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  • 1 month later...
3 hours ago, inovermyhead57 said:

my income is too high and chapter 13 would be a nightmare

Have you talked to a bankruptcy lawyer or are you just assuming this? And don't go by the online BK qualifier calculators either. Those don't substitute for taking to someone that knows BK law and applies it to your specific story. 

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  • 2 weeks later...

I was in similar straights and was told (by a debt collector) that the only way to handle your situation is to get all of you settlement money together and approach all of your creditors at once - basically let them know that each will get their respective share of your settlement budget if they all settle together. I guess it works because it takes a tremendous effort (like herding cats) so they know you are serious, and it lets each one know that, if you go down, they will be fighting with each other for whatever is left.

I ended up getting sued on five accounts for close to 40K and ended up paying my lawyer's fees and a single 1K settlement. But - I was extremely lucky in that the plaintiffs in all five suits made fatal mistakes in terms of violations and just plain carelessness. 

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19 hours ago, inovermyhead57 said:

Do you think it would make sense to send the attorney a DV letter and include in the letter an exercise of their arbitration clause from their contract.  This would technically then be a violation if they were to file suit - Correct?  What are your thoughts on this strategy?  

There's no case law to support either the claim or which section of the FDCPA would possibly  be violated.

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13 minutes ago, inovermyhead57 said:

@BV80 - do you have any suggestions on how i should handle this situation? i would like this settled but cant come up with the funds to get to 14.5k - they have just rejected my offer of 7.5k and did not counter - 14.5k is about 45% - do you think they would settle at 30 - 35%?

I wish I could give you an answer one way or the other, but there's just no way of knowing for what amount they would settle.   

You have a number of debts.  It would seem to me that unless you can afford to settle all of them at amounts agreed to by the creditors, your best option is to talk to a bankruptcy attorney.  Why settle one or two debts if you can't afford to settle the others and could face lawsuits?

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