• What Exactly Can Be Settled/Negotiated?
• Frequently Asked Questions
• Before You Negotiate With Creditors
• How Past Bankruptcies Affect Negotiation

• Other Debt Relief Options
• Debt Consolidation
• After Bankruptcy
• Credit Counseling

• Staying Debt Free
• Budgeting Tips
• Glossary of Debt Terms
• The True Costs Of Carrying Credit Card Debt

Debt Negotiation With Past Bankruptcy Claims

Have you declared bankruptcy in the past? If so, then you may not even qualify for a debt negotiation or debt settlement program.

Usually, debt negotiation is not a possibility for people who have filed for Chapter 7 bankruptcy in the past seven years. This is because if someone has filed for bankruptcy at some point in the last two years then they cannot file again for another five years. The only reason the lenders are negotiating is in fear that you may claim bankruptcy; but if you don't even have that option then why should they settle?

In certain situations the creditors will settle even though you filed for bankruptcy two or three years ago. This can happen when you don't have enough secured assets or lack of income and the lender knows it won't be getting any payments anyways. They may also negotiate if your bankruptcy waiting period is about to expire.

For example; You have $50,000 in credit card debt and you will be able to file for Chapter 7 in a year. The credit card debt company knows you can't pay off $50,000 in 12 months, so they agree to settle for a lower amount.

• For more information about current bankruptcy laws and regulations, visit the United States Bankruptcy Courts web site.