April 24th, 2007 by Questions
How likely are creditors to accept a second proposal? My ex-wife and I had a proposal a few years ago, but as the payments were too high (mixed with some immaturity on our part), we ended up missing a third payment within about a 18 months. We\’re divorced now, and the creditors are starting to come back after me. I really want to pay these folks off, and have no desire to declare bankruptcy if at all possible. I do pay child support, and have actually paid off a couple of the creditors on the original report. I do believe I have the means to pay these folks off, given enough time (ie. the five years). Are they likely to accept a second propsal just from me, especially if the amount I end up paying them back is more than they\’ll get from a bankruptcy (I have very little in the way of assets, and my car is near the exemption limit). Thanks.