I have returned as promised. The end is near. As many of you know I had filed for chapter 7 back in March and then out of nowhere received a sizeable inheritance from my uncle. I spoke to my attorney and told him I wanted to dismiss my bankruptcy because I had some money to make it possible for me to negotiate with my creditors for a lesser amount and just get this over with.
I received notice from my attorney and the court that my case will be dismissed 8/26/10 and I have a couple of last minute questions
1. When the trustee dismisses my case formally...is there usually a lag time before I can contact my creditors to start negotiating the amouts owed? In other words I would assume the notice of dismissal is sent to the creditors' attorneys and they in turn return the files to the credit card companies so they can proceed as before. Am I right in this assumption?
2. When negotiating with my creditors...keep in mind these are all unsecured credit cards...are there certain things or "language" I should use?
I want them to know I have the ability to pay on the accounts but not the full amounts.
3. I have been advised before that when I negotiate with these credit card companies that I get something in writing from them stating they will not attempt to collect from me in any way, shape or form after I have paid the agreed settlement amount. Good advice? What wording should this letter be in so I can avoid and further collection or legal procedures being used against me?
4 It is also my understanding that any dismissed amounts I get from the credit card companies has to be reported on my income tax . If I owe one 5.000 and they settle for 3,000 I must claim the remaining 2,000 on my taxes this year.
ANY last minute input would be appreciated and I want to thank everyone who has previously responded. This is one of the few forums I have been in where the other forum members were cordial and helpful
With deepest respect
John Mancini
I received notice from my attorney and the court that my case will be dismissed 8/26/10 and I have a couple of last minute questions
1. When the trustee dismisses my case formally...is there usually a lag time before I can contact my creditors to start negotiating the amouts owed? In other words I would assume the notice of dismissal is sent to the creditors' attorneys and they in turn return the files to the credit card companies so they can proceed as before. Am I right in this assumption?
2. When negotiating with my creditors...keep in mind these are all unsecured credit cards...are there certain things or "language" I should use?
I want them to know I have the ability to pay on the accounts but not the full amounts.
3. I have been advised before that when I negotiate with these credit card companies that I get something in writing from them stating they will not attempt to collect from me in any way, shape or form after I have paid the agreed settlement amount. Good advice? What wording should this letter be in so I can avoid and further collection or legal procedures being used against me?
4 It is also my understanding that any dismissed amounts I get from the credit card companies has to be reported on my income tax . If I owe one 5.000 and they settle for 3,000 I must claim the remaining 2,000 on my taxes this year.
ANY last minute input would be appreciated and I want to thank everyone who has previously responded. This is one of the few forums I have been in where the other forum members were cordial and helpful
With deepest respect
John Mancini