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    mgfischer's Avatar
    mgfischer Posts: 2, Reputation: 1
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    #1

    Mar 4, 2010, 03:06 PM
    Should I file Bankruptcy or negotiate with CC Companies?
    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.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 4, 2010, 03:31 PM

    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?
    mgfischer's Avatar
    mgfischer Posts: 2, Reputation: 1
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    #3

    Mar 4, 2010, 03:41 PM
    Quote Originally Posted by JudyKayTee View Post
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Mar 4, 2010, 08:37 PM

    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
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