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? One way to support the Crushing Debt Podcast is to support our sponsor Sam Cohen of Attorneys First Insurance. You can support Sam by referring a new attorney or title company that you know, that needs professional liability insurance to [email protected] or www.AttorneysFirst.com.  Please also visit our website to read the blog that inspired this post, and for further information at www.YesnerLaw.com.