advice appriecated...Thanks!!

[laylou]

advice appriecated...Thanks!!
I have over 30k in debt...last payment made on most accounts was jan-march 2010. So my statue of limitations for texas will almost be up in 2014. I have as of now been sued by one compnay american express and it has reached where they have filed a motion for jugement. I planned to file bankruptcy but im over the limit for a chap 7 and rather not do the chapter 13.I called the lawyer for american express and they mentioned settling with me if i can pay 70% which is 2800.00. should i go for it??Or is there something im missing...Thank you!

[df04527]

I would have to say filing would give you a clean start. true the statute of limitations may be up for some of the debt but that doesn't mean they can't sue you. You would still have to defend it, in court.

Looking over my shoulder would not work for me. So my humble opinion is, no don't settle, instead take that money and clean up your past for good.

[laylou]

thanks for the reply..I guess i look at it like this ..Its been 3 years that i have not had to pay extra money towards the many debts i had and took on since divorcee but with a chapter 13 i will be adding on a monthly payment that will really strap me. I thought i would be able to file chap 7 did all my research got my house up-to-date but NO im just barely over the means test. Thanks

[murph996]

Contact an attorney. You MAY still qualify for a Chapter 7. If you did your own means test and came 'very close' it would very much be worthwhile consulting an attorney.

You talked about a Ch 13 'adding on a monthly payment'. The payment wouldn't/shouldn't be for more than you can afford. If the payments on $30K are unmanageable, the issue may be a budgeting one for you..not knowing your income. And when you are done, you have a clean slate. I wouldn't be so fast to discount the CH13. It's a powerful tool to legally get that debt off of your back.

[AngelinaCat]

You probably are able to qualify for a CH7, but you will only know for sure, once you contact 3-4 different BK attorneys--and NOT 3-4 attorneys in the same firm. You want 3-4 separate and individual opinions regarding your case.

Read everything you can here about BK and its different Chapters. Study and get some understanding and knowledge of the process. Read all the 'stickies' in the General BK Talk, and the CH7, and CH13 boards. That way you will be better prepared when you go in an interview your prospective attorneys.