Re: Settlement Agreement

There is no way to give you a reliable answer based upon this set of facts. There are too many unknowns. You need to consult with an attorney and really figure this out.

I work with a lot of creditors and debtors in these situations, and the range of solutions is almost as great as the number of people involved in them.

A lot depends on your history with the Plaintiff, and the certainty of having the money you expect to have in February.

Contact me, or contact another attorney. You need help ASAP.

Re: Settlement Agreement

Call the creditors to see if you can get an extentsion. Wait untill they try to execute before filing a BK.

Re: Settlement Agreement

If you can negotiate an extension, and expect to have the money by February, then do this. If the plaintiffs are unreasonable, you may need an attorney to renegotiate or to see if bankruptcy is a better option.

Re: Settlement Agreement

If you think you can satisfy the judgment that quickly, then let the time lapse and pay it when you can. You may want to go the other side or before the court prior to the due date and explain that you plan on paying soon. I would be careful about bankruptcy, but if you need to do so, please feel free to contact us to explore further-Martin

Re: Settlement Agreement

It is not possible to give you a reliable answer based on the limited facts you provided. You should set up a consultation right away with a bankruptcy lawyer and hear what she / he has to say. Given the looming deadline, you should start looking for a bankruptcy attorney immediately.

Re: Settlement Agreement

I would have to talk to you to be able to provide you more specific advise particular to your situation. However, often times people in your situation file a chapter 13 bankruptcy which allows you to pay the debt over a period of 5 years--without interest. You can always pay off early, if you can, in order to get you out of bankruptcy--if you want to get financing for a car or home. One technique I often use that works very well is just to threaten bankruptcy. The Petition for bankruptcy will be prepared and sent with a cover letter to the creditor telling him to work out a repayment agreement or the enclosed bankruptcy will be filed.