Posted on April 8, 2009 at 3:33 am I have some outstanding debts which are dormant as I have not been updating it for years due to some financial problems am facing.  Since the economic situation is not getting any better, I am in dire need of  finance to see me through in my daily life.  I am thinking of disposing  a piece of my property and in fact there is a buyer who is interested.  Since it is a million dollar deal, I need to know whether the creditors would be able to sniff my windfall and lay a claim on my money?  How to make the transactions invisible to all those creditors as I need to plan out properly how to settle my debts when all the money is in proper order in my keeping.

Posted on April 8, 2009 at 7:23 am alensort, you gave a valid explanation though have not given me the answer to my question. I know I have been bad with my finance all these years which have seen me in the red of late.  I would like to know whether any possibility of the creditors chasing after the cash that I am about to receive from the proceeds of my property sale.

Posted on April 15, 2010 at 5:41 am Unless you file bankruptcy, meaning that your accounts would be under the watchful eyes of the trustee,  your creditors wouldn't be able to do anything with your financial activities. Not unless all your accounts are in the same bank..

Posted on April 15, 2010 at 5:45 am You can also try to speak with your creditors and settle your debts instead of speculating as to what they might do or might not do. If you're wondering what settling one's debt means - it's negotiating the entire balance down to more or less half and getting the creditor to agree that it's payment in full. Also known as debt settlement. It is not uncommon.

Posted on April 15, 2010 at 6:06 am Right. You said you haven't paid in...years? Why not call your creditors and find out where your account is at - could be in a collection agency. What you're trying to avoid by contacting your creditor is a legal action against you or a lawsuit for judgment. Although it's a court procedure and you should be informed is such is being taken against you, there are cases in which the consumer wasn't informed of the proceedings, and so was awarded a default judgment (wage garnishment, bank levy, or property lien - depending on state laws).

Posted on April 15, 2010 at 6:08 am I agree with the previous posts. Perhaps debt settlement is the answer to your credit card debt issues. You can do settlement d.i.y. or you can hire the services of a professionals. Debt settlement company. If you're interested to find out more, please feel free to fill out a form here at destroydebt.com, get matched up to the right company - free of charge.

Posted on April 15, 2010 at 6:19 am If you want to search for a debt settlement company by yourself -go here, make a list, and call them one by one -http://www.tascsite.org/index.cfm?event=Members

Posted on April 15, 2010 at 6:30 am And if you want to know what to look for in a legitimate settlement company -- -The settlement company's program must have a fast completion time. 12-36 months. -The program must be able to protect and improve the consumer's credit standing. -Must also have a good standing with the Chamber of Commerce -A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators