My son has CC debt and is presently incarcerated (possibly 5-7 years). Very difficult to file bankruptcy due to the court bankruptcy hearing and required financial management course requirement. I have POA. Should I try to negotiate with the CC companies for a settlement figure of 15-20% of amount due? Some sites indicate to wait until the account is 6 months. Past due before starting to negotiate. What do you suggest? The cost of attorneys in this area are over $5000 plus to file a bankruptcy suit. One account has been turned over to an attorney in Texas.

I would attempt to negotiate immediately, the sooner the better. It's looked upon as more of a good faith effort.

What percentage of his debt is he able to pay?

I would attempt to negotiate immediately, the sooner the better. It's looked upon as more of a good faith effort.

What percentage of his debt is he able to pay?


Answer: I believe it would be in the 15 - 20 % range only.

You can of course try to deal with your yourself, some may, but if they are not a year or two old I don't see them settling for less than 50.

He is in jail, so don't do anything, let them sue, so they get a judgement, ( he is in jail, nothing they can really do)

When he gets out, he can file bankruptcy