Legal Question in Credit and Debt Law in California

we have aprox. 250k out in credit card debt. Charges on "personal" credit cards, from our small business. Is it possible to negotiate these blances down, w/a lump some payment? (then any remaining balances-negotiated down interest rate w/regular payments?)


Asked on 1/28/11, 8:49 am

1 Answer from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

While it is certainly possible to negotiate with your creditors, they are under no legal obligation to do so. The problem with debt settlement negotiations like this is that you never know how long negotiation will take, how successful you will be or how much it will cost (if you hire an attorney).

With that much debt, you should really see a bankruptcy attorney to see if there better options than debt settlement.

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Answered on 1/28/11, 10:15 am


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