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    jck4's Avatar
    jck4 Posts: 17, Reputation: 0
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    #1

    Mar 10, 2007, 08:01 AM
    Do I file Chapter 7?
    I have about 12,500 in credit card debt, I have spoken with the creditors and they have agreed to settle for 50%, but I don't have all the money now and they require a full payment and will not work with me on making payments on a 50% settlement. My only other choice is Chapter 7 is this sensible on a 6250.00 debt?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 10, 2007, 09:30 AM
    Actually you also have the choice of a chapter 13 plan, but boh require you try and work out a credit counseling first.

    You one choice is to pay off as much as you can at 50 percent and then work out a payment plan with the others.
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