Legal Question in Bankruptcy in New York

Settlement of Judgement Debts
I owe many credit cards money, in trying to avoid bankruptcy I am willing to make a settlement with them. I have a couple of questions:
1) If a judgement was served would I still be able to negotiate a settlement?
2) Is 50% of whatever is owed a realistic offer? if not, more or less? For example try to wipe out a 6K debt by paying 3K in full.
3)How do I go about protecting my interests if a settlement is agreed upon? For example, what do I need to get from them (signed papers etc.)to ensure the deal will stand? Do I need to have a face to face or can it all be done my mail?

Thank you very much, feel free to add whatever I might have overlooked.

Asked on 11/20/03, 5:15 pm

Andrew Nitzberg Andrew Nitzberg & Associates

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Re: Settlement of Judgement Debts

I do a lot of this work. You are on the right track. The judgment adds complications, but the same deal should be available.

50% is tough. it is the max possible. Any 'signed writing' from them will be binding.

Feel free to contact me for more questions.

You are welcome to a consultation at no fee at my offices at 42 west 44th st., NY,NY. Please call for an appointment first. (646) 591-5786

Answered on 11/20/03, 7:41 pm

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