settlement before bk?

[mmenz22779]

I was thinking if there would be a concern on some charges when it comes to the 341 meeting to try and settle the debt on .03 on the dollar before the meeting?

or wait till after?

[AngelinaCat]

We were advised NOT to sucumb to the temptations of any side settlements that the creditors might try to play on us, as it would jeapordize our entire BK. We had one call on a Saturday and offer a .20 on the dollar type of deal, but it was only good for 12 hours--not enough time for us to get to our attorney.

I take it you have already filed and are waiting for the 341? If so, just tell them "Thank you, but NO Thank you."

Good luck.

[magyar123]

Angelina is right. Why settle for any amount. And remember any settlements of $600 or more will trigger a 1099. Complete discharge will not.

[hnhlvr]

I was thinking if there would be a concern on some charges when it comes to the 341 meeting to try and settle the debt on .03 on the dollar before the meeting?

or wait till after?

If you're planning to file, file on all debt. A relative of mine decided to file for pennies on the dollar, but she did so on ALL her debt rather than filling. She hardly paid anything and every bank was willing to cooperate except the credit union.

[AngelinaCatHub]

DO NOT talk to any creditor without your lawyers advice. If you attempted to settle on one claim, your house will come crashing down as that is a preferential payment and you will either be dismissed, or have to pay it again to the Trustee. These guys know what they are doing and if it sounds too good to me true, it is. ‘Hub