QUESTION
Outstanding loan for an amount of $10 K taken 6 years back from a leading back, and was defaulted on
Asked on Mar 10th, 2021 on Collections - Connecticut
More details to this question:
there is an outstanding loan for my friend, for an amount of $ 10 K taken 6 years back from one of the leading bank in US. Due to personal issues he could not repay this, and its outstanding until this point of time.. Wanted to check on what can be done to work with the collection agency or the bank to figure out what can be done to resolve it amicably?
1 ANSWER
He can offer a payment plan. He can offer a negotiated settlement amount in lump sum to try and get the balance down to something more manageable or he can see if he qualifies for a Chapter 7 Bankruptcy. Please feel free to contact me for more information as he should use an attorney if possible to effectuate any of these options with success.
Answered on Mar 10th, 2021 at 10:45 AM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals