I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony

By on October 2, 2011
I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony

“Dear Lewis,

I am currently enrolled in a debt settlement plan but i am unable to make the payments due to losing one third of my income in the last 10 months. I went with a law firm and they wanted 2875 up front took 3 months to pay that they just settled my ist account for half but i haven’t received the paperwork yet. I have been scraping by but unable to complete my 30 month plan they also take 20% of whatever they can save me. I have 70000 in credit card debt excluding my house with little or no equity and half ownership in inherited farmland.i also asked for an accounting of my account and am able to only see information i already know no info on disbursements.

I live in oh and want to file a chp. 13 it would be a joint filing with present income of 70000 i wanted to know two things what documentation will i need to get started and will i need to complete cccs training before i can file?

Thank you

Tony”

Dear Tony,

You should speak to a bankruptcy attorney in your area. You may qualify for chapter 7, although the attorney would need more information about the inherited property.

The credit counseling requirement before filing a bankruptcy is a minor distraction. It only takes up to an hour to complete, but indeed must be done prior to filing the case.

As to documents required, every area is different. But the basics will be 6 months paystubs, 2 years tax returns, 6 months bank statements, information on all yur assets, car titles, registrations, and insurance, information on any IRAs or 401ks, etc.

Even in chapter 13, your plan payment should be much more affordable than the debt settlement program you are currently on.

Good luck!

My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.

Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.

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One Comment

  1. Jonathanharstad

    October 14, 2011 at 1:01 am

    Thats a terrible situation to be in, but the worst of it is the fact that they took nearly 3k from you and saved you 50% on only one card… What was the balance? did you pay more in fees than they saved you?  And its an attorney, right?  One would imagine that an attorney firm doing debt settlement would be able to perform with less money upfront and more performance based fees. But they feel they are “exempt” fro the TSR bill that passed last year that states no fees should be paid before a service is done. You may have a better case than you think of getting yor money back; after all, how about getting the money you paid them back in you rhand so you could at least pay the bk with those funds… good luck Tony.

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