Unsecured debt over $75,000
March 2nd, 2007 by Questions
I have unsecured debts from 6 credit cards, 1 credit line, one loan and one consumer credit loan totalling $127,000. As my take home pay is only $2,800 per month, I cannot afford to pay it all back. Would a Division I proposal be an alternative to bankruptcy for me?
I could probably borrow $20,000 from a family member to settle part of the debt and offer to pay another $30,000 in monthly payments of $500 for 5 years. Would this be a reasonable offer in your opinion?