Legal Question in Credit and Debt Law in Texas

I have been offered 3 options for a large cc debt I owe. I want to pay, that is not an issue, but I want to get the best possible outcome for everyone involved. The options I have been offered are: (1) Pay total amt + 5% interest in form of large monthly payments for 5 years, (2) Agreed final judgment and I pay what I can, when I can, (3) one lump sum to settle and 1099C at the end of the year.
I am a single parent with very limited income and child support order in enforcement for non payment to me. This has caused extreme financial hardship due to large daycare bills I must pay on my own (plus everything else). I cannot afford option 1 or 3, I simply do not have the money or means to come up with the amounts requested.
Are there any other options I am not being offered? If I choose the Agreed Final Judgment and pay on it, what does that do to me? Am I still open to garnishments or bank account freezes? Any other future negative actions? What if it takes me 10 years to payoff? Thank you!

Asked on 2/09/12, 12:20 pm

Greg Wiley Law Office of Greg Wiley PLLC

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You should consider filing a bankruptcy and getting these debts off your back.

Answered on 3/28/12, 8:10 am

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