Debt Settlement

August 31st, 2011 by Questions

I have about $286,120.89 in credit card debt which is not from personal spending but rather cash advances we had to put into our company to keep from going bankrupt at the time.

I have about $2500.00 coming in each month to deal with this but it is not enough obviously.

Do I qualify for a Debt Settlement?

Posted from: Ontario


One Response to “Debt Settlement”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

With the level of income indicated you definitely wouldn’t have sufficient to look at a debt settlement program. There is a small chance that a proposal may work, but likely you would have to look at a bankruptcy, I think your cash flow just wouldn’t be sufficient to make a reasonable offer on that size of debt.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)