It looks like I will be able to pay about 25% of the unsecured debt

[swampwiz]

I'm looking at what position I should be in, considering my exemptions. I'm wondering if while the creditor's attorneys are figuring out their next move, my attorney could say that I'd settle for 25% and move on quickly. Would most creditors agree with that?

Speaking of which, if I did make an offer like that, could I simply settle with the creditors that are ready to settle, and simply fight on with the others (thereby having those lawyers spend their time getting nothing extra in return, while my lawyer bleeds the pot and they wait for their money)?

I'm not sure how the "Law & Order" negotiating would be handled here.

Relative to the typical filer, how is my position?

[CityFarmer]

How is your position? Complicated, I think.

If you have the ability to pay a portion of your debt, you could try to negotiate settlements (consult your attorney about how that may affect your income tax). You may also be able to file a chapter 7 case with assets. Depending on your income, you may have to go to a chapter 13 repayment plan.

Find a good attorney and explain your entire situation to him. Don't leave anything out. Then ask him what you should do.

And stop using the credit cards.

[swampwiz]

How is your position? Complicated, I think.

If you have the ability to pay a portion of your debt, you could try to negotiate settlements (consult your attorney about how that may affect your income tax). You may also be able to file a chapter 7 case with assets. Depending on your income, you may have to go to a chapter 13 repayment plan.

Find a good attorney and explain your entire situation to him. Don't leave anything out. Then ask him what you should do.

And stop using the credit cards.

So if I negotiate a settlement, the amount is like income? What would be the point of doing that when I can go Chapter 7.

As for my income, it is going to be zero for a long time as I have $20K in capital losses. In any case, I am "self employed" and any work I get in the near future will be peanuts, below $1K/mo.

I am only using 1 credit card to pay for things that I could just as easily pay with cash. In fact, right before I decided that I was going to go this route, I paid that account down by $1500 to make room for purchasing rent (at a extended stay hotel.)

[lrprn]

I'm wondering if while the creditor's attorneys are figuring out their next move, my attorney could say that I'd settle for 25% and move on quickly. Would most creditors agree with that?

Way too many hypotheticals, swampwiz. I suggest you go buy yourself a Magic 8-Ball....it's going to be about as effective as asking all these "what if" questions of yours and expecting us to guess what might happen.

You need to meet with several bankruptcy lawyers and discuss your financial situation with all its problems and issues to get their knowledgeable legal insights into what you can do and can't do. Continuing to ask these questions here is a waste of your time. You need solid, knowledgeable legal advice about your complicated situation and past decisions. We can't give you that.

Until then, please don't post any more "what if" questions. You've had more than your fair share of the forum's time already.

Quit trying to find an easy way out of the hole you've dug for yourself - there isn't one. Accept it and move on. Set up initial consultation appointments with at least 3-4 experienced bk lawyers in your area. That's the best thing you can do for yourself right now.

[iv65536]

So if I negotiate a settlement, the amount is like income? What would be the point of doing that when I can go Chapter 7.

As for my income, it is going to be zero for a long time as I have $20K in capital losses. In any case, I am "self employed" and any work I get in the near future will be peanuts, below $1K/mo.

I am only using 1 credit card to pay for things that I could just as easily pay with cash. In fact, right before I decided that I was going to go this route, I paid that account down by $1500 to make room for purchasing rent (at a extended stay hotel.)

First of all, I think the extended-stay hotel could be considered a luxury and challenged.

Second of all, my understanding is that the amount of capital losses you have could only be taken about $3,000 per year until exhausted. I would talk to your attorney and/or a tax professional to determine the fate of the capital loss carryforward in your BK and/or debt settlement.

Keep in mind that I am not an attorney or accountant, so take it for what it's worth....