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My partner in an investment property filed bankruptcy

We bought a lot in FL for $155K. Now worth $10K. We owe $108 to bank. Her bankruptcy was dismissed. I have been contacted by collection company (NCO Financial) to settle for $45K to release the debt. Do they represent the bank? Did they buy my debt? If so, what did they pay? My credit was hit the week her bankruptcy was dismissed. Dropped from 816 to 660. I don't know where to go? Thanks for any enlightenment.

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Attorney answers (2)

Reputation Level 13
Some general observations. There are several possibilities who owns the account. You've mentioned several of them. Unfortunately, there aren't sufficient facts to begin to take a guess at this point.

I recomment that, IF you decide to make a deal with NCO (or whoever) make sure you consult with a tax attorney or experienced CPA before you do.

Good luck.

Reputation Level 16
Do not even talk to a creditor without seeing a lawyer. They may have bought the debt or may be a collector. regardless, there are often tax and other consequences that could be adverse to you to settle a debt that way, and there are also likely to be consequences if you ignore the debt. See a lawyer to evaluate your options.

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