on the fence

[DUMBAGAIN]

As I continue to read the posts here, I less and less want to file chapter 13. So much can happen in 5 years, its scary. So riddle me this: What happens if we just start sitting aside all extra money and start making settlement offers? What do you think my chances are? How long does it take most places to sue you? I just don't know what to do. Its just that 5 years is a long time

[justbroke]

I would use Chapter 13 only where you need to protect assets (real property, mostly) and get control on a budget.

However, the budgets for your Chapter 13 are determined by averages, and an unskilled lawyer (or pro se debtor, for that matter), can mess your budget up!

If you can do Debt Management, go for it. Realize that if you mess up under DM, you may end up filing anyhow to protect wages, assets, etc.

[Runtime Error]

I agree with justbroke......its sucks to muddle through debt, but the alternative is filing under Ch 13 and we know how well that works out. 5 years is an EXTREMELY long time adn a lot can happen in between. But if you need to protect assets, it may be the only choice for you.

With regard to settling the debts, depending on the size of the debt, they may never sue you (cost/benefit analysis) unless you have something they can get. They up side is, in this economy, they may be willing to settle for a lot less just to get it paid...the downside....you have to put it with a whole truck load of sh*t in the meantime (phone calls, letters, etc.).

[krielly]

It really depends on your personal situation. There ARE Chapter 13 success stories. Yes, 5 years is a long time, but with the right budget, and a good lawyer, it's possible.
The problem with negotiating is that you may end up with a SLEW of 1099's (depending on how much debt you get written off) and suddenly you owe taxes on all of that debt that was written off...... don't forget, Tax Debt CANNOT be discharged.
Again, it all depends on your specific circumstances.......some times it is of benefit, sometimes not. All I am saying is don't be quick to take 13 off the table based upon some negative posts.
Don't forget, anyone in a 13 with little to no problems is probably not here posting, as they probably don't even know about this site....... ha ha !

Chapt 13 can also stop all the late charges/fees/interest on unsecured debt.

Good luck - get 2 or 3 free consults with a good attorney.

I wish you the best!!!!!!!!!!

K