Legal Question in Credit and Debt Law in Georgia

work it out with creditors and tell them that you want to pay them in full but it has to be over time - give them and idea of how much and how often you can pay - tell them that you do not want to do a Chapter 13 and I am fairly certain, if you keep you part of the bargain and your offer is reasonable, they will go along with it get agreement in writing with all parties signing BEFORE you make any payments (do not talk to credit collectors - MOST OF THEM LIE!!

good luck

We do not know how much you make, your other obligations, whether or not you have kids, etc., so no one here can tell you what your budget should be. However, that amount of debt is not insurmountable. If you are single, and your schedule allows, work overtime or get a second job. Cut cable, use coupons, get minimum cell and internet options, cut home phone and use only cell, etc. Use the minimum Netflix account as entertainment. There are plenty of resources on the internet, including Dave Ramsey. A Chapter 13 should likely be an option only if you get hit with judgments and garnishments, and you'll find the mandatory budget in a Ch. 13 is very stringent. Do it yourself first. Don't make promises of payments you can't reasonably make.

It is admirable that you want to handle this yourself. However, you cannot trust the creditors to act in your best interest. In Georgia, you can tape record conversations. Therefore, if you contact these people, tape record all conversations. Even with the taped conversations, I'm quite sure all of your credit agreements require changes to be in writing. Therefore, don't agree to anything unless and until you obtain the proposal in writing. Even then, with the bad economy, you may have to file for bankruptcy. Chapter 7 may be a better option. With 7, you don't have to deal with the courts or meddling trustees for very long.

You may want to consult with a few experienced bankruptcy attorneys to determine if your financial situation warrants bankruptcy. Indeed, if Federated, Kmart, Delta, US Air, etc., etc. can file for bankruptcy, there is no reason you cannot take advantage of it.