Legal Question in Credit and Debt Law in New York

Re: Loan Repayment Difficulties

I would really need more informatino than you giving. But you may wish to consider bankruptcy either chapter 7 or chapter 13. Most bankruptcy attorneys offer free consultations. I suggest you meet with 2 or 3 to see if this something you wish to do.

Good Luck.

Re: Loan Repayment Difficulties

There are options. There are always options.

Your health is one of the most important things in your life. Do not apologize to anyone for making it a priority. I did 2 years of chemo myself, and I do not at all regret making that the focus of my life. I understand the issues that you are facing.

While bankruptcy is the typical advice for someone in this situation, I think more can be done with negotiation. Depending on the circumstances of your case (nature of illness, family issues, nature of business and past performance), I would target 25% of the total liability as an offer.

This offer is often accepted by the creditor in cases where the debtor has died and this is a similar situation. The circumstances of your life have changed so radically that you are, financially and employment-wise, a different person.

One disclaimer: there are no guarantees. I have implemented such an agreement where the debtor has died, but this will take some very good talking and support from you in the form of medical documentation and some balloon available in the event of an agreement.

My fee for this would be 1,000 dollars (500 to negotiate and 500 if an agreement is signed).

You are welcome to contact me for a consultation for no fee or just to talk with me about the things (nutrition is important) I did to come out to the other side of the process.

Healthwise, I count myself as a success and am very proud of my accomplishments and am happy to share what I know and what has helped me. The best of luck to you.