Debt Settlement Ain't Poker - Episode 308

The ability to bluff makes you a good poker player, may make you a good negotiator, but may not help you resolve your debt with your creditors.

Who is "Judgment Proof" or "Uncollectible"?

In July 2018, I posted a blog titled "Bluffing Your Creditors? Debt Settlement Ain't Poker." You can find that post here: Bluffing Your Creditors? Debt Settlement Ain't Poker | Florida Bankruptcy Lawyer (yesnerlaw.com)

In the blog post, I advocate that if you have facts or circumstances that show the creditor that you are "uncollectible" then you should be 100% open and honest with the creditor - there's no need to bluff when you have nothing the creditor can collect; there's no need to bluff in debt settlement when you have the winning hand!

What are some of those factors:

• Exempt Assets (like FL Homestead, 401k, IRA)
• Head of Household Wage Exemption
• Unemployment
• Assets that are fully encumbered or leveraged by debt
• Income that is exempt (like social security or disability)

When is bankruptcy a good option versus doing nothing at all?

When is settlement of the debt a good option and under what terms - lump sum or over time?

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Please also visit our website to read the blog that inspired this post, and for further information at www.YesnerLaw.com.