California | Bankruptcy
Legal Question
Bankruptcy and Debt Negotiation
The have credit card debt
approx $105000 (current settlement amount $65000)I I
I have not been employed for some time but have been
endeavoring to get a business going, I have been
paying the debt out of savings (including IRA which has
produced a tax liability for which an Offer in
Compromise is pending)
1. I have settled with one account
2 Three are are reduced balance no interest payoff
settlements
3. One is full balance no interest payoff settlement
4. Several are reduced interest payoffs
5. The last is filing suit
Questions
1.What are the longterm credit/employment
consequences of judgment liens vs bankruptcy?
2.Can I use the Chapter 7 process to persuade all
these creditors to accept a partial settlement deferred
repayment plan in lieu of completing a Chapter 7 ( my
non-exempt assets are zero)?
(I do not qualify for Chapter 13 since I do not have
steady (or any) income)
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