after reading one question about borrowing money for fees, my husbands company has offered to let him cash in some leave with the balance to be paid back over three months, how will this reflect on us going bankrupt, also our son left a retirement annuity, we don't know the amount as yet and as no will was left but have been told by his company that we will have to meet with them to decide how the money is devided betweeen the family. if it is an amount that might cover our debts and we have not filed our papers yet is it possible to negotiate with the creditors to pay back what we can? we owe about 40000.00 and we are both in our sixties
If you decide to declare bankruptcy you won't be able to pay the fees back as it's classed as a debt.
If you receive a sufficient sum of money, then you may be able to negotiate a lump sum offer to your creditors in settlement of the debt, you can do this yourselves or have an insolvency practitioner propose this for you.
This is exactly what I did from the proceeds from the sale of my business back in 2008.
I suggest you speak to an expert on here to go through your options.
Is it possible to negotiate with creditors ?
Posted - 27 January 2012 : 02:20:22
