OK. I am not going to bore you with a recap of my story... suffice to say that my biz was hit hard by the depression.
Anyhow. I stopped paying most accounts in February/March 2009. The two smallest accounts two months ago.
Calls are coming. I am just not talking to them.
I can expect to receive a summon from one of the two smallest accounts sometimes in March/April. The large accounts will probably not sue for a while... not 100% sure why, just know that is how it works usually.
I am current on my mortgage, but no equity in the house.
My business is still alive and produces a profit (just not as much as it used to) and I could include the inventory in the CA System 2 exemptions. It can be saved (sole proprietorship, no value without me).
Since business is perking up just a little bit, to avoid issues with vendors and to avoid playing the BK card (you never know... medical emergencies and such...), I though about ME making an offer to all my creditors.
I already received letters with 30% or 40% offer. Not gonna happen.
What I *could* do is pay 10 cents on the dollar in a few installments over 2010. I *could* do that only if all creditors get on board.
I am insolvent.
Did anyone try this?
Would any of you consider this?
Would you do it on your own by sending them letters?
Anyhow. I stopped paying most accounts in February/March 2009. The two smallest accounts two months ago.
Calls are coming. I am just not talking to them.
I can expect to receive a summon from one of the two smallest accounts sometimes in March/April. The large accounts will probably not sue for a while... not 100% sure why, just know that is how it works usually.
I am current on my mortgage, but no equity in the house.
My business is still alive and produces a profit (just not as much as it used to) and I could include the inventory in the CA System 2 exemptions. It can be saved (sole proprietorship, no value without me).
Since business is perking up just a little bit, to avoid issues with vendors and to avoid playing the BK card (you never know... medical emergencies and such...), I though about ME making an offer to all my creditors.
I already received letters with 30% or 40% offer. Not gonna happen.
What I *could* do is pay 10 cents on the dollar in a few installments over 2010. I *could* do that only if all creditors get on board.
I am insolvent.
Did anyone try this?
Would any of you consider this?
Would you do it on your own by sending them letters?
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