What To Do Next?
Here's the deal...I retained a lawyer a year ago to file a chapter 7, in that time my financial situation has changed. I no longer qualify for chapter 7, but will for a chapter 13. Lawyer wants double the fee for a chapter 13. I decided to call my creditors on my own to try and settle. They were all willing to settle for a deal I couldn't really refuse. (eg. balance of $4400=only pay $2100). The problem with that is that they won't spread out payments...they want it in one lump sum. Although my debt will go from $15,000 to about $8,000, if I settle I dont have that money to pay all at once. I hate to pass up on these settlements. Any suggestions?
If you don't have the money for the lump sum settlements and can't get it, no matter how good a deal it is, it really isn't an option. The fees for chapter 13 cases are typically at least double the fees for Chapter 7 cases. There is a lot more work involved, and at least one more court appearance scheduled.
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