Results 1 to 3 of 3
  1. #1
    Join Date
    Mar 2007
    Posts
    17

    Default Insolvent - What To Do?

    My question involves collection proceedings in the State of: Florida

    I have determined that I am insolvent in respect to paying back debts.

    The only assets I have of real value that could go to this are a boat and an older 4x4.

    I might get $8000 between them.

    My debt is over $30K.

    Would it be wise to get the money then offer settlements to the companies?

    I checked into a debt settlement company which would probably help but I cannot even afford to pay the monthly figure they quoted.

    Should I start sending letters to creditors explaining my situation? Is it OK to ask for them to give me a couple of months to get some money together for future payments? Is it Ok to ask them to stop the phone calls and to only communicate via email or snail mail?

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Insolvent - What To Do?

    Should I start sending letters to creditors explaining my situation?
    Heavens, yes. They much prefer hearing from the debtor before things get wildly out of hand. Creditors are much more willing to work with you if you keep them informed.

    Is it OK to ask for them to give me a couple of months to get some money together for future payments?
    Yes, though they may say no. It's better to offer to pay a smaller monthly amount and work out a payment arrangement.

    If you sell the boat and 4x4, that gives you a chunk to make good faith payments, too.

    Is it Ok to ask them to stop the phone calls and to only communicate via email or snail mail?
    Yes. You must do it in writing, however.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Insolvent - What To Do?

    Consider consulting a bankruptcy lawyer.

    1. Sponsored Links
       

Similar Threads

  1. Funeral Expenses for an Insolvent Estate
    By dimi3903@aol.com in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 02-11-2011, 05:07 PM
  2. Small Claims Judgment Against an Insolvent Corporation
    By groundfx in forum Civil Procedure
    Replies: 3
    Last Post: 03-08-2010, 04:08 PM
  3. Business Disputes: Deal With a Creditor of an Insolvent Dissolved LLC
    By poohbah in forum Business Law
    Replies: 4
    Last Post: 08-28-2009, 04:11 AM
  4. Retirement Account Beneficiary's Liability for Debts of an Insolvent Estate
    By Frantic1 in forum Estate Planning, Administration and Probate
    Replies: 4
    Last Post: 03-23-2009, 06:00 AM
 
 
Sponsored Links

Legal Help, Information and Resources