Legal Question in Credit and Debt Law in California

Credit card debt settlement

I owe Chase approx $40k on 2 credit accounts. I am 60 days late on 1 and nearly 60 on the other. I had never missed a payment until the end of July when my funds pretty much ran dry. I am 60 yrs old, living on my retirement ck and have depleted my entire nest egg to keep payments current. I had a stroke 3 yrs ago and have other health issues. I have a mortgage on my personal residence and a share in another property with other family members. 2 family members have died. One of their estates is settled & the other is still in court on issues in his will. This property cannot be put back on the market until his estate is settled, possibly in Nov. I have on been making $50. payments on each credit account since July but am not able to do more now. I am considering an offer of a loan by a friend of $40k to pay off 2 other smaller debts and make an offer to Chase of $25K to settle those debts. My son thinks I should only offer 10 or 15 cents on the dollar. He also said after 120 days late they will charge off the entire amount & a collection co wouldn't pursue it because of my age & situation. I have been discussing settlement with Chase. What is my best choice? My credit rating is really not an issue for me now.


Asked on 10/08/07, 3:15 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: Credit card debt settlement

There as numerous options you have either, whether it be debt settlement negotiations, bankruptcy, personal loans, etc...Each one is viable depending on your comfort level with any particular option. However, the best option here could be utilizing a special debt repayment program that could provide you with 100% of the funds you need to pay off all of your debts at issue, and in full, within approximately 30-90 days. For more information on any of your options, or further assistance, contact/email us directly to set up a free consultation.

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Answered on 10/08/07, 3:24 pm


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