your situation and what is best for your financial, mental and emotional well-being. The day I filed for 13 was a weight of sleepless nights and stress lifted off me. The first year of a Ch 13 wasn't easy but it was a much better situation than what preceded the filing. In time the 13 got easier and more manageable for me and my family,but I attribute that the income increases that the trustee did not seem to want. But my experience is not everyone elses and as JB and other said in earlier posts, most 13s fail. But those who succeed find a way to live for 3 to 5 years on a cash and carry basis through budgeting a preparing for emergencies, among other factors.

            I don't know anything about debt settlement other than info I absorb being bombarded with ads on satellite radio. I find the family borrowing troublesome. I don't know your family, but like any other creditor, family and friends usually want their money back and the longer the payback takes, they less kind they may be to you. If you don't pay them back in what they think is a reasonable time, your relationship with them could be trouble too.something you don't ever have to worry about with your $15K creditor.
            Filed Ch 13 Fall 2013, 60 month plan, currently in discharge process! (last payment disbursed to creditors)


            • #7
              Thank you switch. I just want to be clear for MamaCrys. I'm not saying file and I'm not saying don't file. I'm just asking that you do the mechanical calculations (the math) and make an informed decision. I don't want you to make a knee-jerk or emotional decision. Debt settlement may work in your case if that's your only creditor, you have no other debt, and have good stable income.
              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.


              • #8
                I agree with justbroke. Make a decision based on your entire financial situation, not just the one debt that happens to be the biggest problem at the moment. Will getting rid of that debt really solve your issues in the long run? Chapter 13 is not fun, but it also is not usually as bad as you apparently think it is. For me, the plan payment was less than the minimum debt payments that it replaced. And there was absolutely no monitoring during my plan. From what I have read hear over the years, my experience is pretty common. Are you sure Chap 7 isn't an option.
                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!


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