Debt Settlement? or Bankruptcy?
Here is our situation, any help greatly appreciated.
We are in the process of filing for Bankruptcy. Lawyer is working on all the paper work. In fact they called yesterday and said its all ready, I just need to come in and sign the paper work.
Well on Wed of this week, my Aunt had called and said that I will be receiving $17,000 from my Grandmother when she passed away in May.
I have a house with CHASE Mortg. that is scheduled to foreclose Sept. 24th. This is not my residency, it used to be, then we moved out of state and we rented it out. The insurance has risen so much, that after we rent it, we only wind up with $20 to save for repairs. So we decided to either let it go, or sell. Up till yesterday we have no luck selling it. But yesterday someone looked at it, and loved it and said they would have 40,000 to put down in two weeks, and hope they can get a loan for the remainder $20,000.
This will leave me with Maybe $5,000 after it sells.
But Chase just called and said for me to keep my house out of for-closer , I will now have to pay Attorney fees
My lawyer suggests that I still file bankruptcy and wait on filing and spend the $17,000 before I file.
But after coming across this website I am wondering if I might be able to settle with the credit card companies?
My last payments were made in Feb
I have only received ONE letter from OLD NAVY offering a settlement. Maybe because I told them we were filing for bankruptcy.
Here is what I have, a lot of small cards that all add up.
Old Navy $775
JC Pennys 809
Capital One 2,315
Target 2,965 (When I went to the website this one said it was in collections)
Bank of America 4,635
Bank of America 7,993
These are all 180 days past due
I just really need some adivce. How would I even start this process? Do I just call the credit card companies and ask the first person I speak to, if they could offer a settlement?
Thank In Advance!!