A really common question is: do creditors take less than what they are owed? And the answer is almost always YES.
It's a question of how much, whether it's 10% or 15%, or 70%.
But creditors often don't like to take a small percent and stretch it out over time.
But what they will do is take 30% and take it in a lump sum or over some period of a couple of payments - two or three. Not over three years, but maybe two or three installments.
So, when people ask, can I make a fractional payment? The answer is most often Yes.
It depends on the creditor, which creditor specifically, but most creditors will settle for some amount less than 100%.
If you have questions about debt relief and bankruptcy, call Boss Law today.