I read somewhere that if you are trying to settle a debt with a CA and you have a negative net worth that you should let them know because if they know how truly bad off you they are more inclined to settle. Has anyone heard of sending some sort of personal financial statement with the settlement offer? If so does anyone know how to go about creating the type of financial statement they would want to see? Or, is a statement like this not really necessary?
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Has the debt only been assigned to the CA, or has the debt been sold to a CA (Junk Debt Buyer?) It could make a difference. I wouldn't tell anyone of my financial situation. There is no law that states you need to have an excuse not to pay your debts. In my opinion, don't share shit with them. You need to be in control, not the CA's. -
You do not ever give your personal financial statement to a collection agency.
NEVER
Anything that you give them will be used against you. If I were in their shoes, I would use your statement to attempt to lien/seize anything that you had left.
Don't do it!All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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There is an attorney who wrote a debt settlement book about 2 years ago, who advocates something similar to what you're talking about.
EXCEPT, he believes the OC will not be likely to believe your financial statement unless it is prepared and certified by a CPA...I don;t believe he ever suggested doing this for a collection agency debt.Comment
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