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I Can Sell a Property to Raise Cash to Settle My Debts. – Carl

“Dear Steve,

i own 3 properties, 2 are owned and one mortgaged . the one with the mortgaged i bought with a domestic partner , we applied for loan together and qualified together and the bank messed up and put him on the deed and not the mortgage . my partner didn’t pay his part and it took all my cash to get him off deed. anyway i used my credit cards , they were all fixed at 5 to 8 percent. i never have never been late once on card payments , but now they are at 18 to 24 percent.

if i sell a property to pay credit card debt, is there a chance i can negotiate the pay offs down. if so what”s a good place to start.

also what percent of the balance do credit card companies get in a chapter 13 bankruptsy , i have gotten screwed so badly every is an option

Carl”

Dear Carl,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Is a debt settlement approach an option in this situation, yes.

You just need to be aware that in settling your debt it will most likely be reported negatively on your credit report. That will be reported for seven years. Additionally if you are solvent, you will have to pay income tax on the forgiven debt. But if carried out successfully you could possibly resolve your debt situation without bankruptcy.

It sounds like you could raise sufficient income to have funds on hand to settle. I’d plan for 50% settlements but lower might be possible depending on your individual circumstances.

For additional information about a possible plan to make this work for you I’d suggest you contact Damon Day, Consumer Recovery Network, or Zip Debt for help.

The percentage a creditor would receive in a Chapter 13 bankruptcy would be dependent on your disposable income and assets. You’d need to talk to a local bankruptcy attorney for specific information about your situation.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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